I N V E S TO RP R E S E N TATI O N A U G U S T 2 4 , 2018 Belmond CopacabanaPalace, Rio de Janeiro

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ C A U T I O N A R Y S T A T E M E N T S A N D U S E O F N O N - G A A P F I N A N C I A L M E A S U R E S A N D D E F I N I T I O N S 2 Belmond 2018

C A U T I O N A R Y S T A T E M E N T S A N D U S E O F N O N - G A A P F I N A N C I A L M E A S U R E S A N D D E F I N I T I O N S ( C O N T I N U E D ) ‐‐ ‐ 2 Belmond 2018

Belmond Hotel Cipriani, Venice Belmond Cap Juluca,Anguilla Belmond Mount Nelson,Cape Town Belmond PalacioNazarenas, Cusco

Belmond Andean Explorer,Peru Belmond Le Manoir Aux Quat’Saisons, Oxfordshire Belmond HotelSplendido, Portofino Belmond SanctuaryLodge, Machu Picchu

6 Belmond 2018 T A B L E O F C O N T E N T S ooo o oo oo oooo oo o o Belmond Road to Mandalay, Myanmar

1. M E E T B E L M O N D Belmond Hotel Cipriani, Venice

Europe 45% North America 18% Rest of World 13% Owned Trains & Cruises5% Owned & Leased Hotels 76% 8 M E E T B E L M O N D • • • • • • • • • We are a luxury hotel, train and river cruise operator delivering inspiring journeys and exceptional experiences in remarkable destinations worldwideA d j . E B I T D A C o m p o s i t i o n ¹JV Income² 10%Management Fees 9%• Belmond 2018

C O M P A N Y H I G H L I G H T S Belmond 2018 Belmond Hotel Monasterio, Cusco

10 Belmond 2018 1995 Launch of Road to Mandalay river cruise in Myanmar Entry into the United States with the acquisitions of Charleston Place and the ‘21’ Club 2006Acquisiton of Casa de Sierra Nevada in Mexico 2002 Acquisitions of La Residencia in Spain, Maroma Resort in Mexico, and Le Manoir aux Quat’Saisons in the United Kingdom Opening of Belmond El Encanto in the United States 1999Entry into Peru with the formation of JV partnerships for hotel and train operations 2005 Entry into Russia with the acquisition of the Grand Hotel Europe Acquisition of Cap Julucain Anguilla For over 40 years, we have carefully curated a collectionof the world’s most iconic hotels and luxury travel adventures O U R E V O L U T I O N 1996 Acquisition of Reid’s Palace Hotel in Portugal 2004Significant expansion in Asia via the acquisition of Pansea Hotels in Southeast Asia (La Residence D’Angkor in Cambodia, La Residence Phou Vao in Laos, The Governor’s Residence in Myanmar, Jimbaran Puri and Ubud Hanging Gardens in Bali, and Napasai in Thailand) Launch of the Royal Scotsman train in the UnitedKingdom and the Afloat in France river cruises Acquisition ofRio Sagrado through ourjoint ventures in Peru 2014 Signing of management agreement for the Cadogan in the United Kingdom 2010 Expansion of iconic Italian portfolio to Sicily with the acquisitions of Grand Hotel Timeo and Villa Sant’Andrea 2001 Acquisition of Miraflores Park in Peru 2016 Launch of Grand Hibernian train in Ireland 2018 Acquisition of Castellodi Casole in Italy 2017 Launch of Andean Explorer train and acquisition of Las Casitas through our joint ventures in Peru 1976 1982 1983 1988 1989 1992 1993 Collection Launch of the iconic Acquisition of Hotel Entry into Africa with Entry into Brazil Acquisition of Launch of Eastern & commences with Venice Simplon- Splendido in Italy the acquisition of with the acquisition Botswana Safari Oriental Express train Hotel Cipriani in Italy Orient-Express train Mount Nelson Hotelin South Africa of CopacabanaPalace lodges in Asia Acquisition of Villa San Michele in Italy 1998Acquisition of Splendido Mare in Italy

Belmond 2018 Belmond El EncantoSanta Barbara, USA Belmond Casa de Sierra Nevada San Miguel de Allende, Mexico Playa del Carmen, Mexico Belmond Charleston Place Anguilla, British West IndiesBelmond La Samanna Marigot, St Martin Belmond Mount Nelson HotelCape Town, South Africa Belmond Miraflores ParkLima, Peru Belmond Sanctuary LodgeMachu Picchu, Peru Belmond Palacio Nazarenas,Cusco, Peru Belmond Las CasitasColca, Peru Belmond Copacabana PalaceRio de Janeiro, BrazilBelmond Hotel das CataratasIguassu Falls, Brazil Madeira, Portugal Saint Petersburg, Russia Belmond Cadogan Hotel¹ Belmond Grand Hotel Europe Belmond Hotel Splendido &Splendido MarePortofino, Italy Belmond VillaSant'Andrea Belmond Cap Juluca Belmond Reid's Belmond Grand Hotel Palace TimeoTaormina, Italy Belmond Jimbaran PuriBali, Indonesia Residence Taormina, Italy Yangon, Myanmar Belmond La Résidence Phou VaoLuang Prabang, Laos Belmond Safaris²Botswana Belmond Hotel CiprianiVenice, ItalyBelmond Villa San MicheleFlorence, ItalyBelmond Castello di CasoleTuscany, ItalyBelmond Hotel CarusoRavello, Italy Belmond La Residencia Majorca, Spain 11 KEYH O T E L T R A I N R I V E R C R U I S E S T A N D A L O N ER E S T A U R A N T ‘21’ ClubNew York, USA London, UKBelmondAfloat in FranceFrance Belmond Roadto Mandalay BelmondMyanmarGovernor's Belmond La Résidence d'AngkorSiem Reap, Cambodia Eastern & Oriental ExpressSoutheast Asia Belmond Napasai Koh Samui, Thailand Peru Belmond Maroma Resort & Spa Belmond Belmond AndeanHiram Explorer Belmond Hotel Rio SagradoBingham Peru Urubamba, PeruBelmond Hotel MonasterioCusco, Peru Belmond Royal Scotsman United KingdomBelmond Grand Hibernian IrelandBelmond Le Manoir auxQuat'Saisons Oxfordshire, UKBelmond British Pullman United Kingdom VSOE Charleston, USA Europe A G L O B A L F O O T P R I N T I N K E Y S T R A T E G I C M A R K E T S

Belmond 2018 12 E X P E R I E N C E D L E A D E R S H I P T E A M • • • Elected to the Belmond Board of Directors in June 2014; appointed President and Chief Executive Officer of Belmond in September 2015Served as President of the Europe, Africa and Middle East division of Starwood Hotels and Resorts Worldwide, Inc. from 2001 to 2013Over 35 years of experience in the lodging industry • • Joined Belmond in2008Previously served as Chief Financial Officer of Orion Capital Managers; and Executive Director and Chief Financial Officer of Access (European self-storage)Also held senior financial positions at Security Capital European Realty, Jardine Matheson and Mandarin Oriental Hotel GroupOver 30 years of relevant experience • • • Joined Belmond inJanuary 2017Served as Senior Vice President, Corporate Transactions Group at Hyatt Hotels Corporation from 2011 to 2016Former partner and member of the Firm’s Ethics Committee at Sonnenschein Nath & Rosenthal LLPOver 18 years ofrelevant experience • • • Joined Belmond inJanuary 2018Served as President and Managing Director for Europe, Middle East, Eurasia & Africa at Wyndham Hotel Group from 2014 to 2017Also held a senior position at Starwood Hotels and Resorts Worldwide, Inc. and was on the Board of Directors of Design Hotels AGOver 15 years of experience in the hospitality industry • • Joined Belmond in2012Previously served as Executive Vice President and General Counsel at Kerzner International Holdings Limited; as General Counsel for Hellman & Friedman, LLC; and for the Private Equity Division of Credit SuisseOver 20 years of relevant experience • • • Joined Belmond inSeptember 2014Served as Vice President, People Development and Staffing of the Europe, Africa and Middle East division of Starwood Hotels and Resorts Worldwide, Inc. from 2006 to 2014Also held operational leadership and senior human resources positions at Le Meridien and Forte HotelsOver 25 years of relevant experience ROELAND VOS MARTIN O’GRADY RICHARD M. LEVINE INGRIDERAS-MAGDALENA DANIEL RUFF KENNETH HATTON ARNAUDCHAMPENOIS President and Chief Executive Vice Executive Vice Executive Vice Senior Vice Senior Vice Senior Vice Executive Officer President and Chief President and Chief President and Chief President and Head President, Global President, Global Financial Officer Legal Officer Human ResourcesOfficer of Global Operations Development Brand & Marketing • • • Joined Belmond inSeptember 2016Served as Vice President, Luxury Brands Leader for Asia Pacific at Starwood Hotels and Resorts Worldwide, Inc. from 2011 to 2016Also held senior brand and marketing positions at the L’Oreal Group and Richemont Group in Paris and LondonOver 20 years of relevant experience

2. I N D U S T R Y P O S I T I O N I N G Belmond Grand Hotel Europe,St Petersburg

3.7 % 1.6 % 4.7 % 6.3 % 6.6 % 6.0 % Total Personal Consumption Expenditure Total Goods Total Services Hotels & Motels U N I Q U E L Y F O C U S E D O N T H E H I G H L Y A T T R A C T I V E L U X U R Y S E G M E N T 1.0 1.3 2012 2017 Experience- Related Services 4 12.0 18.1 2012 2017 Foreign Travel 5 16 Belmond 2018

North America48% Europe(ex UK & Ireland) 20% UK & Ireland13% South America 9% Asia 8% G L O B A L L Y - D I V E R S E , H I G H - S P E N D I N G C U S T O M E R B A S E Belmond customers are highly successful, hyper-connected world travelers who appreciate ‘The Art of Good Living’ 2017 Guest Origin¹Africa / Middle East 3% $ 1,206$ 868 16 Belmond 2018 $ 685 $ 448 $ 664 Europe North America South America Asia Africa

88.9% 88.3% 87.0% 86.2% 85.6% 85.6% 84.8% 83.9% 83.2% 82.3% 82.1% 73.6% Belmond Comp. 1 Comp. 2 Comp. 3 Comp. 4 Comp. 5 Comp. 6 Comp. 7 Comp. 8 Comp. 9 Comp. 10 Comp. 11 W E A R E A L E A D I N G L U X U R YH O S P I T A L I T Y O W N E R & O P E R A T O R 80.0 Net Promoter Score² RevPAR Index¹ 16 Belmond 2018 135 %

O U R P E R F O R M A N C E H A S B E E N C O N S I S T E N T L Y A W A R D E D Over 150 corporate and hotel awards over the past 3 years 16 Belmond 2018

3. B E L M O N D B R A N D Venice Simplon-Orient-Express

W H A T D O E S T H E B E L M O N D B R A N D S T A N D F O R ? 20 Belmond 2018 OUR BRAND PERSONALITY:TIMELESS UNDERSTATED INSPIRING GENUINE WE OFFER OUR GUESTS:AUTHENTIC, LUXURY EXPERIENCESUNIQUE LOCATIONSINTIMATE IN SIZECURATED ACTIVITIESUNDERSTATED PERSONAL SERVICE

T H E B E L M O N D B R A N D I S G E N E R A T I N G S I G N I F I C A N T M E D I A A T T E N T I O N 6,000 press clippings in 2017; already more than 6,000 (and counting) in 2018¹ 20 Belmond 2018

C U R R E N T B E L M O N D B R A N D C A M P A I G N S 20 Belmond 2018

4. B E L M O N D P O R T F O L I O Belmond Hotel Splendido, Portofino

Key Metrics Hotels 12 Keys 989 ADR (2017) $740 Occupancy (2017) 64% RevPAR (2017) $476 I C O N I C , I R R E P L A C E A B L E P O R T F O L I O O FT R O P H Y A S S E T S 5 JV hotels in Peru (50% owned with management contracts) in attractive Andean locations that comprise 251 total keys1 managed hotel in the United Kingdom with 54 keys expected to open in December 2018 4 owned trains across EuropeJV trains in Peru (50% owned with management contracts)o o¹1 JV train in southeast Asia (25% owned with management contract)2 owned river cruisesoo Hotels Managed and JVs Trains & Cruises Europe North America Rest of World Owned hotels in Italy, Portugal, Spain, Russia, and the United Kingdom Owned hotels in Anguilla, Mexico, St. Martin and the United StatesIconic ‘21’ Club restaurantin New York Owned hotels in Brazil, Botswana, Cambodia, Indonesia, Laos, Myanmar, Peru, South Africa and Thailand Key Metrics Key Metrics Hotels / Restaurant 7 Hotels 12 Keys 826 Keys 1,026 ADR (2017) $426 ADR (2017) $380 Key Metrics Occupancy (2017) 67% Occupancy (2017) 54% Hotels 6 RevPAR (2017) $286 RevPAR (2017) $203 Keys 305 Key Metrics Trains & Cruises¹ 9 23 Belmond 2018

E U R O P E The true Venetian classic The epitome of Italian style A heavenly retreat between sea and sky 96 KEYS BELMOND HOTEL CIPRIANI BELMOND HOTEL SPLENDIDO BELMOND SPLENDIDO MARE BELMOND HOTEL CARUSO 70 KEYS 16 KEYS 52 KEYS Serene harbour views 24 Belmond 2018

E U R O P E ( C o n t ’ d ) Modern luxury meetsRenaissance splendor Timeless romance inrural Tuscany Beachfront chic glamor on the Sicilian coast 45 KEYS BELMOND VILLA SAN MICHELE BELMOND CASTELLO DI CASOLE BELMOND GRAND HOTEL TIMEO BELMOND VILLA SANT’ANDREA 39 KEYS 71 KEYS 72 KEYS A Sicilian hideaway that fuels theimagination 25 Belmond 2018

E U R O P E ( C o n t ’ d ) An artistic oasis of rustic beauty Paradise perfectedin a clifftop haven Oxfordshire heritagemeets French flair 72 KEYS BELMOND LA RESIDENCIA BELMOND REID’S PALACE BELMOND GRAND HOTEL EUROPE BELMOND LE MANOIRAUX QUAT’SAISONS 158 KEYS 26 Belmond 2018 266 KEYS 32 KEYS A gateway to Russia'sillustrious past

E U R O P E ( C o n t ’ d ) A haven in the heart of West London 54 KEYS (Management contract) BELMOND CADOGAN HOTEL 27 Belmond 2018

N O R T H A M E R I C A A ‘Grand’ hotel full of Southern Charm and hospitality in the heart of Charleston Hollywood glamour in a modernclassic Serenity in San Miguel de Allende 434 KEYS BELMOND CHARLESTON PLACE BELMOND EL ENCANTO BELMOND MAROMA RESORT & SPA BELMOND CASA DE SIERRA NEVADA 92 KEYS 63 KEYS 37 KEYS A luxury beachfront Mexican resortsurrounded by lush tropical gardens 28 Belmond 2018

N O R T H A M E R I C A ( C o n t ’ d ) A chic island-hideaway offeringbarefoot luxury and pure escapism The sparkling gem of St. Martin 113 KEYS BELMOND CAP JULUCA BELMOND LA SAMANNA ‘21’ CLUB 87 KEYS A New York dining institution andoriginal ‘speak-easy’ 200 COVERS (1,000 PRIVATE DINING) 29 Belmond 2018

R E S T O F W O R L D - A F R I C A The grande dame of Cape Town A timeless explorer’s lodge thatbeats with the pulse of wild Africa Animal magic meets old-world indulgence 198 KEYS BELMOND MOUNT NELSON HOTEL BELMOND SAVUTE ELEPHANT LODGE BELMOND EAGLE ISLAND LODGE BELMOND KHWAI RIVER LODGE 12 KEYS 12 KEYS 15 KEYS Africa’s ultimate water-focusedsafari 30 Belmond 2018

R E S T O F W O R L D - S O U T H A M E R I C A A retreat in nature with exclusiveaccess to Iguassu falls in Brazil Live the high life in Lima’s hottestdistrict A peaceful escape in a secluded valley close to Colca Canyon 187 KEYS BELMOND HOTEL DAS CATARATAS BELMOND MIRAFLORES PARK HOTEL BELMOND COPACABANA PALACE BELMOND LAS CASITAS 89 KEYS 239 KEYS 20 KEYS (50% OWNERSHIP) Rio's brightest star is always in style 31 Belmond 2018

R E S T O F W O R L D - S O U T H A M E R I C A ( C o n t ’ d ) Your gateway to the Inca empire An oasis rich with the spirit of theIncas Historic charm with a modern twist 31 KEYS (50% OWNERSHIP) BELMOND SANCTUARY LODGE BELMOND RIO SAGRADO BELMOND PALACIO NAZARENAS BELMOND HOTEL MONASTERIO 23 KEYS (50% OWNERSHIP) 55 KEYS (50% OWNERSHIP) 122 KEYS (50% OWNERSHIP) Your ‘Once upon a time…’ journeystarts here 32 Belmond 2018

R E S T O F W O R L D - A S I A A Khmer hideaway near fabledAngkor Wat A journey back to a gentler time Peace and privacy beside Bali's best beach 59 KEYS LA BELMOND RESIDENCED’ANGKOR BELMOND GOVERNOR’S RESIDENCE BELMOND NAPASAI BELMOND JIMBARAN PURI 49 KEYS 68 KEYS 64 KEYS True Thai spirit between jungle andsea 33 Belmond 2018

R E S T O F W O R L D - A S I A ( C o n t ’ d ) A sanctuary of serenity in themountains of Laos 34 KEYS (69% OWNERSHIP) BELMOND LA RESIDENCE PHOUVAO 34 Belmond 2018

T R A I N S & C R U I S E S An icon of art deco design Timeless travel across Great Britain A charming Irish jaunt 178 BERTHS VENICE SIMPLON-ORIENT-EXPRESS BELMOND BRITISH PULLMAN BELMOND ROYAL SCOTSMAN BELMOND GRAND HIBERNIAN 252 SEATS 40 BERTHS 40 BERTHS Embark on a grand Highland fling 35 Belmond 2018

T R A I N S & C R U I S E S ( C o n t ’ d ) A fabled journey through the exoticEast A serene exploration of France'swaterways Luxury sleeper through the foothills of the Andes 82 BERTHS (25% OWNERSHIP) EASTERN & ORIENTAL EXPRESS BELMOND AFLOAT IN FRANCE BELMOND ROAD TO MANDALAY BELMOND ANDEAN EXPLORER 54 BERTHS 82 BERTHS 35 BERTHS (50% OWNERSHIP) An epic voyage along theAyeyarwady 36 Belmond 2018

T R A I N S & C R U I S E S ( C o n t ’ d ) Golden age of rail journey to magicalMachu Picchu Adventurous rail journey from Cuscoto Machu Picchu Scenic journey with panoramic views of the vibrant landscape 84 SEATS(50% OWNERSHIP) BELMOND HIRAM BINGHAM PERURAIL EXPEDITION PERURAIL SACRED VALLEY PERURAIL VISTADOME 48-336 SEATS PER TRAIN (UP TO 8 DAILY TRAINS) (50% OWNERSHIP) 37 Belmond 2018 66 SEATS(50% OWNERSHIP) 96-288 SEATS PER TRAIN (UP TO 7 DAILY TRAINS) (50% OWNERSHIP) Dining on the rails from SacredValley to Machu Picchu

T R A I N S & C R U I S E S ( C o n t ’ d ) Breathtaking journey across theAndean Plains 132 SEATS (50% OWNERSHIP) PERURAIL TITICACA 38 Belmond 2018

5. B E L M O N D P L A T F O R M Belmond Cap Juluca, Anguilla

40 Belmond 2018 A S T R O N G E N G I N E D E L I V E R I N G I N D U S T R Y - L E A D I N G R E V P A R INDUSTRY LEADING REVPAR Sales Marketing Revenue ManagementExtensive corporate support to local revenue management teamsSophisticated dynamic pricing to maximize revenue opportunitiesCommercially linked with sales to ensure the right decisions are taken at the right timeCulture of price experimentation and risk management Reservations5 Global Reservation CentersHighly trained staff with deep knowledge of Belmond’s products7 languages spoken 20 global sales offices located in all key feeder markets and covering all key segmentsStrategic partnerships with many of the world’s leading luxury travel agencies Refined brand & product positioningPerformance marketing campaignsExclusive on-and off- property guest experiences Bellini Club, Belmond’s exclusive invitation-only program for luxury travel agencies, covering 237 agencies in 28 countries High profile brand partnershipsNew media & PR strategy, including “The Art of Belmond” brand campaign Highly energized sales teams with strong focus to build demand over a long horizon Complete new digital ecosystem with centralized digital and social media strategy Frequent key account sales training for all team members

91.7 % 91.6 % 90.9 % 90.8 % 90.3 % 89.9 % 89.6 % 89.5 % 89.4 % 88.5 % 88.4 % 88.1 % 87.7 % Belmond Comp. 1 Comp. 2 Comp. 3 Comp. 4 Comp. 5 Comp. 6 Comp. 7 Comp. 8 Comp. 9 Comp. 10 Comp. 11 Comp. 12 Comp. 13 T H E H I G H E S T P E R C E N T A G E O F P O S I T I V E G U E S T F E E D B A C K A C R O S S T H E L U X U R Y L A N D S C A P E % of positive guest feedback192.6 % 40 Belmond 2018

A N O U T S T A N D I N G O W N E R & O P E R A T O R O FB O U T I Q U E L U X U R Y H O S P I T A L I T Y A S S E T S Case Study: Belmond Grand Hotel Timeo & Belmond Villa Sant’Andrea, Sicily • •• ••• o o • • • •• • Belmond Grand Hotel Timeo Belmond Villa Sant’Andrea 42 Belmond 2018

6. B E L M O N D G R O W T H O U T L O O K Belmond Castello di Casole, Tuscany

B U I L D I N G O N S T R O N G M O M E N T U M . . . Adjusted EBITDA ($mm) • o o • o o $ 124 2017 2018 Guidance $ 140 - $ 150 46 Belmond 2018

•• •o oo•••••o . . . W I T H M U L T I P L E A T T R A C T I V E G R O W T HO P P O R T U N I T I E S F O R 2 0 1 9 A N D B E Y O N D 46 Belmond 2018

C O M P A N Y H I G H L I G H T S Belmond Charleston Place,Charleston 46 Belmond 2018

TH A N K YO U Belmond Eagle Island Lodge, Botswana

7. A P P E N D I X Belmond Maroma Resort & Spa, Riviera Maya

Belmond 2018 C A P I T A L I Z A T I O N •o • ––––– –– –– • 49

Belmond 2018 O V E R V I E W O F P E R U J O I N T V E N T U R E S Hotels •o o o o o Belmond Owns a 50% Interest in its Peru Joint Ventures and Receives a Fee for Managing the Operations of EachRail• ••• • • • • • o oo o o o 50

Asset Asset Type Location Keys Management / Ownership Structure A S S E T S C H E D U L E 51 Belmond 2018

Asset Asset Type Location Keys Management / Ownership Structure A S S E T S C H E D U L E ( C o n t ’ d ) 52 Belmond 2018

Twelve months ended Six months ended June 30, December 31, $ millions 2018(unaudited) 2017(unaudited) 2017(audited) Adjusted EBITDA reconciliation:

R E C O N C I L I A T I O N S – O U T L O O K A D J U S T E D E B I T D A Twelve months ending December 31, 2018 $ millions Low Case(unaudited) High Case(unaudited) Adjusted EBITDA reconciliation: 54 Belmond 2018