Exhibit



	Year ended December 31,
	2015		2014	2013		2012		2011


Earnings available to cover fixed charges:
Add:
Earnings/(losses) from continuing operations before income taxes and earnings from unconsolidated companies	25,354		8,105	(14,992	)	8,101		(4,637	)
Fixed charges	35,659		41,103	39,432		38,568		47,034
Amortization of capitalized interest	417		417	417		398		510
Distributed income of equity method investees	3,649		3,725	7,841		2,524		2,428
Less:
Interest capitalized	—		—	(1,088	)	(4,193	)	(863	)
Non-controlling interest in pre-tax income of subsidiaries without fixed charges	(137	)	—	—		—		—
Earnings available to cover fixed charges	64,942		53,350	31,610		45,398		44,472

Fixed charges:
Interest expensed and capitalized ⁽¹⁾	29,198		32,846	28,217		29,737		36,571
Amortized premiums, discounts and capitalized expenses related to indebtedness	2,903		3,921	7,197		5,318		7,167
Estimate of interest in rent expense ⁽²⁾	3,558		4,336	4,018		3,513		3,296
Total fixed charges	35,659		41,103	39,432		38,568		47,034

Ratio of earnings to fixed charges	1.8		1.3	N/A		1.2		N/A

Deficiency in earnings to cover fixed charges	—		—	7,822		—		2,562

⁽¹⁾ The interest included in fixed charges is interest on third party indebtedness. Interest expense accrued on uncertain tax positions is excluded from the calculation of earnings because that amount was presented as a component of income taxes.
⁽²⁾ Historically, Belmond has been using one-third of rent expense as a reasonable estimate of the financing component of rent expense, since it is impracticable to determine the actual financing component of rent expense.