Four Seasons will be taken private by affiliates of Cascade Investment.

Four Seasons announced today the completion of the previously announced plan of arrangement, pursuant to which Four Seasons will be taken private by affiliates of Cascade Investment, L.L.C. (an entity owned by William H. Gates III), Kingdom Hotels International (a company owned by a trust created by His Royal Highness Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud for the benefit of HRH Prince Alwaleed and his family) and Isadore Sharp. Holders of Limited Voting Shares will receive US$82.00 cash per share.

Four Seasons shareholders who hold their Limited Voting Shares through a broker or other financial intermediary will receive payment of the purchase price for their Limited Voting Shares through the broker or other financial intermediary, following the deposit by the broker or financial intermediary of share certificates with Computershare Investor Services Inc., the depositary for the plan of arrangement.

Shareholders who hold their Limited Voting Shares in registered form will receive payment of the purchase price following the deposit of their Four Seasons share certificates with the depositary in accordance with the instructions contained in the Letter of Transmittal previously sent to registered shareholders.

Any questions regarding payment of the purchase price, including any request for an additional copy of the Letter of Transmittal, should be directed to the depositary via telephone at 1.800.564.6253 (toll free in North America) or 514.982.7555 or via email at corporateactions@computershare.com.

With the completion of the plan of arrangement, Four Seasons Limited Voting Shares will cease to be listed for trading on the New York Stock Exchange and the Toronto Stock Exchange.

This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to the transaction to take Four Seasons Hotels Inc. private. Readers are cautioned not to place undue reliance on forward-looking statements.

Actual results and developments may differ materially from those contemplated by these statements. The statements in this news release are made as of the date of this release and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of Four Seasons, its financial or operating results or its securities or any of the properties that we manage or in which we may have an interest.