Belmond (BEL) 8-K Results of Operations and Financial Condition

Exhibit 99.2

ORIENT-EXPRESS HOTELS LTD.

HISTORICAL SHARE-BASED COMPENSATION EXPENSE

(U.S. dollars in thousands)

	Three months ended
	March 31,		June 30,		September 30,			December 31,		Full Year
2007	$	372	$	407	$	105		$	558	$	1,442
2008	838		693		681			588		2,800
2009	799		1,310		1,222			892		4,223
2010	1,487		1,446		1,628			1,404		5,965
2011	1,572		2,040		1,691		(1)	1,956		7,259
2012	2,010		1,572		N/A			N/A		N/A

(1) The third quarter 2011 expense includes $507,000 that was previously credited in that quarter to reverse share-based compensation expense recorded in prior quarters.  Consistent with the presentation of  adjusted EBITDA by Orient-Express Hotels Ltd., the third quarter 2011 expense has been increased to exclude this credit.

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