SEA CONTAINERS LTD. AND SUBSIDIARIES (SCL) SUMMARY OF OPERATING RESULTS (UNAUDITED) For the Three Months Ended For the Nine Months Ended September 30, 2005 September 30, 2005 2005 2004 2005 2004 $000 $000 $000 $000 Revenue: Ferry operations 187,197 181,940 467,930 481,010 - Silja Ferry operations 25,934 44,003 49,935 78,774 - Other Rail operations 203,917 224,945 653,676 633,411 Container 33,464 36,041 106,628 88,335 operations Other 5,455 5,307 17,395 16,373 Total Revenue 455,967 492,236 1,295,564 1,297,903 Operating income / (losses) before non-recurring charges: Ferry operations: Silja 20,037 21,243 (313) 28,232 Other (10,298) (4,178) (38,022) (21,735) 9,739 17,065 (38,335) 6,497 Rail operations (7,578) 13,957 22,194 40,759 Container operations: Investment 6,021 8,573 19,891 23,696 in GE SeaCo* Other 5,039 4,462 10,690 9,829 11,060 13,035 30,581 33,525 Other, including property, publishing and plantations (689) (630) (2,302) (1,607) (Losses) / gains on (1,671) 5,732 (3,633) 5,732 sale of assets Non-recurring charges (19,486) (3,369) (38,511) (6,738) Corporate costs (5,493) (5,102) (15,122) (13,471) Operating income / (14,118) 40,688 (45,128) 64,697 (loss) Net finance charges (19,125) (19,303) (61,478) (59,906) (Losses) / earnings (33,243) 21,385 (106,606) 4,791 from income taxes (Provision for) / (5,573) (8,393) (1,230) (4,893) benefit from income taxes (Losses) / earnings before earnings from investments in (38,816) 12,992 (107,836) (102) Orient-Express Hotels Ltd. Investments in 4,910 4,834 8,657 8,326 Orient-Express Hotels Ltd. Gain on sale of OEH - - 41,099 - shares Earnings from other (468) 568 (468) 655 equity investments Net (losses) / (34,374) 18,394 (58,548) 8,879 earnings Preferred share - (272) (377) (816) dividends Net (losses) / earnings on class A and class B common shares (34,374) 18,122 (58,925) 8,063 Net (losses) / earnings per class A and class B common share: $ $ $ $ Class A: Basic (1.25) 0.78 (2.16) 0.35 Diluted (1.25) 0.77 (2.16) 0.35 Class B: Basic (1.25) 0.70 (2.16) 0.32 Diluted (1.25) 0.69 (2.16) 0.32 Weighted average number of class A and class B common `000 `000 `000 `000 shares: Class A: Basic 26,136 21,967 25,815 21,613 Diluted 26,136 22,080 25,815 21,748 Class B: Basic 1,430 1,512 1,461 1,513 Diluted 1,430 1,991 1,461 1,513 *After finance costs SEA CONTAINERS LTD. AND SUBSIDIARIES (SCL) CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) September 30, December 31, 2005 2004 Assets $000 $000 Cash and cash 83,059 129,079 equivalents Restricted cash 23,285 17,056 Accounts receivable 132,915 125,938 Due from related 30,581 38,030 parties Prepaid expenses and 24,144 27,507 other current assets Inventories 40,904 43,000 Assets held for sale 9,018 8,440 Total current assets 343,906 389,050 Property plant & 1,611,032 1,820,812 equipment, net book value Investments 363,459 397,755 Goodwill 19,542 18,725 Other Assets 109,824 109,758 2,447,763 2,736,100 Liabilities and Shareholders' Equity Working capital 4,447 305 facilities Accounts payable 115,302 145,733 Accrued liabilities 235,095 254,533 Deferred revenue 14,266 14,389 Liabilities of 4,951 5,277 assets held for sale Current portion of long-term debt and capital leases 143,286 165,825 Total current 517,347 586,062 liabilities Long-term debt and obligations under capital leases 1,206,988 1,359,629 Minority interest 1,822 1,646 Redeemable preferred - 15,000 shares Shareholders' equity 1,112,867 1,165,024 Class B common shares with voting rights owned by a (391,261) (391,261) subsidiary 2,447,763 2,736,100 SEA CONTAINERS LTD. AND SUBSIDIARIES (SCL) SUPPLEMENTARY INFORMATION 1. Sea Containers Ltd. EBITDA Summary For the Three Months For the Nine Ended Months Ended September 30, September 30, 2005 2004 2005 2004 $000 $000 $000 $000 EBITDA from operations before non-recurring charges: Silja operations 31,486 32,632 35,366 61,659 Other ferry (8,128) (1,441) (30,972) (14,041) operations Rail operations (4,389) 17,199 34,480 51,993 Investment in GE 6,021 8,573 19,891 23,696 SeaCo * Other container 15,909 15,622 44,088 43,321 operations Property, (359) (269) (1,374) (626) plantations and publishing Total EBITDA from operations before non-recurring charges 40,540 72,316 101,479 166,002 (Losses) / gains on (1,671) 5,732 (3,633) 5,732 sale of assets Non-recurring charges (19,486) (3,369) (38,511) (6,738) Corporate costs (5,493) (5,102) (15,122) ( 13,471) Investments in OEH and other equity investments 4,442 5,402 8,189 8,981 Gain on sale of OEH - - 41,099 - shares Total EBITDA 18,332 74,979 93,501 160,506 Depreciation and (28,008) (28,889) (89,341) (86,828) amortization Net finance costs (19,125) (19,303) (61,478) (59,906) Taxation (5,573) (8,393) (1,230) (4,893) Net (losses) / earnings (34,374) 18,394 (58,548) 8,879 * Investment in GE SeaCo represents SCL's 50% share of GE SeaCo earnings before tax. Including SCL's 50% share of GE SeaCo EBITDA rather than 50% share of earnings before tax would increase SCL's EBITDA to $31.3 million and $129.4 million in the three months and nine months ended September 30, 2005, respectively, ($82.6 million and $181.3 million for the equivalent 2004 periods). 2. Non-Recurring Charges For the Three For the Nine Months Ended Months Ended September 30, September 30, 2005 2004 2005 2004 $000 $000 $000 $000 Belfast-Troon closure costs - - (3,000) - (Other Ferries) Ferry asset write-downs (Other (19,216) - (19,216) - Ferries) SRA franchise costs (Rail) - (3,369) (12,000) (6,738) GE Capital dispute charge (270) - (4,295) - (Corporate costs) Total non-recurring charges (19,486) (3,369) (38,511) (6,738) SEA CONTAINERS LTD. AND SUBSIDIARIES (SCL) SUPPLEMENTARY INFORMATION Silja Operations For the Three Months For the Nine Months Ended Ended September 30, September 30, 2005 2004 2005 2004 $000 $000 $000 $000 Revenue 187,197 181,940 467,930 481,010 Operating and SG & A (155,711) (149,308) (432,564) (419,351) expense EBITDA 31,486 32,632 35,366 61,659 Depreciation and (11,449) (11,389) (35,679) (33,427) amortization Operating income / (loss) before non-recurring charges 20,037 21,243 (313) 28,232 Other Ferry Operations For the Three For the Nine Months Ended Months Ended September 30, September 30, 2005 2004 2005 2004 $000 $000 $000 $000 Revenue 25,934 44,003 49,935 78,774 Operating and SG & A (34,062) (45,444) (80,907) (92,815) expense EBITDA (8,128) (1,441) (30,972) (14,041) Depreciation and (2,170) (2,737) (7,050) (7,694) amortization Operating loss before non-recurring charges (10,298) (4,178) (38,022) (21,735) Rail Operations For the Three For the Nine Months Ended Months Ended September 30, September 30, 2005 2004 2005 2004 $000 $000 $000 $000 Revenue 203,917 224,945 653,676 633,411 Operating and SG & A (208,306) (207,746) (619,196) (581,418) expense EBITDA (4,389) 17,199 34,480 51,993 Depreciation and (3,189) (3,242) (12,286) (11,234) amortization Operating (loss) / income before non-recurring charges (7,578) 13,957 22,194 40,759 GE SeaCo For the Three Months For the Nine Months Ended Ended GE SEaCo Owned Fleet September 30, September 30, (100%) 2005 2004 2005 2004 $000 $000 $000 $000 Revenue 47,695 39,436 139,452 108,137 Operating and SG & A expense (9,772) (6,988) (27,834) (19,133) EBITDA 37,923 32,448 111,618 89,004 Depreciation and (14,670) (9,866) (44,529) (29,195) amortization Operating income 23,253 22,582 67,089 59,809 Finance costs (11,211) (5,435) (27,307) (12,416) Earnings before tax 12,042 17,147 39,782 47,393 SCL's 50% share 6,021 8,573 19,891 23,696 SEA CONTAINERS LTD. AND SUBSIDIARIES (SCL) SUPPLEMENTARY INFORMATION Other Container Operations For the Three For the Nine Months Ended Months Ended 2005 2004 2005 2004 $000 $000 $000 $000 Revenue 33,464 36,041 106,628 88,335 Operating and SG & A (17,555) (20,419) (62,540) (45,014) expense EBITDA 15,909 15,622 44,088 43,321 Depreciation and (10,870) (11,160) (33,398) (33,492) amortization Operating income before non-recurring charges 5,039 4,462 10,690 9,829 Property, Plantations For the Three For the Nine Months and Publishing Months Ended Ended September 30, September 30, 2005 2004 2005 2004 $000 $000 $000 $000 Revenue 5,455 5,307 17,395 16,373 Operating and SG & A expense (5,814) (5,576) (18,769) (16,999) EBITDA (359) (269) (1,374) (626) Depreciation and (330) (361) (928) (981) amortization Operating loss before non-recurring charges (689) (630) (2,302) (1,607)