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Global: Update to Q2 As Necessary Confirm Numbers INVE S TOR PR E S E NTATION A U G U S T 2 4 , 2 0 1 8 Belmond Copacabana Palace, Rio de Janeiro C A UTIO N A RY S TA TE M E N TS A N D US E O F N O N -G A A P FIN A N C IA L M E A S

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Global: Update to Q2 As Necessary Confirm Numbers

INVE S TOR PR E S E NTATION

A U G U S T 2 4 , 2 0 1 8

Belmond Copacabana Palace, Rio de Janeiro

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SLIDE 2

Belmond 2018 2

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

C A UTIO N A RY S TA TE M E N TS A N D US E O F N O N -G A A P FIN A N C IA L M E A S URE S A N D D E FIN ITIO N S

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C A UTIO N A RY S TA TE M E N TS A N D US E O F N O N -G A A P FIN A N C IA L M E A S URE S A N D D E FIN ITIO N S ( C O N TIN UE D )

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3 Belmond 2018

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

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Belmond Andean Explorer, Peru Belmond Le Manoir Aux Quat’Saisons, Oxfordshire Belmond Hotel Splendido, Portofino Belmond Sanctuary Lodge, Machu Picchu

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6 Belmond 2018

TA B L E O F C O N TE N TS

  • Belmond Road to

Mandalay, Myanmar

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SLIDE 7

1 . M E E T B E L M O N D

Belmond Hotel Cipriani, Venice

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SLIDE 8

e p

  • r

u E 45% a c i r e m A h t r

  • N

18% d l r

  • W

f

  • t

s e R 13% & s n i a r T d e n w O Cruises 5% s e e F t n e m e g a n a M 9% ² e m

  • c

n I V J 10%

Owned & Leased Hotels 76%

A d j . E B I T D A C o m p o s i t i o n ¹

8

M E E T B E L M O N D

8

  • We are a luxury hotel, train and river cruise operator delivering inspiring

journeys and exceptional experiences in remarkable destinations worldwide

Belmond 2018

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SLIDE 9

C O M PA N Y H IG H L IG H TS

Belmond 2018 9

Belmond Hotel Monasterio, Cusco

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SLIDE 10

10 10 Belmond 2018

1976

Collection commences with Hotel Cipriani in Italy

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

2006

Acquisiton of Casa de Sierra Nevada in Mexico

1989

Entry into Brazil with the acquisition

  • f Copacabana

Palace

2002

Acquisitions of La Residencia in Spain, Maroma Resort in Mexico, and Le Manoir aux Quat’Saisons in the United Kingdom Signing of management agreement for the Cadogan in the United Kingdom Opening of Belmond El Encanto in the United States

1982

Launch of the iconic Venice Simplon- Orient-Express train Acquisition of Villa San Michele in Italy

1999

Entry into Peru with the formation of JV partnerships for hotel and train

  • perations

Acquisition of Miraflores Park in Peru

1992

Acquisition of Botswana Safari lodges

2005

Entry into Russia with the acquisition of the Grand Hotel Europe Launch of Grand Hibernian train in Ireland Launch of Andean Explorer train and acquisition of Las Casitas through our joint ventures in Peru Acquisition of Cap Juluca in Anguilla

For over 40 years, we have carefully curated a collection

  • f the world’s most iconic hotels and luxury travel adventures

Acquisition of Castello di Casole in Italy

O UR E V O L UTIO N

1983

Acquisition of Hotel Splendido in Italy

1988

Entry into Africa with the acquisition of Mount Nelson Hotel in South Africa

1996

Acquisition of Reid’s Palace Hotel in Portugal

2004

Significant 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 United Kingdom and the Afloat in France river cruises Expansion of iconic Italian portfolio to Sicily with the acquisitions of Grand Hotel Timeo and Villa Sant’Andrea Acquisition of Rio Sagrado through our joint ventures in Peru

2014 2010 2001 2016 2018 2017 1993

Launch of Eastern & Oriental Express train in Asia

1998

Acquisition of Splendido Mare in Italy

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Belmond 2018 11 Belmond El Encanto Santa Barbara, USA Belmond Casa de Sierra Nevada San Miguel de Allende, Mexico Belmond Maroma Resort & Spa Playa del Carmen, Mexico Belmond Cap Juluca Anguilla, British West Indies Belmond Charleston Place Charleston, USA Belmond La Samanna Marigot, St Martin Belmond Mount Nelson Hotel Cape Town, South Africa Belmond Hotel Monasterio Cusco, Peru Belmond Hotel das Cataratas Iguassu Falls, Brazil Belmond Miraflores Park Lima, Peru Belmond Sanctuary Lodge Machu Picchu, Peru Belmond Palacio Nazarenas, Cusco, Peru Belmond Hotel Rio Sagrado Urubamba, Peru Belmond Las Casitas Colca, Peru Belmond Copacabana Palace Rio de Janeiro, Brazil Belmond Hotel Cipriani Venice, Italy Belmond Reid's Palace Madeira, Portugal Belmond Grand Hotel Europe Saint Petersburg, Russia Belmond Le Manoir aux Quat'Saisons Oxfordshire, UK Belmond Cadogan Hotel¹ London, UK Belmond Hotel Splendido & Splendido Mare Portofino, Italy Belmond Villa Sant'Andrea Taormina, Italy Belmond Grand Hotel Timeo Taormina, Italy Belmond Jimbaran Puri Bali, Indonesia Belmond Governor's Residence Yangon, Myanmar Belmond Napasai Koh Samui, Thailand Belmond La Résidence Phou Vao Luang Prabang, Laos Belmond La Résidence d'Angkor Siem Reap, Cambodia Belmond Safaris² Botswana Belmond Villa San Michele Florence, Italy Belmond Castello di Casole Tuscany, Italy Belmond Hotel Caruso Ravello, Italy Belmond La Residencia Majorca, Spain

KEY

H O T E L

11

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 E R E S T A U R A N T

‘21’ Club New York, USA Belmond Afloat in France France Belmond Road to Mandalay Myanmar Eastern & Oriental Express Southeast Asia Belmond Hiram Bingham Peru Belmond Andean Explorer Peru Belmond Royal Scotsman United Kingdom Belmond Grand Hibernian Ireland Belmond British Pullman United Kingdom VSOE Europe

A G L O B A L FO O TPRIN T IN K E Y S TRA TE G IC M A RK E TS

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SLIDE 12

Belmond 2018 12

E X PE RIE N C E D L E A D E RS H IP TE A M

ROELAND VOS President and Chief Executive Officer

  • Elected to the

Belmond Board of Directors in June 2014; appointed President and Chief Executive Officer of Belmond in September 2015

  • Served as President
  • f the Europe, Africa

and Middle East division of Starwood Hotels and Resorts Worldwide, Inc. from 2001 to 2013

  • Over 35 years of

experience in the lodging industry MARTIN O’GRADY Executive Vice President and Chief Financial Officer

  • Joined Belmond in

2008

  • Previously 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 Group

  • Over 30 years of

relevant experience KENNETH HATTON Senior Vice President, Global Development

  • Joined Belmond in

January 2017

  • Served as Senior

Vice President, Corporate Transactions Group at Hyatt Hotels Corporation from 2011 to 2016

  • Former partner and

member of the Firm’s Ethics Committee at Sonnenschein Nath & Rosenthal LLP

  • Over 18 years of

relevant experience DANIEL RUFF Senior Vice President and Head

  • f Global Operations
  • Joined Belmond in

January 2018

  • Served as President

and Managing Director for Europe, Middle East, Eurasia & Africa at Wyndham Hotel Group from 2014 to 2017

  • Also held a senior

position at Starwood Hotels and Resorts Worldwide, Inc. and was on the Board of Directors of Design Hotels AG

  • Over 15 years of

experience in the hospitality industry RICHARD M. LEVINE Executive Vice President and Chief Legal Officer

  • Joined Belmond in

2012

  • Previously 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 Suisse

  • Over 20 years of

relevant experience INGRID ERAS-MAGDALENA Executive Vice President and Chief Human Resources Officer

  • Joined Belmond in

September 2014

  • Served as Vice

President, People Development and Staffing of the Europe, Africa and Middle East division

  • f Starwood Hotels

and Resorts Worldwide, Inc. from 2006 to 2014

  • Also held
  • perational

leadership and senior human resources positions at Le Meridien and Forte Hotels

  • Over 25 years of

relevant experience ARNAUD CHAMPENOIS Senior Vice President, Global Brand & Marketing

  • Joined Belmond in

September 2016

  • Served as Vice

President, Luxury Brands Leader for Asia Pacific at Starwood Hotels and Resorts Worldwide, Inc. from 2011 to 2016

  • Also held senior

brand and marketing positions at the L’Oreal Group and Richemont Group in Paris and London

  • Over 20 years of

relevant experience

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2 . IN D US TRY PO S ITIO N IN G

Belmond Grand Hotel Europe, St Petersburg

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3.7 % 1.6 % 4.7 % 6.3 % 6.6 % 6.0 %

Total Personal Consumption Expenditure Total Goods Total Services Experience- Related Services Foreign Travel Hotels & Motels

UN IQ UE L Y FO C US E D O N TH E H IG H L Y A TTRA C TIV E L UX URY S E G M E N T

Belmond 2018 14

1.0 1.3

2012 2017

4

12.0 18.1

2012 2017

5

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​North America 48% ​Europe (ex UK & Ireland) 20% ​UK & Ireland 13% ​South America 9% ​Asia 8% ​Africa / Middle East 3%

Belmond 2018 15

G L O B A L L Y -D IV E RS E , H IG H -S PE N D IN G C US TO 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 Origin¹

$ 1,206 $ 868 $ 685 $ 448 $ 664 Europe North America South America Asia Africa

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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

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W E A RE A L E A D IN G L UX URY H O S PITA L ITY O W N E R & O PE RA TO R

Belmond 2018

80.0 Net Promoter Score² RevPAR Index¹ 135 %

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O UR PE RFO RM A N C E H A S B E E N C O N S IS TE N TL Y A W A RD E D

Over 150 corporate and hotel awards over the past 3 years

17 Belmond 2018

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3 . B E L M O N D B RA N D

Venice Simplon- Orient-Express

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W H A T D O E S TH E B E L M O N D B RA N D S TA N D FO R?

Belmond 2018 19

OUR BRAND PERSONALITY:

TIMELESS UNDERSTATED INSPIRING GENUINE

WE OFFER OUR GUESTS:

AUTHENTIC, LUXURY EXPERIENCES UNIQUE LOCATIONS INTIMATE IN SIZE CURATED ACTIVITIES UNDERSTATED PERSONAL SERVICE

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TH E B E L M O N D B RA N D IS G E N E RA TIN G S IG N IFIC A N T M E D IA A TTE N TIO N

Belmond 2018 20

6,000 press clippings in 2017; already more than 6,000 (and counting) in 2018¹

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Belmond 2018 21

C U R R E N T BE LM O N D BR AN D C AM PAIGN S

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  • 4. BE LM O N D PO R TFO LIO

Belmond Hotel Splendido, Portofino

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Key Metrics Hotels 12 Keys 989 ADR (2017) $740 Occupancy (2017) 64% RevPAR (2017) $476

IC O N IC , IRRE PL A C E A B L E PO RTFO L IO O F TRO PH Y A S S E TS

  • 5 JV hotels in Peru (50%
  • wned with management

contracts) in attractive Andean locations that comprise 251 total keys

  • 1 managed hotel in the

United Kingdom with 54 keys expected to open in December 2018

  • 4 owned trains across

Europe

  • JV trains in Peru (50% owned

with management contracts)

  • ¹
  • 1 JV train in southeast Asia

(25% owned with management contract)

  • 2 owned river cruises
  • 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 States

  • Iconic ‘21’ Club restaurant

in New York

  • Owned hotels in Brazil,

Botswana, Cambodia, Indonesia, Laos, Myanmar, Peru, South Africa and Thailand

Key Metrics Hotels / Restaurant 7 Keys 826 ADR (2017) $426 Occupancy (2017) 67% RevPAR (2017) $286 Key Metrics Hotels 12 Keys 1,026 ADR (2017) $380 Occupancy (2017) 54% RevPAR (2017) $203 Key Metrics Hotels 6 Keys 305 Key Metrics Trains & Cruises¹ 9

Belmond 2018 23

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SLIDE 24

Belmond 2018

E URO PE

The true Venetian classic The epitome of Italian style A heavenly retreat between sea and sky

24

96 KEYS

BELMOND HOTEL CIPRIANI BELMOND HOTEL SPLENDIDO BELMOND SPLENDIDO MARE BELMOND HOTEL CARUSO

70 KEYS 16 KEYS 52 KEYS

Serene harbour views

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Belmond 2018

E URO PE ( C o n t ’ d )

Modern luxury meets Renaissance splendor Timeless romance in rural Tuscany Beachfront chic glamor on the Sicilian coast

25

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 the imagination

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Belmond 2018

E URO PE ( C o n t ’ d )

An artistic oasis of rustic beauty Paradise perfected in a clifftop haven Oxfordshire heritage meets French flair

26

72 KEYS

BELMOND LA RESIDENCIA BELMOND REID’S PALACE BELMOND GRAND HOTEL EUROPE BELMOND LE MANOIR AUX QUAT’SAISONS

158 KEYS 266 KEYS 32 KEYS

A gateway to Russia's illustrious past

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Belmond 2018

E URO PE ( C o n t ’ d )

A haven in the heart of West London

27

54 KEYS (Management contract)

BELMOND CADOGAN HOTEL

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Belmond 2018

N O R TH AM E R IC A

A ‘Grand’ hotel full of Southern Charm and hospitality in the heart of Charleston Hollywood glamour in a modern classic Serenity in San Miguel de Allende

28

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 resort surrounded by lush tropical gardens

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Belmond 2018

N O R TH AM E R IC A (C o nt’ d)

A chic island-hideaway offering barefoot luxury and pure escapism The sparkling gem of St. Martin

29

113 KEYS

BELMOND CAP JULUCA BELMOND LA SAMANNA ‘21’ CLUB

87 KEYS

A New York dining institution and

  • riginal ‘speak-easy’

200 COVERS (1,000 PRIVATE DINING)

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Belmond 2018

R E ST O F WO R LD - AFR IC A

The grande dame of Cape Town A timeless explorer’s lodge that beats with the pulse of wild Africa Animal magic meets old-world indulgence

30

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-focused safari

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Belmond 2018

R E ST O F WO R LD - SO U TH AM E R IC A

A retreat in nature with exclusive access to Iguassu falls in Brazil Live the high life in Lima’s hottest district A peaceful escape in a secluded valley close to Colca Canyon

31

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

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Belmond 2018

R E ST O F WO R LD - SO U TH AM E R IC A (C o nt’ d)

Your gateway to the Inca empire An oasis rich with the spirit of the Incas Historic charm with a modern twist

32

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…’ journey starts here

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Belmond 2018

R E ST O F WO R LD - ASIA

A Khmer hideaway near fabled Angkor Wat A journey back to a gentler time Peace and privacy beside Bali's best beach

33

59 KEYS

LA BELMOND RESIDENCE D’ANGKOR BELMOND GOVERNOR’S RESIDENCE BELMOND NAPASAI BELMOND JIMBARAN PURI

49 KEYS 68 KEYS 64 KEYS

True Thai spirit between jungle and sea

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Belmond 2018

R E ST O F WO R LD - ASIA (C o nt’ d)

A sanctuary of serenity in the mountains of Laos

34

34 KEYS (69% OWNERSHIP)

BELMOND LA RESIDENCE PHOU VAO

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Belmond 2018

TRA IN S & C RUIS E S

An icon of art deco design Timeless travel across Great Britain A charming Irish jaunt

35

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

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Belmond 2018

TRA IN S & C RUIS E S ( C o n t ’ d )

A fabled journey through the exotic East A serene exploration of France's waterways Luxury sleeper through the foothills

  • f the Andes

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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 the Ayeyarwady

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Belmond 2018

TRA IN S & C RUIS E S ( C o n t ’ d )

Golden age of rail journey to magical Machu Picchu Adventurous rail journey from Cusco to Machu Picchu Scenic journey with panoramic views of the vibrant landscape

37

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) 66 SEATS (50% OWNERSHIP) 96-288 SEATS PER TRAIN (UP TO 7 DAILY TRAINS) (50% OWNERSHIP)

Dining on the rails from Sacred Valley to Machu Picchu

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Belmond 2018

TRA IN S & C RUIS E S ( C o n t ’ d )

Breathtaking journey across the Andean Plains

38

132 SEATS (50% OWNERSHIP)

PERURAIL TITICACA

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5 . B E L M O N D PL A TFO RM

Belmond Cap Juluca, Anguilla

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Belmond 2018 40

A S TRO N G E N G IN E D E L IV E RIN G IN D US TRY -L E A D IN G RE V PA R

Sales

  • 20 global sales offices

located in all key feeder markets and covering all key segments

  • Strategic partnerships with

many of the world’s leading luxury travel agencies

  • Bellini Club, Belmond’s

exclusive invitation-only program for luxury travel agencies, covering 237 agencies in 28 countries

  • Highly energized sales

teams with strong focus to build demand over a long horizon

  • Frequent key account sales

training for all team members

Marketing

  • Refined brand & product

positioning

  • Performance marketing

campaigns

  • Exclusive on-and off-

property guest experiences

  • High profile brand

partnerships

  • New media & PR strategy,

including “The Art of Belmond” brand campaign

  • Complete new digital

ecosystem with centralized digital and social media strategy

Revenue Management

  • Extensive corporate

support to local revenue management teams

  • Sophisticated dynamic

pricing to maximize revenue opportunities

  • Commercially linked with

sales to ensure the right decisions are taken at the right time

  • Culture of price

experimentation and risk management

Reservations

  • 5 Global Reservation

Centers

  • Highly trained staff with

deep knowledge of Belmond’s products

  • 7 languages spoken

INDUSTRY LEADING REVPAR

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SLIDE 41

92.6 % 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

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TH E H IG H E S T PE RC E N TA G E O F PO S ITIV E G UE S T FE E D B A C K A C RO S S TH E L UX URY L A N D S C A PE

Belmond 2018

% of positive guest feedback1

41

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Belmond Grand Hotel Timeo

A N O UTS TA N D IN G O W N E R & O PE RA TO R O F B O UTIQ UE L UX URY H O S PITA L ITY A S S E TS

Case Study: Belmond Grand Hotel Timeo & Belmond Villa Sant’Andrea, Sicily

Belmond 2018 42

  • Belmond Villa Sant’Andrea
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6 . B E L M O N D G RO W TH O UTL O O K

Belmond Castello di Casole, Tuscany

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B UIL D IN G O N S TRO N G M O M E N TUM . . .

Adjusted EBITDA ($mm)

  • Belmond 2018

$ 124 2017 2018 Guidance $ 140 - $ 150

44

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SLIDE 45
  • Belmond 2018

. . . W ITH M UL TIPL E A TTRA C TIV E G RO W TH O PPO RTUN ITIE S FO R 2 0 1 9 A N D B E Y O N D

45

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C O M PA N Y H IG H L IG H TS

Belmond 2018 46

Belmond Charleston Place, Charleston

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THANK YOU

Belmond Eagle Island Lodge, Botswana

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SLIDE 48

7 . A PPE N D IX

Belmond Maroma Resort & Spa, Riviera Maya

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Belmond 2018

C A PITA L IZ A TIO N

  • –

– – – – – – – –

  • 49
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Belmond 2018

O V E RV IE W O F PE RU J O IN T V E N TURE S

Rail Hotels

Belmond Owns a 50% Interest in its Peru Joint Ventures and Receives a Fee for Managing the Operations of Each

  • 50
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Belmond 2018

Asset Asset Type Location Keys Management / Ownership Structure

A S S E T S C H E D UL E

51

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Belmond 2018

Asset Asset Type Location Keys Management / Ownership Structure

A S S E T S C H E D UL E ( C o n t ’ d )

52

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Belmond 2018

RE C O N C IL IA TIO N S – A D J US TE D E B ITD A

53

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

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SLIDE 54

Belmond 2018

RE C O N C IL IA TIO N S – O UTL O O K A D J US TE D E B ITD A

54

Twelve months ending December 31, 2018 $ millions Low Case High Case (unaudited) (unaudited) Adjusted EBITDA reconciliation: