Exhibit



	Year ended December 31,
	2016	2015		2014	2013		2012


Earnings available to cover fixed charges:
Add:
Earnings/(losses) from continuing operations before income taxes and earnings from unconsolidated companies	40,756	25,354		8,105	(14,992	)	8,101
Fixed charges	33,501	35,659		41,103	39,432		38,568
Amortization of capitalized interest	417	417		417	417		398
Distributed income of equity method investees	4,449	3,649		3,725	7,841		2,524
Less:
Interest capitalized	—	—		—	(1,088	)	(4,193	)
Non-controlling interest in pre-tax income of subsidiaries without fixed charges	—	(137	)	—	—		—
Earnings available to cover fixed charges	79,123	64,942		53,350	31,610		45,398

Fixed charges:
Interest expensed and capitalized ⁽¹⁾	26,111	29,198		32,846	28,217		29,737
Amortized premiums, discounts and capitalized expenses related to indebtedness	3,044	2,903		3,921	7,197		5,318
Estimate of interest in rent expense ⁽²⁾	4,346	3,558		4,336	4,018		3,513
Total fixed charges	33,501	35,659		41,103	39,432		38,568

Ratio of earnings to fixed charges	2.4	1.8		1.3	N/A		1.2

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

⁽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.