Orient-Express is one of the premier hospitality brands in the world. We own a unique and irreplaceable portfolio of iconic ultra-luxury properties - including the Hotel Cipriani, Copacabana Palace, the Venice Simplon-Orient-Express, Hotel Splendido and the '21' Club. Despite a difficult operating environment, we continue to perform well. The Board believes the Company is well positioned to deliver substantial value to our shareholders in 2013 and the coming years.You continue to state publicly that you are offering a significant premium, but your opportunistic proposal was made at a time when the price of Orient-Express shares has been significantly depressed. Orient-Express shares have been negatively impacted by various factors including economic turbulence, particularly in Europe, important properties in the midst of refurbishment projects, and the transition to a new CEO. In short, we strongly believe your proposal is significantly below the value of Orient-Express. Our opportunity to grow earnings and cash flow is significant, as many of our core properties are expected to achieve in 2012 substantially less than their peak EBITDA. In addition, we expect EBITDA to benefit materially as properties undergoing renovations reopen and major new properties commence operations. We are encouraged by the growth in our advance bookings for 2013, which are currently well ahead of last year at this time. In addition, the market value of our unique properties is underscored by the prices per key paid in some recent sales of iconic assets. For all these reasons, the Board is convinced that Orient-Express has a very bright future. Importantly, we have announced today the hiring of John M. Scott as our new President and Chief Executive Officer. Mr. Scott has superb industry experience, a deep understanding of the luxury customer and a track record of success with high-end assets. We are convinced his leadership will usher in an exciting new era at Orient-Express. We believe he will help build the value of the Orient-Express brand, drive substantial incremental value from our properties, and deliver strong long-term returns to our shareholders. The members of the Orient-Express Board have great respect for your company. We have taken, and will continue to take, our responsibilities to Orient-Express shareholders extremely seriously. We remain deeply committed to the goal of delivering superior value to our shareholders. For the reasons described above, our Board has unanimously concluded that your proposal significantly undervalues Orient-Express, and that now would be a highly disadvantageous time to sell the Company. Accordingly, our Board has unanimously determined that it is not in the best interests of Orient-Express and its shareholders to pursue your proposal.