SEA CONTAINERS LTD. AND SUBSIDIARIES

SUMMARY OF OPERATING RESULTS (UNAUDITED)

Three months ended June 30,

2003 2002

Revenue and other:

Ferry operations $216,007,000 $143,926,000

Rail operations 156,933,000 151,525,000

Container operations 35,901,000 27,512,000

Investment in Orient-Express Hotels (1) 4,412,000 6,938,000

Other 6,718,000 7,504,000

Total revenue and other (2) $419,971,000 $337,405,000

Earnings/(losses) before net finance costs:

Ferry operations:

Silja (3)(4) $ 10,196,000 $ 20,703,000

Other (2,294,000) (1,212.000)

7,902,000 19,491,000

Rail operations 13,759,000 15,787,000

Container operations:

GE SeaCo (4) 6,628,000 4,336,000

Other 4,160,000 (567,000)

10,788,000 3,769,000

Other, including property, publishing

and plantations (5) 835,000 2,608,000

33,284,000 41,655,000

Corporate costs (3,604,000) (3,743,000)

Total earnings before

net finance costs (6) 29,680,000 37,912,000

Net finance costs (4) (22,731,000) (26,551,000)

Earnings before minority interest

and income taxes (7) 6,949,000 11,361,000

Minority interest (8) -- (2,333,000)

Provision for/(benefit from)

income taxes (9) 1,767,000 (303,000)

Net earnings (10) 5,182,000 9,331,000

Investment in Orient-Express Hotels (1) 4,412,000 6,938,000

Preferred share dividends (272,000) (272,000)

Net earnings on class A and class

B common shares $9,322,000 $ 15,997,000

Net earnings per class A and class B common share:

Basic and diluted $0.44 $0.79

Weighted average number of class A and B common shares:

Basic 21,020,360 20,192,917

Diluted 21,573,677 20,699,731

The Isle of Man Steam Packet Company sale was as of June 30, 2003 but will be reported in the third quarter. The sale gain amounted to $100m and will be reported, net of non-recurring charges of $40m.

The Notes appearing above are set forth in the following pages. Many of these reconcile the data to the Form 10-Q report of Sea Containers Ltd. (SCL) for the quarter ended June 30, 2003 pursuant to SEC Regulation G.

Notes to the three months summary of operating results

(1) SCL's economic interest in Orient-Express Hotels Ltd. (OEH) dropped

below 50% to approximately 47% on November 14, 2002. Subsequent to

that date, SCL's investment in OEH has been accounted for under the

equity method. As such, SCL's profit/(loss) on this investment has

been shown as a separate item and the previous year's amounts are

presented on the same basis. Data presented for leisure operations

for the three months ended June 30, 2002 were as follows

(dollars in 000s):-

Revenue $79,094

Earnings before net finance costs $17,901

Net finance costs (4,544)

Earnings before income taxes 13,357

Provision for income taxes (1,793)

Net earnings 11,564

Minority interest (4,626)

SCL's share reported above $ 6,938

(2) See tabular reconciliation of Total revenue and other to SCL's Form

10Q below:-

Revenue and other:

2003 2002

(dollars in 000s)

As per Form 10-Q $419,971 $ 409,561

Less revenue related to OEH (1) -- (79,094)

Plus SCL's share of earnings

related to OEH (1) -- 6,938

Total revenue and other $419,971 $ 337,405

(3) Includes 50% of Silja for the month of April 2002 but 100% for May

and June 2002 and for 2003. A majority shareholding was acquired on

May 1, 2002 and Silja has been 100% consolidated from that date.

(4) Includes SCL's share of interest charged in the GE SeaCo operations

of $1,392,000 (2002 - $1,127,000). SCL's share of Silja's interest

in 2002 prior to consolidation of $967,000 is also included. These

amounts are included in earnings/(losses) before net finance costs of

GE SeaCo and Silja. See tabular reconciliation of Net finance costs

to SCL's Form 10Q below:-

Net finance costs:

2003 2002

(dollars in 000s)

As per Form 10-Q $(21,339) $(29,001)

Less net finance costs related to OEH (1) -- 4,544

Plus net finance costs related to GE SeaCo (1,392) (1,127)

Plus net finance costs related to Silja -- (967)

Net finance costs $(22,731) $(26,551)

(5) Includes gain in 2002 of $2,225,000 on the sale by SCL of shares in

Orient-Express Hotels.

(6) See tabular reconciliation of Total earnings before net finance costs

to SCL's Form 10Q below:-

Earnings before net finance costs:

2003 2002

(dollars in 000s)

As per Form 10-Q $32,700 $ 53,719

Less earnings before net finance costs

related to OEH (1) (4,412) (17,901)

Plus SCL's 50% share of GE SeaCo's net

finance costs (4) 1,392 1,127

Plus SCL's 50% share of Silja's net

finance costs (4) -- 967

Total earnings before net finance costs $29,680 $ 37,912

(7) See tabular reconciliation of Earnings before minority interest and

income taxes to SCL's Form 10Q below:-

Earnings before minority interest and

income taxes:

2003 2002

(dollars in 000s)

As per Form 10-Q $ 11,361 $ 24,718

Less earnings before minority interest

and income taxes related to OEH (1) (4,412) (13,357)

Earnings before minority interest

and income taxes $6,949 $ 11,361

(8) See tabular reconciliation of Minority interest to SCL's Form 10Q

below:-

Minority interest:

2003 2002

(dollars in 000s)

As per Form 10-Q $-- $ (6,959)

Less minority interest related to OEH (1) -- 4,626

Minority interest $-- $ (2,333)

(9) See tabular reconciliation of Benefit from income taxes to SCL's Form

10Q below:-

Provision for/(benefit from) income taxes:

2003 2002

(dollars in 000s)

As per Form 10-Q $1,767 $1,490

Less provision for income

taxes related to OEH (1) -- (1,793)

$1,767

Provision for/(benefit from) income taxes $(303)

(10) See tabular reconciliation of Net earnings to SCL's Form 10Q below:-

Net earnings:

2003 2002

(dollars in 000s)

As per Form 10-Q $9,594 $ 16,269

Less net earnings related to OEH (1) (4,412) (6,938)

Net earnings $5,182 $9,331

(11) See tabular reconciliation of earnings before interest, tax,

depreciation and amortization (EBITDA) to Earnings before net

finance costs in SCL's Form 10Q below:-

EBITDA:

2003 2002

(dollars in 000s)

Earnings before net finance costs as per

Form 10-Q $ 32,700 $ 53,719

Plus depreciation and amortization 28,054 29,891

EBITDA 60,754 83,610

Pro forma adjustment to exclude effect of OEH (4,412) (22,806)

EBITDA as adjusted to exclude OEH $ 56,342 $ 60,804

SEA CONTAINERS LTD. AND SUBSIDIARIES

SUMMARY OF OPERATING RESULTS (UNAUDITED)

Six months ended June 30,

2003 2002

Revenue and other:

Ferry operations $357,811,000 $171,819,000

Rail operations 329,583,000 299,754,000

Container operations 68,807,000 60,835,000

Investment in Orient-Express Hotels (1) 3,186,000 7,206,000

Other 11,992,000 16,066,000

Total revenue and other (2) $771,379,000 $555,680,000

Earnings/(losses) before net finance costs:

Ferry operations:

Silja (3)(4) $3,381,000 $ 22,680,000

Other (8,113,000) (6,215,000)

(4,732,000) 16,465,000

Rail operations 34,462,000 24,890,000

Container operations:

GE SeaCo (4) 12,320,000 8,852,000

Other 8,359,000 3,113,000

20,679,000 11,965,000

Other, including property, publishing

and plantations (5) 1,008,000 6,830,000

51,417,000 60,150,000

Corporate costs (7,692,000) (7,248,000)

Total earnings before net finance costs (6) 43,725,000 52,902,000

Net finance costs (4) (50,641,000) (52,364,000)

(Losses)/earnings before

minority interest and

income taxes (7) (6,916,000) 538,000

Minority interest (8) -- (2,333,000)

Benefit from income taxes (9) (3,268,000) (5,148,000)

Net (losses)/earnings (10) (3,648,000) 3,353,000

Investment in Orient-Express Hotels (1) 3,186,000 7,206,000

Preferred share dividends (544,000) (544,000)

Net (losses)/earnings on class A and

class B common shares $ (1,006,000) $ 10,015,000

Net (losses)/earnings per class A and

class B common share:

Basic and diluted $(0.05) $0.52

Weighted average number

of class A and B common shares:

Basic 21,020,108 19,367,727

Diluted 21,546,346 19,871,642

The Notes appearing above are set forth in the following pages. Many of these reconcile the data to SCL's Form 10-Q report for the six months ended June 30, 2003 pursuant to SEC Regulation G.

Notes to the six months summary of operating results

(1) SCL's economic interest in Orient-Express Hotels Ltd. (OEH) dropped

below 50% to approximately 47% on November 14, 2002. Subsequent to

that date, SCL's investment in OEH has been accounted for under the

equity method. As such, SCL's profit/(loss) on this investment has

been shown as a separate item and the previous year's amounts are

presented on the same basis. Data presented for leisure operations

for the six months ended June 30, 2002 were as follows

(dollars in 000s):-

Revenue $132,764

Earnings before net finance costs $ 23,236

Net finance costs (9,367)

Earnings before income taxes 13,869

Provision for income taxes (1,865)

Net earnings 12,004

Minority interest (4,798)

SCL's share reported above $7,206

(2) See tabular reconciliation of Total revenue and other to SCL's Form

10Q below:-

Revenue and other:

2003 2002

(dollars in 000s)

As per Form 10-Q $771,379 $ 681,238

Less revenue related to OEH (1) -- (132,764)

Plus SCL's share of earnings related to OEH (1) -- 7,206

Total revenue and other $771,379 $ 555,680

(3) Includes 50% of Silja for the four months to April 2002 but 100% for

May and June 2002 and for 2003. A majority shareholding was

acquired on May 1, 2002 and Silja has been 100% consolidated from

that date.

(4) Includes SCL's share of interest charged in the GE SeaCo operations

of $2,717,000 (2002 - $2,185,000). SCL's share of Silja's interest

in 2002 prior to consolidation of $3,202,000 is also included. These

amounts are included in earnings/(losses) before net finance costs

of GE SeaCo and Silja. See tabular reconciliation of Net finance

costs to SCL's Form 10Q below:-

Net finance costs:

2003 2002

(dollars in 000s)

As per Form 10-Q $(47,924) $(56,344)

Less net finance costs related to OEH (1) -- 9,367

Plus net finance costs related to GE SeaCo (2,717) (2,185)

Plus net finance costs related to Silja -- (3,202)

Net finance costs $(50,641) $(52,364)

(5) Includes gain in 2002 of $6,318,000 on the sale by SCL of shares in

Orient-Express Hotels.

(6) See tabular reconciliation of Total earnings before net finance costs

to SCL's Form 10Q below:-

Earnings before net finance costs:

2003 2002

(dollars in 000s)

As per Form 10-Q $ 44,194 $ 70,751

Less earnings before net

finance costs related to OEH (1) (3,186) (23,236)

Plus SCL's 50% share of

GE SeaCo's net finance costs (4) 2,717 2,185

Plus SCL's 50% share of Silja's

net finance costs (4) -- 3,202

Total earnings before net finance costs $ 43,725 $ 52,902

(7) See tabular reconciliation of (Losses)/earnings before minority

interest and income taxes to SCL's Form 10Q below:-

(Losses)/earnings before minority interest and income taxes:

2003 2002

(dollars in 000s)

As per Form 10-Q $ (3,730) $ 14,407

Less earnings before minority

interest and income

taxes related to OEH (1) (3,186) (13,869)

(Losses)/earnings before

minority interest and income taxes $ (6,916) $538

(8) See tabular reconciliation of Minority interest to SCL's Form 10Q

below:-

Minority interest:

2003 2002

(dollars in 000s)

As per Form 10-Q $-- $ (7,131)

Less minority interest related to OEH (1) -- 4,798

Minority interest $-- $ (2,333)

(9) See tabular reconciliation of Benefit from income taxes to SCL's Form

10Q below:-

Benefit from income taxes:

2003 2002

(dollars in 000s)

As per Form 10-Q $ (3,268) $ (3,283)

Less provision for income

taxes related to OEH (1) -- (1,865)

Benefit from income taxes $ (3,268) $ (5,148)

(10) See tabular reconciliation of Net (losses)/earnings to SCL's Form

10Q below:-

Net (losses)/earnings:

2003 2002

(dollars in 000s)

As per Form 10-Q $(462) $ 10,559

Less net earnings related to OEH (1) (3,186) (7,206)

Net (losses)/earnings $ (3,648) $3,353

(11) See tabular reconciliation of earnings before interest, tax,

depreciation and amortization (EBITDA) to Earnings before net

finance costs in SCL's Form 10Q below:-

EBITDA:

2003 2002

(dollars in 000s)

Earnings before net finance

costs as per Form 10-Q $ 44,194 $ 70,751

Plus depreciation and amortization 56,687 54,473

EBITDA 100,881 125,224

Pro forma adjustment to exclude effect of OEH (3,186) (32,486)

EBITDA as adjusted to exclude OEH $ 97,695 $ 92,738

SEA CONTAINERS LTD. AND SUBSIDIARIES

CONSOLIDATED AND CONDENSED BALANCE SHEETS (UNAUDITED)

June 30, December 31,

2003 2002

Cash $127,694,000 $218,022,000

Receivables 284,021,000 223,740,000

Assets held for sale 109,056,000 --

Containers and ships, net

book value 1,641,926,000 1,659,996,000

Real estate and other fixed assets,

net book value 158,528,000 181,478,000

Assets under capital leases, net

book value 13,919,000 15,574,000

Inventories 45,636,000 46,061,000

Investments 301,227,000 288,570,000

Other assets 154,675,000 163,393,000

$2,836,682,000 $2,796,834,000

Accounts payable $417,836,000 $413,168,000

Liabilities related to assets held

for sale 13,212,000 --

Liabilities with respect to containers

and ships 1,002,336,000 987,207,000

Bank loans with respect to real estate

and other fixed assets 266,790,000 264,036,000

Obligations under capital leases 10,534,000 11,763,000

Senior notes 422,879,000 422,783,000

Senior subordinated debentures 98,589,000 98,485,000

Minority interests and deferred revenue 22,360,000 12,560,000

Redeemable preferred shares 15,000,000 15,000,000

Shareholders' equity 958,407,000 963,093,000

Class B common shares with voting

rights owned by a subsidiary (391,261,000) (391,261,000)

$2,836,682,000 $2,796,834,000