Four Seasons Hotels has posted a breakdown of its management operations revenues on a historical basis on its website. Effective for the quarter ended September 30, 2005, Four Seasons started breaking out the components of management operations revenues, as management believes it provides the financial statement users with more meaningful information.

Four Seasons had historically reported its management operations revenues on a gross basis.

The breakdown of management operations revenues in US dollars for the first three quarters of 2005, the quarters and full year of 2004, and the full years of 2003, 2002 and 2001, including the applicable foreign exchange rates, are available on our website at:

http://www.fourseasons.com/pdfs/press/Management_Operations_Revenues.pdf .
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