Reports Second Quarter Results

Four Seasons Hotels Inc. (TSE-ME Symbol “FSH”; NYSE Symbol “FS”)
today reported its results for the second quarter ended June 30, 1998. Net earnings increased 31.2%
to $17.9 million ($0.53 basic and fully diluted earnings per share) for the three months ended June
30, 1998, as compared to $13.7 million ($0.41 basic and fully diluted earnings per share) for the
second quarter of 1997. For the six months ended June 30, 1998, net earnings increased 32% to
$25.6 million ($0.76 basic and fully diluted earnings per share), as compared to $19.4 million ($0.60
basic and fully diluted earnings per share) for the comparable period in 1997.
“The continued strong earnings growth is a reflection of the combination of solid fundamentals in
the luxury segment of the lodging industry in North America and Europe, the addition of new Four
Seasons management contracts, and the Company`s lower financing costs. Partially offsetting these
improvements was the expected contraction of earnings from our Asian properties due to the region-wide
economic downturn,” said Douglas Ludwig, Executive Vice President and Chief Financial
Officer.
——-