|58 Properties
             27 Countries      1
        Philosophy
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|Our
        Values
      Our
        Goals      Our Beliefs      Our
        Principles
      
      **WHO WE ARE**      We have chosen to specialize within
        the hospitality industry, by offering only experiences of exceptional
        quality. Our objective is to be recognized as the company that manages
        the finest hotels, resorts, residence clubs and other residential projects
        wherever we operate. Our goal is to create properties of enduring value
        using superior design and finishes, and support them with a deeply instilled
        ethic of personal service. Doing so allows Four Seasons to satisfy the
        needs and tastes of our discriminating customers, and to maintain our
        position as the worlds premier luxury hospitality company.
        
      **WHAT WE BELIEVE**      Our greatest asset, and the key
        to our success, is our people. We believe that each of us needs a sense
        of dignity, pride and satisfaction in what we do. Because satisfying our
        guests depends on the united efforts of many, we are most effective when
        we work together cooperatively, respecting each others contribution
        and importance.
        
      **HOW WE BEHAVE**      We demonstrate our beliefs most
        meaningfully in the way we treat each other and by the example we set
        for one another. In all our interactions with our guests, business associates
        and colleagues, we seek to deal with others as we would have them deal
        with us.
        
      **HOW WE SUCCEED**      We succeed when every decision
        is based on a clear understanding of and belief in what we do and when
        we couple this conviction with sound financial planning. We expect to
        achieve a fair and reasonable profit to ensure the prosperity of the company,
        and to offer long-term benefits to our hotel owners, our shareholders,
        our customers and our employees.
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|**Financial
        Highlights**
      *All
        amounts referred to in this document are in Canadian dollars unless otherwise
        noted.*
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|**Forward-looking Statements**
      When used in this
        document, the words believes, anticipates,
        expects and similar expressions are intended to identify
        forward-looking statements. These forward-looking statements include comments
        about RevPAR, profit margin and operating and earnings trends, statements
        concerning the number of additional properties expected to be managed
        in future years, expected spending and similar statements concerning anticipated
        future events and expectations that are not historical facts. Readers
        are cautioned that these statements are not guarantees of future performance
        and are subject to numerous risks and uncertainties, including the duration
        and severity of the current economic slowdown and the impact of the equity
        markets decline and volatility, the pace of the lodging industrys
        recovery from the terrorist attacks of September 11, 2001 and subsequent
        terrorist attacks and threats around the world and the uncertainty concerning
        the potential for similar events, threats of war, supply and demand changes
        for hotel rooms and residential properties, competitive conditions in
        the lodging industry, relationships with clients and property owners,
        and the availability of capital to finance growth, any of which could
        cause actual results to differ materially from those expressed in or implied
        by the statements herein. Given these uncertainties, readers are cautioned
        not to place undue reliance on these statements. Except as expressly required
        by applicable law, the Corporation undertakes no obligation to publicly
        update or revise any forward-looking statements, whether as a result of
        new information, future events or otherwise.
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|**Table
          of Contents**                                                                                                                                                                                      
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|Message to Our
            Shareholders 
            Management Committee Roundtable
            Industry Awards 
            Worldwide Locations 
            Table of Contents 
            Annual Information Form

|**Message
        to Our Shareholders**
      
        
      Isadore
        Sharp***Founder,
          Chairman and Chief Executive Officer***
        **We continue
        to build on a foundation that is rock solid, the result of more than 40
        years of consistent thought and action. From this solid base, we expect
        a strong rebound in earnings when geopolitical issues stabilize and the
        economy improves. Over the next decade, we intend to continue to build
        on these foundations, and believe the best is yet to come.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          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|The severity of the
        downturn in the lodging industry is unprecedented, with geopolitical and
        economic issues negatively affecting our earnings during the past two
        years. However, our experience has shown, and careful review of every
        aspect of our business has confirmed, that our short- and long-term strategy
        remains sound.
      Service excellence
        is our most important competitive advantage and remains our distinguishing
        edge. Our dedicated employee base of almost 30,000 gives our brand its
        global reputation for excellence. Our Corporation is built on the Golden
        Rule, of treating others as you would like to be treated, a value system
        which is as applicable to General Managers as it is to any other employee.
        With this simple yet powerful credo, we have been able to go anywhere
        in the world and turn a group of seemingly ordinary people into an extraordinary
        workforce. The strength of the team we create means we have been able
        to marshal ourselves more readily to overcome recent difficulties.
        Since September
          11, 2001, and throughout the unsettled economic conditions that have
          followed, the ingenuity of our people has enabled us to control costs
          while maintaining our renowned customer service standards. Despite the
          challenges weve faced together, or perhaps because of them, Four
          Seasons was named to *Fortune* magazines prestigious 100
          Best Companies to Work For list for the sixth year running. What is
          most meaningful is that it is the employees themselves who vote to include
          a company on this list.
      It is not just the
        staff at the hotels and resorts who have given Four Seasons their vote
        of confidence, it has also been our guests. During this downturn, as in
        previous ones, we have been determined to ensure that the Four Seasons
        experience would not change for our valued customers, despite our need
        to keep a watchful eye on costs. The positive feedback has been significant,
        allowing us to maintain our industry-leading room rates during a period
        of lower travel demand, as well as to maintain or increase market share.
        Moreover, Four Seasons hotels garnered more awards and accolades for service
        for 2002 than any other hotel company.
      While the travel industry
        still faces uncertainty in 2003, tourism in the long term is a healthy
        and growing industry. Recent research from the World Travel and Tourism
        Council suggested that economic activity from travel and tourism is expected
        to double in the next 10 years. As the economy rebounds and uncertainty
        declines, Four Seasons should be well positioned to capitalize on that
        growth and serve the luxury traveller all around the globe.
      We aim to maximize
        long-term cash flow from our management and royalty arrangements related
        to the Four Seasons brand, which we believe helps us build significant
        value for our shareholders. Our Corporation has continued to demonstrate
        its ability to add important locations with four new properties opened
        in 2002. We have also put in place plans that should allow us to remain
        on track for our projected five to seven new openings per year, in a wide
        diversity of geographic locations, including the United States. For all
        these properties, our business emphasis remains on management rather than
        ownership.
      Four Seasons also
        has a unique opportunity to build occupancy levels within both our existing
        and our new hotels and resorts when the global economy begins to improve.
        Our global sales efforts are supported by 14 Worldwide Offices in conjunction
        with our 58 hotel sales teams – the largest and most integrated
        selling organization in the luxury hotel industry. We have long histories
        and active relationships in all the major travel segments – individual
        business travel, vacations, meetings, incentives and special events –
        as well as in specific industries. The quantity and quality of our client
        interaction on the sales front has increased with the Corporations
        growth and they tell us this is a key point of difference for Four Seasons,
        as important as the service difference guests receive in our hotels and
        resorts. As a result, our properties have become the market leaders in
        virtually all of the markets we serve.
      Protecting market
        leadership and sustaining premium rates allow us to deliver sound economic
        returns to our capital sources. This, in turn, should continue to afford
        us access to capital for future Four Seasons properties, for which we
        believe we can negotiate management contracts that are the longest in
        the industry.
      We have weathered
        downturn cycles before – and always emerged stronger. In 1992, the
        Gulf Wars impact on an overbuilt hotel industry brought a deep
        downturn in travel. Yet, those conditions created the opportunity to purchase
        the Regent hotels, significantly advancing our global strategy. By managing
        for value over the longer term, by remaining focused on our values and
        the key needs of our guests and partners, and by effectively using our
        worldwide resources, we believe Four Seasons and its shareholders are
        well-positioned to benefit from the upturn that will come.
      Relative to the industry
        as a whole, we are gaining ground. We have strengthened our market position
        by maintaining our product offering and enhancing our market share. We
        have also continued to add important new locations to the growing Four
        Seasons portfolio. We have been able to maintain what many lodging research
        analysts consider the best balance sheet in the industry. We continue
        to build on a foundation that is rock solid, the result of more than 40
        years of consistent thought and action.
      From this solid base,
        we expect a strong rebound in earnings when geopolitical issues stabilize
        and the economyimproves.
        Over the next decade, we intend to continue to build on these foundations,
        and believe the best is yet to come.
      At our upcoming annual
        meeting, three of my original partners and members of our Board of Directors,
        Edmond Creed, Fred Eisen and Murray Koffler will be retiring from the
        board. We are thankful for their numerous and invaluable contributions
        over many years. Brent Belzberg and Heather Monroe-Blum have recently
        joined our Board of Directors and Ron Osborne has been nominated to join
        at our next annual meeting. We warmly welcome these outstanding additions
        to the board and believe that we have the necessary breadth and depth
        of experience to help guide Four Seasons through our next period of growth.
      On the following pages
        youll find discussions of how our senior management team has dealt
        with near-term challenges, while looking ahead at opportunities for longer-term
        value creation. We believe that this combination augurs well for the continued
        successful growth of Four Seasons well into the future.
      
      /s/
        Isadore Sharp
      Isadore
        Sharp***Chairman and Chief Executive Officer***

|**Management
          Committee Roundtable**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
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|Kathleen
        Taylor                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|***President
        Worldwide Business Operations***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|**We take an in-depth approach to new hotel and resort development;
          we focus on each business opportunity, weighing future trends, strategic
          benefits, yield potential and overall value. All of this is done, whether
          in the most difficult economic cycles or during times of high demand,
          with the goal of maintaining or enhancing market share in each location,
          all with a view to maximizing the returns of each of our properties.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|***The
          downturn in the lodging industry is unprecedented. How have we responded
          to todays challenges and opportunities?***
        The downturn in
          travel continues to be difficult and challenging. However, as in previous
          cycles, we discover ways to operate even more efficiently and become
          better, more disciplined managers. We continue to focus on our guests
          and to maintain the service experience they expect. As importantly,
          we work in ways that help ensure we strengthen the Four Seasons culture
          that allows us to provide the service experience, the very essence of
          our brand value and promise. We take an in-depth approach to new hotel
          and resort development; we focus on each business opportunity, weighing
          future trends, strategic benefits, yield potential and overall value.
        All of this is done,
          whether in the most difficult economic cycles or during times of high
          demand, with the goal of maintaining or enhancing market share in each
          location, all with a view to maximizing the returns of each of our properties.
          Using calculations from Smith Travel Research, where 100 represents
          fair market share, Four Seasons improved its market share in the overall
          U.S. luxury hotel market from 117 in 2000 to 122 in 2001 and maintained
          this level in 2002. Our objective for 2003 is to maintain or enhance
          this performance.
        **Operations**:
        ***Deepening
          our commitment to service***Following
          September 11, 2001, many other hotel companies chose to cut services.
          We made a very conscious decision to maintain ours. We looked for ways
          to control our costs, while maintaining our rates and sustaining the
          all important value proposition for our customers. We were not immune
          to the effects of a slowing economy, as our occupancies declined in
          line with the industry. However, unlike many others, we generally maintained
          our room rates at the record levels reached in 2000 and improved our
          market share, despite contrary predictions by industry experts.
        When times are tough,
          the first impulse in many businesses – not just hospitality –
          is to reduce price. The common wisdom is that lower prices will stimulate
          greater sales. When Four Seasons made the decision not to discount its
          room rates, some questioned it. However, time is proving our decision
          to have been wise. In fact, preliminary results of a study of Smith
          Travel Research data by Cornell Universitys Center for Hospitality
          Research indicates that, in the hotel industry, discounting does
          not increase demand as much as it reduces revenues. Moreover,
          it is difficult to return discounted prices to former levels after the
          economy rebounds.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|**Four
          Seasons Market Share**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|**2002
          Industry Awards**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Barbara
        M. Talbott                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|***Executive
        Vice President
        Marketing***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Although the majority of the lodging industry now competes on price
          and frequent-stay programs, lowest price is not the measure of value
          for the service-minded traveller. As our RevPAR performance demonstrates,
          high-end customers continue to see a significant difference in our product
          offering and are responding to the value Four Seasons provides. For
          business travellers, who are working harder than ever and encountering
          more travel challenges than before, a hotel which provides highly personalized
          service 24 hours a day is not a luxury, but a critical tool which allows
          them to accomplish the purpose of their trip and maintain their productivity
          while they are travelling. And, in a world where time with friends and
          family is at an even greater premium, Four Seasons can offer our customers
          a growing number of attractive leisure destinations, with service that
          allows them to make the most of their time away.
        ***Increasing
          industry and market leadership***The
          evidence that our customers recognize a difference between Four Seasons
          service and the competition is now overwhelming. As has been the case
          for many years, we received more industry awards during 2002 than ever
          before. Four Seasons stood first in both 2002 and 2001 in the first
          surveys of guest satisfaction in North American luxury hotels conducted
          by J.D. Power and Associates. We were also ranked number one in the
          firms first survey of meeting planners.
        For the past 22
          years, Four Seasons has received more AAA Five Diamond awards than any
          other hotel company in the world. Reader surveys conducted in *Institutional
          Investor* and *Condé Nast Traveler*magazines consistently
          rank Four Seasons as top choice for both business and leisure travel,
          while Andrew Harpers Hideaway Report and *The Gallivanters
          Guide* regularly point to Four Seasons as the hotel of choice for
          discerning travellers in the U.S. and abroad.
        Another validation
          of excellence came in January 2003, when Four Seasons Resort Sharm el
          Sheikh, which opened only in May of last year, became the Editors
          Choice for Hotel of the Year in *The Gallivanters Guide*.
          The editor says, Reader feedback, especially from Europe, says
          that [they] are so delighted with the quality of everything in this
          new Four Seasons beach resort that [they] are already planning to return.
        The current state
          of the marketplace has given Four Seasons the opportunity to continue
          to widen the gap with the competition in all measures of service and
          in the premium room rates that Four Seasons service supports. In the
          last decade, Four Seasons has achieved sizeable RevPAR premiums over
          its competitors in the upscale and luxury segment of the business, with
          premiums that have grown significantly over time. Even with the downturn
          in business over the past two years, according to Smith Travel Research,
          Four Seasons earned a 138% premium in RevPAR over the upper upscale
          segment of the U.S. lodging industry. In addition, Four Seasons also
          earned a 34% premium over our nearest luxury competitor.
        In addition, although
          the gross operating profit margin of the hotels under management has
          declined primarily as a result of increased energy and labour and benefit
          costs, we continue to have gross operating margins that are higher than
          the majority of the other hotel companies.
        **Development:**
        ***Strategic
          growth that outpaces the industry***Our
          strategy has been to open five to seven new hotels a year, and we came
          very close to this in 2002. During the year, we opened four new Four
          Seasons properties: Shanghai, China; Sharm el Sheikh, Egypt; Tokyo at
          Marunouchi; and Amman, Jordan; with Riyadh, Saudi Arabia being delayed
          due to completion challenges, opening in February 2003.
        In 2003 or early
          2004, we are scheduled to open five additional hotels and resorts in
          Exuma, Bahamas; Miami, Florida; Budapest, Hungary; Hampshire, England,
          our first European resort; and Jackson Hole, Wyoming, our first mountain
          resort. Over the next 18 months, we also expect to open nine additional
          properties.
|**RevPAR
          Premium**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

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|Antoine Corinthios                                                                           | James FitzGibbon                                                          
|***President,
              Hotel Operations
              Europe, Middle East and Africa*** | ***President,
              Hotel Operations
              Asia Pacific***

|Including the 14 properties discussed above, currently we have 21 new
          projects under construction or in advanced stages of development in
          seven additional countries, and many more opportunities in the pipeline.
          During the past year we announced new projects in Orlando, Florida;
          Damascus, Syria; Langkawi, Malaysia; and a new residential project in
          Whistler, British Columbia. We also continue to seek out opportunities
          to rebrand existing hotels, and are ready to act as these situations
          arise.
        Some lodging research
          analysts have expressed concern, given the current geopolitical situation,
          about the number of hotels we are opening in the Middle East. Yet our
          strategy for that region, as elsewhere in the world, takes a very long-term
          view. We are fortunate to have strong regional partners who are committing
          the majority of the capital for these new projects. Moreover, our research
          has shown that local and regional demand, combined with relatively low
          operating costs, should allow these hotels and resorts to generate acceptable
          returns on capital until international travel to the region increases.
        ***Building
          on strong partner relationships***Our ability
          to attract new projects, equity partners and available financing is
          a factor that should differentiate Four Seasons from its competitors.
          Our pipeline remains robust, with sufficient opportunities to give us
          a high degree of confidence that we can maintain the pace of new construction
          to satisfy our unit growth potential for the foreseeable future.
        We are fortunate
          to work with over 50 existing and potential partners who develop and
          own our properties. Many of these relationships were forged years ago,
          and the majority of these relationships are on a solid foundation. However,
          for the first time in our 40-year history, we are in arbitration with
          owners of two of our properties, Four Seasons Hotel Caracas and the
          Four Seasons hotel in Seattle. We expect that a significant amount of
          managements time and legal costs will be incurred in the near
          term to resolve these issues. However, we are confident that an acceptable
          resolution will be achieved in both of these situations.
        Our development
          strategy has enabled us to grow in more key urban and resort markets
          than our competitors, enabling us to strengthen our global brand position
          in the destinations that are travelled to most frequently by our guests.
          In New York, London, Paris, Tokyo and Milan, Four Seasons is present
          and thriving. Our strong brand name and our market-leading portfolio
          give us the opportunity to consider all feasible luxury projects throughout
          the world.
        **Sales
          and Marketing:**
        ***Strengthening
          our global brand***As
          in any business, different economic cycles often call for different
          emphases. Yet todays difficult market has not really changed
          the basic way we market our hotels and resorts. Many of the changes
          we have made are simply in response to the fact that we are growing
          as a company, organically and geographically.
        Service remains
          the most important distinguishing element when choosing a high quality
          hotel for business or leisure travel, and value takes a higher profile
          in times of economic challenge. For more than 15 years, Four Seasons
          sales, advertising and brand messages have emphasized the value of service,
          a concept even more explicit in new tactical advertising introduced
          late in 2001 and carried forward in 2002.
        Four Seasons has
          participated in nearly every geographic market and business segment
          for many years. This means that a downturn in one segment or location
          can, to some extent, be offset by stronger results in others. In 2002,
          we saw greater-than-expected demand for many resorts and for key city
          destinations such as Paris. Wider geographic presence also allows us
          to capitalize on the increased demand for leisure travel, sometimes
          closer to home, and we have seen new locations such as
          San Francisco and Sharm el Sheikh quickly develop strong local and regional
          followings.
        ***Enhancing
          communication with customers***In
          every economic climate, we strive to listen and follow up promptly on
          the feedback we receive from our guests and industry partners. Over
          the past 18 months, we have stepped up the pace of our research, both
          formal and informal, actively seeking to validate and evolve our sense
          of the market and to act on travel trends. In a time of shorter decision
          windows, we have also enhanced our quick-response mechanisms, including
          the ability to book and execute flawless meetings and events on tighter
          timelines. We offer more sales and operations support than ever before
          to planners who, themselves, are often doing more with less.
        For affluent customers,
          key brand activities such as fourseasons.com and global public relations
          are among the most persuasive means of contact. Our expanded web content
          offers additional visual information and useful links. In 2002, we saw
          a 41% increase in bookings and 28% increase in traffic via that channel.
          Four Seasons web content has also been translated into German
          and Japanese, with full sites in these languages expected to be launched
          during 2003. In 2002, along with North American public relations, stepped-up
          efforts in Europe, Japan and the Middle East also resulted in greater
          visibility and awareness of Four Seasons hotels.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
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|**Global
          Presence**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|******Finance:**
        ***Reducing
          our exposure to cyclicality***Although
          lodging is generally a cyclical industry, we believe that our predominant
          focus on hotel management operations, rather than the ownership of hotel
          assets, should make Four Seasons operating results less cyclical
          than the industry trend. Holding majority investments in hotel properties
          is not part of our strategy. Indeed, we prefer to take only a minority
          position in our properties under management where this is required to
          secure a new long-term management agreement. We also look to exit these
          minority positions within the first five years of the related hotels
          operation through sale. Our business model has evolved to the extent
          that, in a steady economic environment, hotel management operations
          should contribute more than 90% of our operating earnings.
        The three exceptions
          to this general rule are The Pierre and Four Seasons hotels in Berlin
          and Vancouver. Four Seasons owns 100% of the long-term leasehold in
          each of these properties. The leasehold nature of these interests makes
          them more difficult to sell or restructure. In addition, Four Seasons
          has a majority equity freehold interest in Four Seasons Residence Club
          Scottsdale at Troon North, which interest Four Seasons anticipates reducing
          through a sale to a third party.
        Travel demand following
          September 11, 2001, declined more than in any prior cycle. Business
          travel demand in the United States, and specifically in New York, was
          the most severely affected. As a consequence, the operating results
          at The Pierre in New York had a disproportionate negative impact on
          our earnings in both 2001 and 2002. The severity of this cycle has increased
          our resolve to reduce further our exposure to majority ownership positions,
          thereby lessening the possibility that one or two markets could have
          such a significant effect on our otherwise relatively stable hotel management
          earnings.
        To reduce the impact
          of our three 100%-owned properties, we will continue to seek ways to
          improve operating profitability and further limit our exposure to the
          lease obligations. We are beginning discussions with each of the landlords
          to determine what, if any, alternatives may be available to reduce Four
          Seasons financial exposure. However, while we continue to pursue
          operating improvements at The Pierre, it is unlikely that any benefits
          will be realized in 2003 due to low business travel demand, future travel
          disruptions anticipated because of the conflict in Iraq, and continued
          uncertainty regarding the threat of further terrorist attacks in the
          United States.
        ***Continuing
          to support our business model***Despite
          the poor performance of our majority hotel ownership interests since
          September 11, 2001, our business model has performed well in the most
          severe market circumstances we have known. The capital needed for investment
          in our existing assets is manageable, ranging between $10 million to
          $15 million per year. This has allowed us to deploy the majority of
          our operating cash flow for investments to create new long-term hotel
          management agreements, which generate additional fee revenues with minimal
          incremental costs. Careful capital allocation remains a key priority
          to ensure continued long-term positive returns, despite extremely difficult
          market conditions.
        We also maintained
          a strong balance sheet, with cash and cash equivalents in excess of
          our long-term debt position. We have maintained our investment grade
          debt ratings. However, as a result of the conflict in Iraq, certain
          of the rating agencies are currently reviewing their outlook for the
          lodging industry and have advised that, if the military action in Iraq
          is protracted and causes a more severe disruption in travel, the likelihood
          of rating and outlook changes is greater. If a rating or outlook change
          relating to Four Seasons was to occur, there should not be any material
          financial implications for the Corporation. With over $165 million of
          cash and cash equivalents, and no material debt maturities over the
          next five years, we believe we are extremely well positioned to use
          our balance sheet for additional investments to secure new long-term
          management agreements and to act on desirable acquisition opportunities
          that meet our operating criteria.
        We continue to focus
          our attention on maintaining a strong financial position, a disciplined
          capital allocation process, and high profit margins in our management
          business. This should position us to achieve a rapid improvement in
          operating cash flow when the economy recovers, creating considerable
          shareholder value.
        ***Managements
          view of valuation***The
          Corporations management seeks to build value for its stakeholders
          by creating and managing the finest luxury hotels and resorts with the
          finest personalized service. Four Seasons guests value this service
          to such an extent that achieved room rates are at a significant premium
          to its competitors. These premium room rates allow the Corporation to
          deliver sound economic returns to its capital sources over the long
          run, which provide the Corporation with access to capital to build future
          Four Seasons properties. The Corporation ensures that the Four Seasons
          brand is protected in these valuable locations by negotiating long-term
          management contracts that typically average 60 years in duration and
          earn long-term royalty and management fee cash flows. The Corporation
          makes investments in, or advances in respect of or to, properties with
          a view to obtaining new management agreements or enhancing existing
          management agreements where the overall economic return to the Corporation
          justifies the investment or advance. The Corporation structures these
          investments and advances such that generally, over the life of the relevant
          management agreements, there is no additional or reinvestment obligation
          for the Corporation.
        Given the length
          of time necessary to negotiate, plan, design, build, open and establish
          a market leadership for a new Four Seasons property, management naturally
          has a long-term perspective in every key decision taken to create value
          for the Corporations stakeholders. Managements goal is
          to maximize the long-term free cash flow from our management and royalty
          arrangements relating to the Four Seasons brand (free cash flow is defined
          as cash flow available, after all operating costs and any reinvestment
          in existing assets required to maintain those asset positions).
        Management believes
          that companies should be valued based upon their ability to maximize
          free cash flow available to their shareholders, over the long-term.
          As such, management does not believe that near-term earnings, particularly
          in the current environment where a series of macro events have caused
          an unusual period of demand disruption, are relevant to the proper valuation
          of the Corporations stock.
        **Human
          Resources:**
        ***Working
          closely with our employees***Pressure
          to maintain margins means increased emphasis on cost-containment and
          cost-reduction. Fortunately, at most of our properties, we were able
          to work closely with our dedicated employees to find creative solutions
          to staffing and cost control. As positions became vacant, we reviewed
          each carefully to see if we could manage the business efficiently without
          immediately filling it. In situations where layoffs were inevitable,
          we know that we had done everything possible to avoid this situation.
        At a time when there
          is a heavy emphasis on hands-on leadership, we have not lost any key
          people at the most senior managerial level, where the average length
          of service is at least 21 years. At the general manager and corporate
          and regional vice president level, average tenure is approximately 15
          years. The longevity of our management team is a critical factor in
          allowing us to pursue our goal of opening so many new properties and
          making each of these properties market leaders in very short timeframes.
        Four Seasons employees
          are our most important assets, as our renowned service product is delivered
          whenever they are in contact with our customers. Critical to our ability
          to succeed and grow is our ability to attract and retain the most talented
          individuals. During the strong economic cycle of the late 1990s, virtually
          all our top people were heavily recruited by other companies, both within
          and outside the lodging industry. We are very pleased that we were able
          to retain our key employees. This retention during boom times helps
          tremendously during slower economic cycles, in that it ensures we have
          the creative talent to manage through the current circumstances.
        ***Keeping
          our corporate culture meaningful***We
          believe that in many respects this adversity has brought us together
          and further cemented our employee loyalty. Striving to maintain a motivated,
          committed and optimistic workforce is always a challenge, and becomes
          only more so in tough economic times. Yet, we have demonstrated to our
          people that we are true to our culture regardless of the challenges.
          Maintaining our core standards and not compromising on our value system
          has sent a very powerful message throughout the organization.
        Four Seasons has
          in many respects the strongest balance sheet in the lodging industry.
          This strength is a comfort to our existing employees and makes us an
          even more attractive potential employer to recruitment candidates. We
          are fortunate that our development pipeline remains strong, and we continue
          to open several new properties each year, providing new challenges and
          new opportunities for our dedicated people around the world.
|**Culture
          in Action**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|**Four
          Seasons Resort Sharm el Sheikh**We had planned a soft opening for our resort in Sharm
          el Sheikh, Egypt – only 30 of the 140 guest rooms. Then, the General
          Manager learned that a Head of State was on his way – bringing
          170 guests. He turned for help to his Four Seasons colleagues. In no
          time, 200 pairs of helping hands had arrived, from Cairo, Lisbon, Dublin,
          Berlin and London, from housekeepers to cooks to managers, all bringing
          crucial supplies that were still in transit to the newly opening property.
          After a quick orientation, the international Four Seasons team went
          to work as trainers, especially around key flash points such as baggage
          handling and room service. The ad hoc workforce pulled together like
          a well-oiled machine. 
          On departure day, all 500 staff gathered to wave and cheer as the motorcade
          pulled away. The passengers – accustomed to concealing their identities
          behind blacked out windows – peered out to wave back, a touching
          acknowledgement of a job well done.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

|**Industry
        Awards****Four Seasons has gained a worldwide reputation for quality, service and
        innovation in the luxury segment of the business and leisure travel market.
        This reputation has been widely acknowledged by the following leading
        surveys of hotel properties:**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              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|*******Institutional Investor***   Twelve
          Four Seasons hotels were ranked among the worlds top 75 hotels
          in a survey of international financiers published in the September 2002
          issue of *Institutional Investor*, including the top-ranked hotel
          (Four Seasons Olympic Hotel (Seattle)) and two other hotels in the Top
          10 (Four Seasons Hotel Chicago and Four Seasons Hotel Singapore).***AAA Five Diamond Awards***   Twenty-one
          Four Seasons properties received the 2003 AAA Five Diamond Award, making
          Four Seasons the leader in this survey for 22 consecutive years. In
          addition, six Four Seasons restaurants received the prestigious Five
          Diamond Award for Restaurants: Aujourdhui at Four Seasons Hotel
          Boston, Seasons Restaurant at Four Seasons Hotel Chicago, El Restaurante
          at Four Seasons Hotel Mexico City, The Restaurant at Four Seasons Resort
          Palm Beach, Fountain Restaurant at Four Seasons Hotel Philadelphia and
          Truffles at Four Seasons Hotel Toronto.***Condé Nast Travelers Readers Choice
          Awards***   Fifteen Four Seasons properties were
          listed in the Top 100 list of the 15th Annual Readers
          Choice Awards. Four Seasons captured the number one spot in three categories,
          including Top Asian Resorts (Four Seasons Resort Bali
          at Sayan); Top Caribbean/Atlantic Resorts (Four Seasons
          Resort Nevis); and Top North American Hotels (The Ritz-Carlton
          Hotel Chicago (a Four Seasons managed hotel)) and the number one and
          two spots in the Top Pacific Rim Resorts (Four Seasons
          Resort Hualalai at Historic Kaupulehu and Four Seasons Resort
          Maui at Wailea).***Travel + Leisure****Travel + Leisures*
          Worlds Best awards in August 2002 listed 17 Four
          Seasons and Regent hotels among the Top 100 Hotels. The
          Corporation also had 18 hotels in the Top 100 Hotels in the Continental
          U.S. and Canada and five properties in the Top Hotel Spas
          category, including the top-ranked Four Seasons Resort Hualalai at Historic
          Kaupulehu.
        ***Andrew
          Harpers Hideaway Report***   Fifteen Four
          Seasons properties received honours in the annual readers survey
          on The Worlds Best Hotels & Resorts. The Corporation
          also had three hotels ranked in the Top 10 in the Top 20 U.S.
          City Hotels category (Four Seasons Hotel Chicago, Four Seasons
          Hotel New York and The Ritz-Carlton Hotel Chicago (a Four Seasons managed
          hotel) and the Top 20 International City Hotels category
          (the top-ranked Four Seasons Hotel Industry Awards George V Paris and
          Four Seasons Hotel Milan). Four Seasons Hotel San Francisco and Four
          Seasons Hotel Prague both received special mention as Rising
          Stars having been open for less than two years and ranking 19th
          and 29th respectively in their categories.*********Mobil Travel Guide***  Seven Four
          Seasons properties received the Mobil Five-Star Award for 2003. Four
          Seasons Hotel San Francisco, after its first year of operation, and
          The Ritz-Carlton Chicago (a Four Seasons managed hotel) are among the
          newest Four Seasons recipients. Repeat winners include: Four Seasons
          Hotel New York, Four Seasons Hotel Atlanta, Four Seasons Hotel Chicago,
          Four Seasons Hotel Boston and Four Seasons Resort Palm Beach.***Zagat Survey*****  Four Seasons
          properties achieved top honours in the latest *Zagat* *Survey*
          2003 Top U.S. Hotels, Resorts & Spas. In *Zagat*s
          seventh survey of the U.S. lodging industry since 1987, Four Seasons
          received the honour of Top Hotel Chain and Top
          Resort (Four Seasons Resort Hualalai at Historic Kaupulehu).
          Four other Four Seasons resorts ranked in the top 10 resorts in the
          country including Four Seasons Resort Maui at Wailea, Four Seasons Resort
          Scottsdale at Troon North, Four Seasons Hotel Las Vegas and Four Seasons
          Resort Aviara, North San Diego. Six of the top 10 hotels listed in the
          survey were Four Seasons hotels and resorts, including Four Seasons
          Hotel Chicago, The Ritz-Carlton Hotel Chicago (a Four Seasons managed
          hotel), Four Seasons Hotel New York, Four Seasons Hotel San Francisco,
          Four Seasons Hotel Philadelphia and Four Seasons Hotel Boston.***J.D. Power and Associates 2002 North America Hotel Guest
          Satisfaction StudySM***
            Four Seasons Hotels and Resorts received the highest ranking
          in the luxury hotel segment in the J.D. Power and Associates 2002 North
          America Hotel Guest Satisfaction StudySM.
          For the second year, Four Seasons was also ranked highest in the Meeting
          Planner Satisfaction StudySM.***Michelin Three Star***   Le Cinq Restaurant
          at the Four Seasons Hotel George V in Paris was awarded its third Michelin
          star. This is the first time that a hotel restaurant in Paris has received
          this distinction in such a short period of time.

|******Worldwide
        Locations**                                                 
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|(for Worldwide Locations,
        please reference pages 28-29 of the Annual Report)

|**Table
        of Contents**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
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|**Annual
            Information Form**
            Business of Four Seasons 
            Management Operations 
            Ownership Operations
            Intellectual Property 
            Business and Growth Strategy 
            Competitive Strengths
            Description of Hotels, Resorts
                and Residence Clubs
            Summary Hotel Operating Data 
            Five-Year Review 
            Table of Contents of Managements
                Discussion and Analysis
            Financial Objectives 
            Growth Objectives
            Risk Management Objectives
            Overview of 2002 
            Operational and Financial Review and Analysis

|**Annual Information
          Form**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            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|*As of March 1,
          2003*****
        Four Seasons Hotels
          Inc.1 was incorporated under the *Business Corporations
          Act*(Ontario) on January 6, 1978.2 FSHIs registered
          and principal office is located at 1165 Leslie Street, Toronto, Ontario,
          Canada M3C 2K8. The Limited Voting Shares of FSHI are listed on The
          Toronto Stock Exchange under the symbol FSH and on the New York Stock
          Exchange under the symbol FS.
        **Business
          of Four Seasons**Four
          Seasons is one of the worlds leading managers of luxury hotels
          and resorts. The Corporation manages 58 luxury hotel and resort properties
          and two Residence Clubs3 containing 15,846 guest rooms and
          units. These properties are operated primarily under the Four Seasons
          and Regent brand names in principal cities and resort destinations in
          27 countries in North America, the Caribbean, Europe, Asia, Australia,
          the Middle East and South America. In addition, 21 properties to be
          operated under the Four Seasons brand name are under construction or
          development in a further seven countries around the world. Thirteen
          of these new properties are to include a Residence Club or other residential
          component.4 The Corporations goal is to offer business
          and leisure travellers the finest accommodation in each destination
          in which Four Seasons operates.
        Four Seasons earns
          income primarily from management, and to a significantly lesser extent,
          ownership operations. Under its management agreements, Four Seasons
          generally supervises all aspects of the day-to-day operations of each
          hotel and resort on behalf of its owner, including sales and marketing,
          reservations, accounting, purchasing, budgeting and the hiring, training
          and supervising of staff. In addition, Four Seasons generally provides
          owners with strategic management services, assistance with the sourcing
          of financing and development of new hotels and resorts, advice with
          respect to the design and construction of new or renovated hotels and
          resorts, assistance with the refurbishment of hotels and resorts, support
          and advice with respect to management information technology systems
          and database applications, and a centralized purchasing system for goods.
          For providing these services, Four Seasons generally receives a variety
          of fees, including a base fee, an incentive fee, a sales and marketing
          charge, a reservation charge, and purchasing and pre-opening fees. The
          base fee is calculated as a percentage of the gross revenues of the
          property. In addition, Four Seasons may receive incentive fees based
          on the propertys operating performance.5
        To further capitalize
          on the value of the Four Seasons brand, the Corporation licenses and
          manages luxury interval and fractional ownership projects known as Four
          Seasons Residence Clubs and other Four Seasons branded residential projects.
          The Corporation generally receives fees for the use of the Four Seasons
          brand in connection with the sale of the interests in these projects
          and for services provided in the oversight of the sales and marketing
          activities. In addition, the Corporation receives fees from the owners
          of the interests for services provided in the ongoing management of
          these projects.
        As part of its business
          strategy, Four Seasons makes investments in, or advances in respect
          of or to, properties with a view to obtaining new management agreements
          or enhancing existing management agreements where the overall economic
          return to Four Seasons justifies the investment or loan. The Corporation
          generally seeks to limit its total long-term capital exposure to no
          more than 20% of the total equity required for a property and typically
          can choose to have its ownership interest diluted if additional capital
          is required. The Corporation attempts to structure its ownership interests
          separately from its management interests to enable the Corporation to
          dispose of ownership interests as opportunities arise, without affecting
          its management interests.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|**Management
          Operations**
        **Hotels
          and Resorts**
        **Management**Four
          Seasons generally manages its hotels and resorts pursuant to separate
          management agreements. Under its management agreements, Four Seasons
          generally oversees all aspects of the day-to-day operations of each
          hotel and resort on behalf of the owner, including hiring, training
          and supervising staff, maintaining sales and marketing efforts and providing
          accounting, purchasing and budgeting functions, providing support for
          management information technology systems and database applications,
          and providing for the safekeeping, repair and maintenance of physical
          assets. Four Seasons performs these services within the guidelines contained
          in annual operating and capital plans that are submitted to the owners
          of the hotels and resorts during the last quarter of the preceding year
          for their review and approval. For these services, Four Seasons generally
          earns a number of fees including base fees equal to a percentage of
          gross revenues and incentive fees based on the profits of the hotel
          or resort.
        The Corporation
          has the ability to earn incentive fees in 54 of the 58 hotels and resorts
          under its management. These incentive fees are based on the profits
          of the hotel or resort as determined in accordance with the relevant
          management agreement. In 2002, Four Seasons received incentive fees
          from 32 of the hotels and resorts under management, as compared to 35
          hotels and resorts in 2001.
        Four Seasons generally
          supervises purchasing at the hotels and resorts under its management
          in order to maintain a uniform quality of goods purchased and to control
          hotel operating costs. Four Seasons maintains a centralized purchasing
          system and receives a fee calculated as a percentage of the cost of
          goods purchased when this system is utilized by the hotels and resorts
          under management.
        Although the hotel
          and resort owners are generally responsible for financing and managing
          the development of the hotels and resorts, Four Seasons typically plays
          a significant pre-opening role. Four Seasons provides advice with respect
          to the design, construction and fitting out specifications of the hotels
          and resorts during the development stage to ensure that they meet Four
          Seasons standards and earns a variety of fees for these pre-opening
          services. Four Seasons may also assist owners in connection with the
          refurbishment of the hotels and resorts after opening in return for
          a refurbishing fee.
        Under the Corporations
          management agreements, the hotel or resort owner is responsible for
          funding the hotel or resorts operating costs, capital expenditures
          and working capital requirements, including the salaries and benefits
          of all employees. The owner typically is required to set aside a percentage
          of the gross revenue of the hotel or resort each year as a reserve for
          capital expenditures. Such percentages typically range from 3% to 5%
          of hotel or resort annual gross revenues. Four Seasons proposes an operating
          plan and capital expenditure budget to the owner for approval on an
          annual basis. All structural changes, major refurbishing programs and
          major repairs generally require the separate approval of owners prior
          to implementation and may be carried out by Four Seasons or a third
          party.
        Total fee revenues
          are geographically diversified around the world. The United States is
          the only geographic segment which contributed in excess of 40% of all
          fee revenues in 2002. The diversification of fee revenues has increased
          significantly over the past 10 years. With the opening of hotels and
          resorts currently under construction and development around the world,
          the Corporation expects greater diversification of fee revenues in the
          future.
        **Sales, Marketing
          and Reservations**Four
          Seasons is responsible for the development of overall sales and marketing
          strategies for the portfolio of Four Seasons branded hotels and resorts,
          which include enhancing international awareness of the Four Seasons
          brand and developing local market potential for specific hotels and
          resorts. Four Seasons marketing efforts are coordinated through
          its headquarters in Toronto and are targeted at the luxury segment of
          the market worldwide. Four Seasons customer mix consists of business
          travellers, groups (including corporate and incentive), and leisure
          travellers. These customer segments accounted for an estimated 33%,
          33% and 34%, respectively, of total room nights in 2002. Four Seasons
          corporate marketing staff also oversees the planning and implementation
          of hotel and resort marketing programs and organizes the training and
          development programs for the global sales force and the hotel sales
          and marketing staff. Four Seasons also provides supplementary oversight
          sales support to all of the Regent hotels that it manages,6
          with core marketing services for the Regent brand being provided by
          Carlson Hospitality Group of Minneapolis (Carlson).
        Four Seasons has
          a global sales force of approximately 100 people in 14 integrated sales
          offices in Atlanta, Chicago, Dallas, Frankfurt, Hong Kong, London, Los
          Angeles, New York, Singapore, Sydney, Tokyo, Toronto, San Francisco
          and Washington, D.C. Key objectives of the sales force are to attract
          groups and corporate business travellers for the hotels and resorts,
          as well as to establish personal contact with nationally recognized
          travel agencies. In addition, a total of over 375 salespeople are employed
          locally at hotels and resorts under management. The local marketing
          strategy concentrates on developing rooms and food and beverage business
          for hotels and resorts locally and regionally, and promoting the hotel
          or resort as a centre of community activity with a view to increasing
          revenues from local sources.
        Four Seasons also
          provides an international corporate advertising program that develops
          and places advertising for Four Seasons branded hotels and resorts and
          oversees the promotional programs for each hotel or resort. The Corporations
          advertisements are designed to enhance consumer awareness of Four Seasons
          luxury service and the value that such services provide to the business
          and leisure traveller.
        The Corporation
          staffs one reservation centre for all Four Seasons branded hotels and
          resorts while Carlson provides core reservation services for the Regent
          hotels. In addition, the Corporations global reservation service
          system provides reservation services in the local language in major
          North American, Asian and European cities, in a total of 28 markets
          worldwide. Electronic reservations are another key part of Four Seasons
          global distribution network, as Four Seasons reservation systems
          are fully integrated with international airline booking systems. In
          addition, the Internet is a growing distribution channel which is supported
          by Four Seasons website – www.fourseasons.com. The website
          accepts on-line reservations and also refers guests to other reservation
          channels.
        The Corporation
          receives corporate sales and marketing charges, centralized reservation
          service charges and corporate advertising charges from all Four Seasons
          hotels and resorts, thereby enabling it to recover substantially all
          of the costs of providing these services.
        **Residence
          Clubs and Other Branded Residential Properties**The
          Corporation manages the Residence Clubs and other Four Seasons branded
          and serviced residential projects pursuant to management agreements
          under which it oversees the management of the day-to-day operations
          of the completed projects and for which it receives an ongoing management
          fee from the owners of interests. In addition, the Corporation oversees
          the sales and marketing of the Residence Club interests and is responsible
          for the branding of the Residence Clubs and the other Four Seasons branded
          residential projects. For these services it receives fees generally
          based on a percentage of the gross selling price of the interests.
        **Management
          Resources**Each
          Four Seasons property is managed by a General Manager and supported
          by a Regional Vice President (who is also a General Manager), and other
          Corporate Vice Presidents. The size of each propertys management
          team and its hourly staff varies, based on the size and business volume
          of the particular property. Property management monitors staffing levels
          on an ongoing basis to optimize service standards and labour productivity.
        A General Manager
          is responsible for supervising the day-to-day operations of a single
          property and is compensated in part based on the operational performance
          of that property. Four Seasons General Managers report directly to one
          of 15 Regional Vice Presidents or directly to one of two Senior Vice
          Presidents, Operations. A Regional Marketing Director, an Area Director
          of Finance and a Regional Human Resources Director complete each regional
          support team. The majority of these individuals are full-time employees
          of a Four Seasons managed property, with a portion of their time being
          devoted to regional activities. The Corporation believes its regional
          management structure is a key component in Four Seasons ability
          to deliver and maintain the highest and most consistent standards of
          product quality and service at each of its properties in a cost effective
          manner, especially as it expands globally.
        From the corporate
          level, the Corporation provides each property with the benefits of management
          services delivered by a network of highly experienced executives, corporate
          personnel and area managers. The Corporation also provides or arranges
          assistance and training to each propertys employees for administration,
          operations, rooms and guest service, reservations, maintenance and engineering,
          human resources and benefits. Other services arranged by the Corporation
          include advice and assistance with accounting, tax, legal, risk management,
          treasury, information technology, internal audit and credit services.
        **Employees**Four
          Seasons directly employs and is financially responsible for approximately
          420 people at the various corporate offices, the worldwide sales offices
          and the central reservations offices. In addition, there are approximately
          27,300 employees located at the 58 hotels and resorts and two Residence
          Clubs managed by Four Seasons. All costs relating to property-based
          employees, including wages, salaries and health and insurance benefits,
          are the responsibility of the property owners and are generally paid
          out of the operating cash flow of the property. Management and corporate
          staff share responsibility for the selection and training of property-based
          employees and for ensuring, through progressive career development,
          an adequate supply of mobile, qualified and experienced staff to match
          the growth of the Corporations operations internationally. Maintenance
          of employee communication, motivation and morale at high levels is necessary
          to meet the expectations of Four Seasons clientele. A significant
          effort has been devoted to developing customized hiring practices, training
          and career development programs and approaches in this context.
        Of the 58 hotels
          and resorts and two Residence Clubs under management, the employees
          at 20 hotels and resorts are covered by collective bargaining agreements.
|6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|**Ownership
          Operations**Four
          Seasons holds ownership interests in, or has made advances in respect
          of or to, 25 of the 58 hotels and resorts and both of the Residence
          Clubs currently under management, including a 100% leasehold interest
          in each of Four Seasons Hotel Vancouver, The Pierre in New York and
          Four Seasons Hotel Berlin and an approximately 71% freehold interest
          in Four Seasons Residence Club Scottsdale at Troon North. The Corporation
          holds secured cash flow loans in connection with Four Seasons Hotel
          London7 and has advances outstanding in connection with various
          properties including Four Seasons Hotel George V Paris, Four Seasons
          Hotel Sydney, Four Seasons Hotel San Francisco and Four Seasons Resort
          Nevis.
        Four Seasons works
          closely with owners and investors in developing new properties and acquiring
          existing luxury properties to be managed by Four Seasons. To the extent
          required, Four Seasons will make investments or advances to secure long-term
          management contracts, but these investments and advances will be made
          with a view to expanding or enhancing its management business and where
          the overall economic return to Four Seasons justifies the investment
          or advance. However, Four Seasons generally limits its total long-term
          capital exposure to no more than 20% of the total equity required for
          the new property and typically can choose to have its ownership interest
          diluted if additional capital is required. The Corporation attempts
          to structure its ownership interests separately from its management
          interests so as to enable it to dispose of an ownership interest as
          sale opportunities arise, without affecting its management interests.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|**Intellectual
          Property**In
          the highly competitive service industry in which Four Seasons operates,
          trade names, trademarks, service marks and logos are very important
          in the sales and marketing of those services. Four Seasons has a significant
          number of trade names, trademarks, service marks and logos, and significant
          time and effort are expended each year on surveillance, registration
          and protection of its trade names, trademarks, service marks and logos,
          which Four Seasons believes have become synonymous in the lodging industry
          with a standard of attention to detail and an unwavering dedication
          to excellence.
        Four Seasons and
          Carlson have an arrangement pursuant to which Carlson owns and has the
          exclusive right to use the Regent name, and related names, trademarks,
          service marks and logos for new development. Pursuant to this arrangement
          Four Seasons has retained the right to use the Regent name and related
          marks and logos at the seven Regent properties it manages and, in consideration
          for its transfer of the ownership rights in the Regent name and related
          marks and logos, receives fixed annual payments from Carlson.8
          The costs associated with the maintenance of the Regent brand and marks
          are the obligation of Carlson.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|**Business
          and Growth Strategy**The
          core business strategy of Four Seasons continues to be to enhance its
          industry position and overall profitability through a focused, international
          expansion program that capitalizes on the strengths of its core management
          operations and the value of its brand name. The Corporation intends
          to continue to focus on growth and to seek to utilize its competitive
          strengths to increase earnings, cash flow, hotel owners returns,
          and shareholder value by continuing to improve the operating performance
          of its existing hotel and resort portfolio, by generating profitable
          growth through the acquisition of new management contracts and by capitalizing
          on opportunities to leverage its luxury brand name through compatible
          business extensions such as Residence Clubs and other Four Seasons branded
          residential products.
          The Corporation
            believes that the strength of its brand name, its global marketing
            presence and its operational expertise result in average room revenue
            per available room (RevPAR)9 premiums and
            strong operating profitability for luxury hotels and resorts under
            its management and provide Four Seasons with a competitive advantage
            in obtaining new management contracts worldwide. RevPAR for Core Hotels10
            in the United States during 2002 was US$214, 136% higher than the
            RevPAR of the United States luxury segment as compiled by Smith Travel
            Research. RevPAR for Core Hotels in Europe during 2001, the most recent
            year for which comparable data is available, was US$258, 163% higher
            than the RevPAR of the European luxury segment, as compiled by Horwath
            International.
          Since 2001, the
            Corporation has been impacted by the delayed recovery in the global
            economy, the unprecedented decline in travel caused by the events
            on September 11, 2001 and their aftermath, and ongoing geopolitical
            concerns. These factors have negatively affected business travel on
            a global basis. As a result, the Corporations management earnings
            decreased from $125.8 million in 2000 to $95.3 million in 2001, and
            the Corporations management operating margin11 decreased
            from 67.9% in 2000 to 59.3% in 2001. In 2002, revenues generated by
            the hotels and resorts managed by Four Seasons remained essentially
            unchanged from 2001 and 2000 at $2.8 billion, however, the Corporations
            consolidated revenues from management and ownership operations decreased
            from $303.1 million in 2001 to $284.7 million in 2002, management
            earnings decreased from $95.3 million in 2001 to $82 million in 2002,
            and the Corporations management operating margin decreased
            from 59.3% in 2001 to 55.4% in 2002.
          Prior to the events
            described above however, during the period from 1996 through 2000
            inclusive, revenues generated by the hotels and resorts managed by
            Four Seasons grew from approximately $1.9 billion to $2.8 billion,
            a compounded annual growth rate of 10.4%. During that same period,
            the Corporations consolidated revenues from management and
            ownership of these properties increased from approximately $121 million
            to $347.5 million, and the Corporation increased its management earnings
            from $55.7 million to $125.8 million, a compounded annual growth rate
            of 22.6%. In addition, during this period the Corporations
            management operating margin increased from 58.8% to 67.9%.
          **Growth
            from Existing Properties**Four
            Seasons believes opportunities will exist for growth within its existing
            and newly opened properties by increasing overall market share and
            RevPAR, thereby improving the properties profitability and,
            in turn, Four Seasons fee revenues and ownership earnings.
            Due to the delayed recovery in the global economy, particularly in
            the United States, and the ongoing geopolitical concerns, from 2001
            to 2002, on a US dollar basis, RevPAR for all Core Hotels decreased
            1.9%. During this period, on a US dollar basis, RevPAR for Core Hotels
            in Europe/Middle East increased 5.7%, RevPAR for Core Hotels in the
            United States and Asia/Pacific decreased 3.8% and 2.4%, respectively,
            and RevPAR for Core Hotels in Canada/Mexico/Caribbean remained essentially
            unchanged. On a local currency basis, as compared to 2001, RevPAR
            for Europe/Middle East Core Hotels remained essentially unchanged,
            while RevPAR for Core Hotels in Canada/Mexico/Caribbean increased
            1.2% and RevPAR for Core Hotels in Asia/Pacific decreased 4.2%.12
          Gross operating
            profit margins for Core Hotels in the United States, Asia/Pacific
            and Canada/Mexico/Caribbean decreased as a percentage of total hotel
            and resort revenue from 30.8%, 36.1% and 32.1%, respectively, in 2001,
            to 28%, 33.7% and 30.9%, respectively, in 2002. The gross operating
            profit margins for Core Hotels in Europe/Middle East increased as
            a percentage of total hotel and resort revenue from 36.2% in 2001
            to 36.9% in 2002. Overall, incentive fees decreased 16.5%, as compared
            to 2001, to $25.1 million in 2002.12
          
          **New
            Hotel and Resort Opportunities**Having
            established a network of luxury hotels in many of the worlds
            key financial centres, future expansion is expected to occur primarily
            in locations that satisfy Four Seasons objectives of better
            servicing the travel needs of its existing customer base and attracting
            new international business travellers to its managed hotels and resorts
            worldwide. Four Seasons expects that future growth will primarily
            be in the form of new hotels and resorts, or the conversion of existing
            hotels and resorts, in Europe, the Middle East, South America and
            Asia/India, as well as selected urban and resort locations in the
            United States and the Caribbean. Four Seasons plans to increase the
            number of resorts it manages in order to serve the leisure travel
            needs of its customers, which is expected to reduce the seasonality
            of its cash flows. Four Seasons currently has 21 new properties under
            construction or development and is evaluating numerous other management
            opportunities in various locations around the world.
          The Corporation
            believes that it will continue to have the opportunity to consider
            and enter into appropriate new hotel and resort management agreements
            as a result of its competitive strengths. In 2002, the Corporation
            began operations at Four Seasons Hotel Amman, Four Seasons Hotel Shanghai,
            Four Seasons Resort Sharm el Sheikh and Four Seasons Tokyo at Marunouchi.
            In early 2003, the Corporation began operations at Four Seasons Hotel
            Riyadh. The Corporation also expects to begin operating Four Seasons
            Resort Great Exuma at Emerald Bay, Four Seasons Hotel Budapest, Four
            Seasons Hotel Hampshire, Four Seasons Resort Jackson Hole and Four
            Seasons Hotel Miami in 2003 or early 2004.14
          **Residence
            Clubs and Other Branded Residential Properties**As
            part of its program to capitalize on the value of the Four Seasons
            brand, the Corporation has embarked on opportunities such as additional
            Residence Clubs and other branded and serviced residential projects.
            Typically, these residential projects will be integrated with Four
            Seasons managed hotels and resorts.15 During 2002, interests
            were available for initial sale in Residence Clubs or other branded
            and serviced residential projects in Aviara, California; Scottsdale,
            Arizona; Punta Mita, Mexico; San Francisco, California; Nevis, West
            Indies; Jackson Hole, Wyoming; Miami, Florida; and Great Exuma, The
            Bahamas. Four Seasons anticipates pursuing similar initiatives in
            a number of its future resort and urban developments.
          **Capital
            Deployment**Consistent with its business strategy, the Corporation
            does not generally require large amounts of capital to maintain existing
            management agreements or its ownership positions, which are typically
            minority interests. As a result, in 2002, the Corporation utilized
            a majority of the operating cash flow which it deployed to make investments
            that allowed the Corporation to obtain new or enhanced management
            agreements. As at December 31, 2002 the Corporation had $165 million
            in cash and cash equivalents and additional financing available under
            its bank credit facilities.16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|9                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|10                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      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|12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|**Competitive
          Strengths**The
          hotel industry is highly competitive. The Corporation believes that
          its competitive position is strengthened by the barriers to entry into
          the luxury segment of the hotel management business. Those barriers
          to entry include the time and significant capital resources required
          to establish a well recognized and respected luxury brand name and to
          obtain management contracts for luxury properties in strategic markets
          worldwide. As discussed below, the Corporation also believes that it
          has developed a unique service culture, depth of management expertise,
          and multiple capital resources over Four Seasons 40-year history
          that would be difficult for others to replicate.
        **Strong
          Brand Recognition**Four
          Seasons properties are widely recognized for the exceptional quality
          of their guest facilities, service and atmosphere, and have been named
          more frequently than any other competitor among the worlds best
          hotels and travel experiences by*Institutional Investor, Condé
          Nast Traveler, AAA Five Diamond, Zagat*and others.17
          The Corporation believes that its brand name recognition cannot easily
          be replicated by others, as it is dependent upon the establishment of
          a global chain of unique properties of the highest quality.
        **Superior
          Hotel Operating Results**Four
          Seasons generally achieves RevPAR and operating profit margins for hotels
          and resorts under its management that are above the average achieved
          in the luxury segment of the lodging industry. Four Seasons believes
          that owners and developers of luxury hotels and resorts worldwide are
          attracted to the Corporation as a result of the superior financial performance
          of the hotels and resorts under its management.
        **Strategic
          Relationships**Strategic
          relationships are an important source of financing for the development
          opportunities required to expand Four Seasons management operations.
          Four Seasons has established relationships with numerous institutional
          and private equity sources that invest in and develop luxury properties.
          Several of the existing owners have an ownership interest in more than
          one Four Seasons hotel or resort, including three owners that have interests
          in either four or five properties.
        In 1994, a company
          controlled by His Royal Highness Prince Alwaleed Bin Talal Bin Abdulaziz
          Al Saud (Prince Alwaleed) purchased a significant minority
          position in FSHI. Prince Alwaleed or companies controlled by him (collectively,
          Kingdom), own a majority interest in Four Seasons Hotel
          London, Four Seasons Hotel George V Paris and Four Seasons Hotel Riyadh,
          with Four Seasons having made advances in respect of the former two
          hotels.18 Kingdom also holds minority interests in the Four
          Seasons Resort Aviara, California; Four Seasons Hotel Amman; and Four
          Seasons Resort Sharm el Sheikh and has invested, or is expected to make
          investments, in a number of additional properties at various stages
          of development that the Corporation expects to manage under the Four
          Seasons brand name, such as the Four Seasons hotels or resorts being
          developed in Cairo, Alexandria, Damascus and Beirut. All of the Corporations
          transactions with Kingdom are conducted at arms length.
        **Management
          Focus**Four
          Seasons is principally a global hotel and resort management company.
          Although Four Seasons expects to continue to make investments or advances
          to secure long-term management contracts, these investments or advances
          will be made with a view to expanding or enhancing its hotel and resort
          management business and where the overall economic return to Four Seasons
          justifies the investment or advance, and generally will be limited to
          no more than 20% of the total equity required for the relevant property.
        Management agreements
          for the hotels and resorts managed by the Corporation generally are
          long-term, having an average remaining term of approximately 56 years
          for Four Seasons hotels and resorts and approximately 15 years for hotels
          and resorts operated under the Regent name, including extension periods
          available at Four Seasons option. The average term of the management
          contracts for the five new properties expected to open in 2003 or early
          in 2004 is 69 years.19
        **Global
          Presence**Four
          Seasons manages a global portfolio of 58 luxury hotels and resorts and
          two Residence Clubs in 27 countries. Twenty-one additional properties
          to be operated under the Four Seasons name are under construction or
          development in a further seven countries around the world, of which
          13 include a Residence Club or other residential component. Hotels currently
          managed by Four Seasons are located in major international financial
          centres, such as London, New York, Paris, Chicago, Washington, Los Angeles,
          Tokyo, Milan, Shanghai, Singapore, Toronto and Sydney, as well as in
          emerging international markets, such as Dublin and Mexico City. In addition,
          Four Seasons manages resorts in world-class destinations, such as California,
          Hawaii, Nevis, Mexico and Bali, and has Residence Clubs in active sales
          and operation in California and Arizona. Four Seasons anticipates that
          it will continue to expand in urban and resort destinations where consumer
          demand warrants a luxury property. In 2002, approximately 57%, 12%,
          20% and 11% of the Corporations management revenues were derived
          from hotels and resorts in the United States, Asia/Pacific, Europe/Middle
          East, and Canada/Mexico/Caribbean/South America, respectively. The Corporation
          maintains a fully integrated global reservation and sales office system
          that provides international sales coverage for the Four Seasons properties.
        **Strong
          Management Team**Four
          Seasons corporate executive management team consists of nine
          individuals who are responsible for the global strategic direction of
          the Corporation and who have an average of approximately 21 years of
          experience with Four Seasons. This team is supported by 27 Corporate
          Vice Presidents, who are responsible for various aspects of the Corporations
          daily operations, as well as by 62 General Managers and Regional Vice
          Presidents, who together have an average of approximately 15 years of
          experience with Four Seasons. It is a fundamental strategy of Four Seasons
          to develop its senior management team, to the extent possible, from
          within in order to ensure consistency of the Corporations service
          culture and work ethic.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|**Description
          of Hotels, Resorts and Residence Clubs**Four
          Seasons properties are comprised of luxury hotels, resorts, Residence
          Clubs and other serviced and branded residential projects whose target
          customers are principally business travellers, corporate and incentive
          groups and discerning leisure travellers. Four Seasons urban hotels
          generally are centrally located in the commercial and financial districts
          of the worlds leading cities in North America, South America,
          Asia, Europe and the Middle East. Four Seasons luxury resorts, Residence
          Clubs and other serviced and branded residential projects are located
          in world-class leisure destinations and provide extensive recreational
          facilities and meeting facilities to attract upscale leisure travellers
          and groups.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|The following chart sets forth certain information relating to each
          property managed by Four Seasons:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       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|14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      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|16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      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|18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|Four Seasons currently
          has 21 properties under construction or development that are to be operated
          under the Four Seasons name. Thirteen of such properties will include
          a Residence Club or other residential component. The following chart
          sets forth certain information relating to these properties:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   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|**Summary
          Hotel Operating Data**The
          following table sets forth certain summary operating data for hotels
          and resorts under Four Seasons management in the years shown. ********                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

|**Table
        of Contents of Managements Discussion and Analysis**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|**Financial Objectives
        Growth Objectives 
        Risk Management Objectives
        Overview of 2002
        Operational and Financial Review and AnalysisOverview**
                Management Operations
                Ownership Operations******Results
        of Operations – 2002 Compared to 2001**
                Management Operations
                    *Revenues*            ***General
        and Administrative Expenses*            ***Management
        Earnings*
                Ownership Operations
                Other Items
                    ***Depreciation
        and Amortization*            ***Other
        Income (Expense), Net*            *******Four
        Seasons Hotel Caracas*            *******Four
        Seasons Olympic Hotel (Seattle)*            *******Four
        Seasons Hotel Sydney*            ***Net
        Interest Income*            ***Income
        Tax Expense*
                Net Earnings and Earnings
        per Share 
                Selected Consolidated
        Financial Information ******Results
        of Operations – 2001 Compared to 2000** 
                Management Operations
                    *****Revenues*            *****General
        and Administrative Expenses*            *****Management
        Earnings*
                Ownership Operations
                Other Items
                    *****Depreciation
        and Amortization*            *****Other
        Income, Net*            *****Net
        Interest Income*            *****Income
        Tax Expense* 
                Net Earnings and Earnings
        per Share ******Liquidity********Cash
        from Operations********Financing
        Activities********Balance
        Sheet Review and Analysis**
                Corporate Strategy Relating
        to Investments 
                Long-term Receivables
        
                Investments in Hotel Partnerships
        and           Corporations
        
                    *******Consolidated
        Hotel Ownership Interests*            *******Other
        Hotel, Resort and Residence Club*            ******   *Ownership
        Interests*
                Investment in Management
        Contracts
                Fixed Assets******Commitments**
                Convertible Notes

|**Management's
          Discussion and Analysis**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              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|The travel industry
          worldwide, including hotels, airlines, and cruise operations, has been
          impacted negatively for the past two years by unprecedented macro events.
          The unique operating conditions have resulted in a corresponding decline
          in the Corporations earnings for both years. During these difficult
          times, the Corporations business model was tested well beyond
          the limits of any prior economic cycle or macro event. Nonetheless,
          sound profitability levels were maintained both at a corporate level
          and at the hotels and resorts under the Corporations management,
          enabling the Corporation to end the year with a 55% profit margin on
          its management business and with cash and cash equivalents in excess
          of total outstanding debt.
        The severity of
          the market conditions experienced in the past two years caused the Corporation
          to assess virtually every aspect of its business model. This assessment
          was carried out in close association with the Corporations hotel
          owners, managers and employees. A result of this review process was
          the confirmation of the Corporations business model and its core
          principle that service standards should not be the subject of compromise.
          This adherence to established service standards allowed the Corporation
          to maintain its industry-leading achieved room rates at the same record
          levels as were achieved in 2000, while achieving occupancy levels consistent
          with other major public lodging companies.
        Moreover, while
          maintaining established service standards, the Corporation took aggressive,
          but prudent measures to control costs. These actions resulted in the
          Corporation maintaining a significant RevPAR 20premium relative
          to its competitors, while also generating average worldwide operating
          profit margins of 30% for its hotel owners. This average hotel operating
          profit margin matched or exceeded the average margins reported in 2002
          by the other major public lodging companies. The Corporation believes
          that its ability to control costs without compromising its product offering
          will position its properties extremely well for the anticipated recovery
          in economic conditions and lodging demand.
        Accordingly, the
          Corporation has not changed its key long-term financial, growth and
          risk management objectives, which are outlined below.
        **Financial
          Objectives**The key financial
          objectives of the Corporation may be summarized as follows:
        Achieve, on average,
            compounded earnings per share growth of 20% per annum over the long
            term.
          Achieve an average
            return on capital employed of at least 10% over the Corporations
            long-term cost of capital.
          Achieve at least
            90% of the Corporations earnings from its management business,
            which includes management of hotels, resorts, Residence Clubs and
            other residential projects.
          Make 70% or more
            of the Corporations annual operating cash flow available for
            minority investments in or advances to new projects that provide long-term
            opportunities for growth in management and royalty fees. The long-term
            capital exposure to new investments will generally be limited to no
            more than 20% of the total equity required for a property, and the
            Corporation will typically be permitted to choose to have its ownership
            interest diluted if additional capital is required.
          Maintain a strong
            balance sheet and a low cost of capital to facilitate future financing
            of the Corporations growth initiatives.
          Focus on ongoing
            improvements in operating profit margins at both the property and
            corporate level, to maximize returns on capital with limited additional
            investment.
          Maintain tax
            efficiency.
          Consider divesting
            the Corporations equity investments or advances when appropriate
            opportunities arise, to allow previously committed capital to be made
            available for investments related to new or enhanced management or
            royalty opportunities.
          Maintain a prudent
            risk profile on the investment of the Corporations cash and
            cash equivalents.
          Make ongoing
            investments in technology to enhance Four Seasons customers
            access to information regarding the Corporations properties
            and provide a variety of distribution channels for reservations capabilities.
          Make normal course
            purchases of its Limited Voting Shares as appropriate opportunities
            arise from time to time.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|**Growth Objectives**The
          key growth objectives of the Corporation may be summarized as follows:
        Maintain and
            enhance Four Seasons RevPAR growth and the operating profits
            of the managed hotels and resorts.
          Achieve growth
            of the Four Seasons portfolio through the addition of new hotels and
            resorts under management, additional Residence Clubs and selected
            luxury residential projects.
          Identify and
            pursue opportunities to utilize the Corporations annual operating
            cash flow to acquire the management of existing unbranded luxury hotels,
            or groups of luxury hotels and resorts.
          Identify and
            pursue opportunities that allow the Corporation to maintain its high
            profit margins in its management operations.
          Consider other
            opportunities for growth that represent consistent and productive
            extensions of the Four Seasons brand.**Risk Management
          Objectives**The
          key risk management objectives of the Corporation may be summarized
          as follows:
        Ensure that the
            risks and benefits of new investments and contingent obligations are
            consistent with the Corporations key financial and operational
            objectives.
          Mitigate business
            cycle risks through both geographic diversity and the business mix
            of (i) hotel management agreements, (ii) Residence Club or branded
            luxury residences management and royalty agreements, (iii) hotel,
            resort and Residence Club investments, and (iv) effective utilization
            of the Corporations cash and cash equivalents.
          The Corporation
            seeks to limit property ownership risk by only taking minority ownership
            positions, if necessary, to obtain new long-term management agreements.
            The Corporation also seeks to reduce its hotel ownership interests
            on an ongoing basis through the disposition of certain of its equity
            positions and repayment of loans typically within five years of the
            opening of a new hotel or resort.
          Engage in appropriate
            currency hedging activities with a view to minimizing the risks associated
            with foreign currency exposures and interest rate risk.
          Maintain an appropriate
            balance between equity and debt.
          Minimize the
            Corporations investments in areas of high risk, and, when made,
            obtain premium returns on invested capital in certain regions to offset
            potential political or emerging market risks. In markets of extreme
            or unpredictable near-term risk, the Corporation will not make an
            investment to obtain a long-term management agreement.
          Continue to negotiate
            long-term management agreements and non-disturbance arrangements (which
            help to protect the Corporations management rights in the event
            of a sale of a property or any potential debt foreclosures).
          Conduct ongoing
            risk assessment of the Corporations insurance programs to ensure
            that insurance coverages are appropriately sufficient and, where appropriate,
            consider insurance to offset potential political or emerging market
            risks.**Overview
          of 2002**
          Despite the challenge of the most difficult operating conditions ever
          experienced by Four Seasons, its customers and the lodging and travel
          industry, the Corporation managed to meet several of its key operational
          and financial objectives during 2002, including the following:
        **Unit
            growth:** The Corporation opened four new properties
            in 2002: Shanghai, Sharm el Sheikh, Tokyo at Marunouchi, and Amman.
            The Corporation also opened Four Seasons Hotel Riyadh in February
            2003. The Corporation is also planning for the opening of five additional
            new hotels or resorts in 2003 or the early part of 2004.
          **Capital
            spending:** In 2002, approximately 71% or $56.0 million
            (2001 – 81% or $56.7 million) of total capital spending was
            invested in new growth opportunities.
          **Geographic
            diversity:**The addition of the four new projects in
            2002 and the one project to date in 2003 has expanded the Corporations
            geographic diversity. These new projects include the first Four Seasons
            hotel in China, its second in Japan and additional properties in the
            Middle East. The planned openings over the next few years will contribute
            further to the Corporations geographic diversity objectives.
          **Credit
            rating:**The Corporation maintained its investment
            grade credit ratings, despite the challenging environment of the past
            two years.**Operational
          and Financial Review and Analysis**
        **Overview**Four
          Seasons has two operating segments: management operations and ownership
          operations. It is Four Seasons objective to maximize the percentage
          of its operating earnings from the management operations segment, and
          generally to make investments in the ownership of hotels, resorts and
          Residence Clubs only where required to secure additional management
          opportunities or to improve the management agreements for existing properties.
          Revenues from management operations and ownership operations as a percentage
          of consolidated revenues are set forth in the following table. The table
          also includes earnings before other operating items (EBITDA)21
          from management operations and ownership operations, as a percentage
          of consolidated EBITDA.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      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                                                       
|**Management
          Operations**Four
          Seasons is principally a management company. Under its management agreements,
          Four Seasons generally supervises all aspects of the day-to-day operations
          of its hotels and resorts on behalf of the owners, including sales and
          marketing, reservations, accounting, purchasing, budgeting and the hiring,
          training and supervising of staff. In addition, at the corporate level,
          Four Seasons generally provides strategic management services, including
          developing and implementing sales and marketing strategies, operating
          a central reservations system, recommending information technology systems
          and developing certain database applications, assisting with sourcing
          the financing and development of new hotels and resorts, providing advice
          with respect to the design and construction of new or renovated hotels
          and resorts, assisting with the refurbishment of hotels and resorts,
          and providing a centralized purchasing system for goods. For providing
          these management services, Four Seasons generally receives a variety
          of fees, including a base fee, an incentive fee, a sales and marketing
          charge, a reservation charge, and purchasing and pre-opening fees. The
          base fee is calculated as a percentage of the gross revenues of each
          hotel and resort that it manages and the incentive fee, which Four Seasons
          is entitled to receive at the majority of the properties it manages,
          is calculated based on the operating performance of the hotel or resort.
        General and administrative
          expenses for management operations are incurred by the Corporation to
          provide these management services, together with and including those
          items normally associated with corporate overhead, such as operations,
          finance, information technology, accounting, legal, development and
          other costs of maintaining the corporate offices. The sales, marketing
          and central reservation expenses, which are generally funded by sales
          and marketing and reservation charges, are incurred on a cost recovery
          basis to the Corporation and are a function of the number of hotels
          and resorts in operation. Excluding the sales and marketing and reservations
          expenses, the Corporations other general and administrative expenses
          are relatively stable year-over-year. As a result, the Corporation should,
          in an improved economic environment, derive improvement in its management
          operating margin22 from increases in management fees generated
          from existing agreements and the addition of new management contracts.
          For a five-year review of management operating margin and other data,
          please see chart on pages 33 to 44.
        Four Seasons also
          manages the Residence Clubs and other Four Seasons branded and serviced
          residential projects pursuant to management agreements under which it
          oversees the management of the day-to-day operations of the completed
          projects and for which it receives an ongoing management fee from the
          owners of these residential projects. In addition, the Corporation oversees
          the sales and marketing of the Residence Club interests and is responsible
          for the branding of the Residence Clubs and the other Four Seasons branded
          residential projects. For these services it receives fees based generally
          on a percentage of the gross selling price of the interests.
        **Ownership
          Operations**Ownership
          earnings include the consolidated results of the 100% leasehold interests
          in The Pierre in New York, Four Seasons Hotel Vancouver, and Four Seasons
          Hotel Berlin. In addition, the Corporation includes in ownership operations
          profit distributions from its other ownership interests, which are discussed
          on page 51, and corporate overhead expenses related to hotel ownership.
        It is not the Corporations
          current investment strategy to hold any additional majority investments
          other than on a temporary basis while it seeks to sell the majority
          interest. However, The Pierre in New York, Four Seasons Hotel Vancouver
          and Four Seasons Hotel Berlin are long-term leasehold interests that
          were established at an earlier stage in the Corporations development.
          Because of the leasehold nature of these properties, it is difficult
          to sell these three interests without foregoing the management rights.
        The Corporation
          has leased and managed The Pierre since 1981. The lease on The Pierre
          expires in 2012 and is renewable for an additional 10 years. The Corporation
          has leased and managed Four Seasons Hotel Vancouver since 1976. The
          lease on Four Seasons Hotel Vancouver expires in 2020 and is renewable
          for 15 years. The Corporation entered into the lease arrangement in
          1990 for Four Seasons Hotel Berlin, which opened in 1996. The lease
          was renegotiated in 1999, at which time lease payments commenced. The
          Corporations lease commitment at Four Seasons Hotel Berlin to
          fund any lease shortfalls is limited to a maximum of approximately €11
          million, of which the remaining balance was approximately €3 million
          at December 31, 2002. The Corporation expects to fully fund the remaining
          balance of €3 million in 2003. The Corporation is not obligated
          to fund any lease shortfalls in excess of the €3 million. However,
          the landlord may terminate the lease if minimum rent is not paid. Accordingly,
          the Corporation expects to meet with the landlord during 2003 to renegotiate
          the leasehold interest.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|**Results
          of Operations***Year
          ended December 31, 2002 compared to year ended December 31, 2001*
        **Management
          Operations**
        ***Revenues***The
          delayed recovery in global economies, particularly in the United States,
          and ongoing geopolitical concerns have negatively affected business
          travel on a global basis. As a result, during 2002, hotels continued
          to experience lower demand than normal, particularly from business travellers.
          Leisure travel demand was more resilient, although this segment was
          also below historical demand levels.
        In 2002, RevPAR
          of the Corporations worldwide Core Hotels,23 on a
          US dollar basis, decreased 1.9%, as compared to 2001. Consistent with
          industry practices, the Corporation tracks RevPAR on a US dollar basis.
          RevPAR of the United States Core Hotels, on a US dollar basis, decreased
          3.8% in 2002, as compared to 2001, reflecting continued soft demand
          in most major markets, including New York, Boston, Los Angeles and Chicago.
          RevPAR of the Canada/Mexico/Caribbean Core Hotels, on a US dollar basis,
          was essentially unchanged in 2002, as compared to 2001. On a local currency
          basis, RevPAR of the Canada/Mexico/Caribbean Core Hotels increased 1.2%
          in 2002, as compared to 2001. These results reflect improvement in occupancy
          and achieved room rate at the resort under management in Punta Mita,
          offset by moderate declines in Four Seasons Hotel Mexico. RevPAR of
          the Europe/Middle East Core Hotels, on a US dollar basis, increased
          5.7% in 2002, as compared to 2001. On a local currency basis, RevPAR
          of the Europe/Middle East Core Hotels was essentially unchanged in 2002,
          as compared to 2001. The Four Seasons hotels in Paris and Milan had
          significant RevPAR increases during the year. The Four Seasons hotel
          in Berlin continues to operate in a challenging environment, with weak
          demand and excess supply in that market. RevPAR of the Asia/Pacific
          Core Hotels, on a US dollar basis, decreased 2.4% in 2002, as compared
          to 2001. On a local currency basis, RevPAR of the Asia/Pacific Core
          Hotels decreased 4.2% in 2002, as compared to 2001. These results reflect
          significant declines in RevPAR at the two Four Seasons resorts in Bali,
          where occupancy was severely impacted as a result of the terrorist events
          on that island in October 2002.
        Fee revenues decreased
          $12.8 million or 8% to $147.9 million in 2002, as compared to $160.7
          million in 2001. The decrease was attributable to (i) a decline in fees
          from Core Hotels of $7.6 million (the most significant portion of this
          decline related to incentive fees), (ii) a decline in the fees relating
          to the branded residential projects of $7.4 million as a result of a
          decrease in units sold in 2002 in San Francisco, as compared to 2001,
          (iii) an increase in fees from recently opened hotels and resorts and
          new management agreements of $3.8 million, (iv) a decrease in fees of
          $2.3 million resulting from the cessation of the Corporations
          management of The Regent Hong Kong during 2001, (v) an increase in fees
          from hotels and resorts under development of $1.8 million, and (vi)
          a decrease of $1.1 million in fees from Residence Clubs as a result
          of reduced sales of interests in Four Seasons Residence Clubs in Aviara
          and Scottsdale.
        Hotel
          revenue has a high correlation to RevPAR. Base fee revenues are largely
          dependent on total revenues of all managed hotels and resorts, which
          were approximately $2.8 billion in 2002 and 2001. Hotel and resort revenues
          in 2002 were similar to 2001 levels as the result of an increase in
          revenues from recently opened hotels and resorts, offset by reduced
          revenues at the Core Hotels. Total revenues of hotels and resorts in
          the United States market fell by US$31.9 million or 3%, in 2002, as
          compared to 2001. The revenues generated by hotels and resorts in the
          Canada/ Mexico/Caribbean and Asia/Pacific markets were essentially unchanged,
          on a US dollar basis, between 2001 and 2002. The revenues from the hotels
          and resorts in the Europe/Middle East markets increased by US$9.7 million
          or 4.7%, in 2002, as compared to 2001, primarily as a result of the
          strengthening euro and pound sterling currencies against the US dollar.
        Incentive fees are
          calculated based on the profits of the hotel or resort under management
          as determined in accordance with the relevant management agreement.
          Incentive fees decreased $4.9 million to $25.1 million in 2002, as compared
          to $30 million in 2001. Incentive fees contributed 16.9% of the total
          fee revenues in 2002, as compared to 18.7% in 2001.Incentive
          fees declined primarily due to the lower levels of profitability at
          properties under management, resulting from lower occupancies and higher
          costs related primarily to insurance, labour, benefits and energy, which
          together increased by 4.7% in 2002, as compared to 2001, for Core Hotels.
        Gross operating
          profit of the Corporations worldwide Core Hotels decreased overall
          by 7.7% in 2002, as compared to 2001, on a US dollar basis. The United
          States Core Hotels realized a decrease in gross operating profit, on
          a US dollar basis, of 11.8% in 2002, as compared to 2001, due to the
          RevPAR declines and increased operating expenses including labour, benefits
          and energy. The gross operating profit of the Core Hotels in Canada/Mexico/Caribbean,
          on a US dollar basis, were 3.9% lower in 2002, as compared to 2001,
          due to increased operating costs. On a local currency basis, gross operating
          profit for these hotels declined 3% in 2002, as compared to 2001. The
          Europe/Middle East Core Hotels, on a US dollar basis, realized an increase
          in gross operating profit of 6.7% in 2002, as compared to 2001, consistent
          with the RevPAR improvement in that region. On a local currency basis,
          gross operating profit of the Europe/Middle East Core Hotels increased
          1.6% in 2002, as compared to 2001. The Asia/Pacific Core Hotels realized
          a decrease in gross operating profit, on a US dollar basis, of 6.5%
          in 2002, as compared to 2001, due to the RevPAR declines and increased
          operating expenses in that region. On a local currency basis, gross
          operating profit of the Asia/Pacific Core Hotels declined 8% in 2002,
          as compared to 2001.
        Incentive fees were
          earned from 32 of its 57 hotels and resorts and from one of the two
          Residence Clubs managed by the Corporation in 2002, as compared to 35
          of its 53 hotels and resorts and both Residence Clubs in 2001. As at
          December 31, 2002, incentive fees could potentially have been earned
          at 53 of the 57 hotels and resorts under management and both Residence
          Clubs opened during 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|***General
          and Administrative Expenses***Notwithstanding the increase in the number of hotels
          and resorts under management, general and administrative expenses were
          basically unchanged in 2002, as compared to 2001, increasing by $0.5
          million or 0.7%. Management carefully controlled costs during the year
          because of the difficult economic conditions and uncertain outlook.
          Cost savings were predominantly achieved through attrition and delaying
          hiring to fill vacant positions.
        ***Management
          Earnings***As
          a result of the changes in management revenues and expenses discussed
          above, the Corporations management earnings decreased by $13.3
          million or 13.9% from the prior year to $82 million in 2002.
        **Ownership
          Operations****Ownership loss in 2002 increased by $9.4 million
          to $19.6 million, as compared to $10.2 million in 2001. The increased
          loss was primarily due to increased operating losses at The Pierre in
          New York ($4.2 million), Four Seasons Hotel Berlin ($2.4 million) and
          Four Seasons Hotel Vancouver ($0.9 million). The remaining $1.9 million
          increase was due to a reduction in distributions from other hotel and
          Residence Club investments and increased corporate overhead costs related
          to hotel ownership.
        The increase in
          operating loss at The Pierre from $0.7 million in 2001 to $4.9 million
          in 2002 resulted primarily from a decrease in RevPAR and gross operating
          profit in 2002 of 6.8% and 42.5%, respectively, on a US dollar basis.
          The decrease in RevPAR was caused by a decrease in average room rates
          in 2002 of 12.8%, partially offset by an increase in occupancy in 2002
          of 4.4%, as compared to 2001. Although The Pierre experienced increased
          occupancy during 2002, the higher occupancy was attributable to more
          group business than is typical at that hotel, which also resulted in
          a decline in average room rates. The Pierre also experienced a significant
          decline in catering revenues in 2002. The decline in revenues, combined
          with increased benefits and insurance costs, resulted in the increased
          operating loss in 2002.
        The increased operating
          loss at Four Seasons Hotel Berlin from $1.5 million in 2001 to $3.9
          million in 2002 was due primarily to a decrease in RevPAR and gross
          operating profit in 2002 of 1.4% and 27.6%, respectively, on a US dollar
          basis. The decrease in RevPAR was caused by a decline in occupancy of
          8.4%, partially offset by an increase in average room rates of 14.2%.
          The lower occupancy in 2002 was primarily as a result of weak demand
          in a market that has an abundant supply of luxury hotels. In addition
          to incurring higher insurance, energy and benefit costs in 2002, as
          compared to 2001, the hotel had a scheduled increase in rent payments
          of $530,000 under its lease agreement. As discussed on page 40, the
          Corporation is expecting to fully fund its lease shortfall obligations
          relating to this hotel during 2003.
        As discussed on
          pages 51 to 53, the Corporation has a minority ownership interest in
          seven Four Seasons hotels and resorts and an ownership interest in three
          Residence Clubs, all of which are accounted for on a cost basis. In
          2002 and 2001, the Corporation received $1.3 million and $1.5 million
          of distributions, respectively, from three of its hotel and resort ownership
          interests.
        **Other Items**
        ***Depreciation
          and Amortization***Depreciation
          and amortization expense in 2002 was $14.8 million, as compared to $16.2
          million in 2001. The decrease was attributable primarily to a change
          in the accounting standard by The Canadian Institute of Chartered Accountants
          (CICA) relating to goodwill and other intangible assets
          that became effective January 1, 2002 and is discussed in note 1(l)(i)
          to the consolidated financial statements. The decrease due to the change
          in accounting standard was partially offset by additional amortization
          charges related to the Corporations investment in new management
          contracts and higher depreciation and amortization expense relating
          to fixed assets at the Corporations consolidated hotels. Had
          the new accounting standard been applied to 2001, the depreciation and
          amortization expense in 2001 would have been reduced by $3.3 million
          to $12.9 million.
        ***Other
          Income (Expense), Net***Other
          expense, net was $22.9 million in 2002, as compared to other income,
          net of $30.7 million in 2001. In 2002, other expense, net was comprised
          of: asset impairment charges and legal and other enforcement costs of
          $25.1 million taken in connection with the Corporations investments
          in the Four Seasons hotels in Caracas, Sydney and Seattle, as discussed
          below; a foreign exchange gain of $5 million relating to the net foreign
          currency gains on unhedged net asset and liability positions, primarily
          in US dollars, euros, pounds sterling and Australian dollars, and net
          foreign exchange gains incurred by the Corporations foreign subsidiaries;
          a loss of $1.4 million on the sale of the Corporations interest
          in vacant land in Toronto; and a loss of $1.4 million relating to the
          decline in the market value of certain life insurance policies that
          the Corporation holds.
        In 2001, other income,
          net was comprised of a gain of $24 million on the sale of the Corporations
          25% ownership interest in The Regent Hong Kong; a gain of $6.4 million
          on the sale of the Corporations 67% ownership interest in Four
          Seasons Hotel Prague; a recovery of loss of $4.8 million resulting from
          the recovery of assets which were provided for in prior years; a loss
          of $2.4 million on the redemption of all of the Corporations
          unsecured 6% debentures; a charge of $2.2 million relating to the restructuring
          of certain corporate departments; a foreign exchange gain of $5 million
          relating to the reduction of the Corporations net investment
          in one of its Asian self-sustaining subsidiaries; a foreign exchange
          loss of $3.6 million relating to the excess dollar amount of the US
          dollar forward contracts over the anticipated 2002 US dollar revenues;
          and other foreign exchange losses of $1.3 million relating to the net
          foreign currency losses on unhedged net asset and liability positions,
          primarily in US dollars, euros, pounds sterling and Australian dollars,
          and the net foreign exchange losses incurred by the Corporations
          foreign subsidiaries.
        Four
          Seasons Hotel Caracas****The Corporation is in a dispute with the owner of Four Seasons
          Hotel Caracas regarding a variety of matters relating to the completion
          and ongoing operation of the hotel, including the default on a US$5
          million loan owed to the Corporation that is secured by a second mortgage
          and that is registered against the hotel. Formal notice of the default
          has been given to the owner. The dispute has been referred to arbitration
          and the arbitration proceedings have commenced.
        Due to the ongoing
          financial difficulties of the owner of the hotel and the resulting working
          capital deficiencies at the hotel, Four Seasons Hotel Caracas has been
          closed and is expected to remain closed until the dispute is resolved
          and the hotels debt and working capital arrangements can be restructured
          to provide sufficient funds to allow the hotel to operate on the basis
          specified in the Corporations management agreement. The Corporation
          does not anticipate a reopening in the near term while the necessary
          reorganization of the capital structure of the hotel remains outstanding.
        As a result of the
          inability to achieve a timely resolution of the dispute with the owner,
          the necessary reorganization of the capital structure of the hotel and
          the resulting indefinite closure of the hotel, the Corporation recorded
          an asset impairment charge of $16.4 million in 2002 relating to its
          investment in Four Seasons Hotel Caracas, effectively reducing its investment
          in the hotel to nil at December 31, 2002. This charge includes expenses
          related to legal and other enforcement costs incurred to December 31,
          2002. The Corporation intends to continue to pursue all available remedies
          with the objective of protecting its management rights and its loan
          and allowing the hotel to resume operations under Four Seasons management
          on a sound financial basis.
        Four
          Seasons Olympic Hotel (Seattle)****In 2002, the owner of the Four Seasons hotel in Seattle began
          marketing the hotel for sale and provided the Corporation with notice
          of termination of its management agreement in connection with the proposed
          sale. The Corporation strongly disagrees with the owners assertion
          that it is entitled to sell the hotel free of the Corporations
          management agreement. In 2002, the owner commenced arbitration proceedings
          on the matter. Those proceedings are ongoing, and a hearing date has
          been scheduled for the second quarter of 2003. The Corporation incurred
          $1.7 million in legal and other enforcement costs in 2002 in connection
          with this issue.
        The Corporation
          expects to incur approximately $4 million to $5 million in legal and
          other fees in the first half of 2003 in connection with the disputes
          in Caracas and Seattle.
        Four
          Seasons Hotel Sydney****During the third quarter of 2002, as a result of a lack of
          improvement in both domestic and international tourism in Australia,
          reduced expectations for operating results for Four Seasons Hotel Sydney,
          and an independent appraisal received in 2002 which confirmed that conditions
          had deteriorated such that the Corporation may not fully recover its
          long-term receivable from the hotel, the Corporation recorded an asset
          impairment charge of $7 million relating to its investment in that hotel.
        ***Net
          Interest Income***The
          Corporation had net interest income in 2002 of $3.2 million, as compared
          to $6.7 million in 2001. The components of net interest income were
          interest income of $18.3 million, interest expense of $11.6 million
          and expenses relating to the purchase of foreign exchange forward contracts
          of $3.5 million in 2002, as compared to $23.3 million, $15.6 million
          and $1 million, respectively, in 2001. The decrease in interest income
          of $5 million was primarily due to lower cash and cash equivalents and
          lower interest rates earned on short-term cash deposits in 2002, as
          compared to 2001. The decrease in interest expense of $4 million was
          primarily due to the redemption in November 2001 of the $100 million
          principal amount of unsecured debentures issued by FSHI, which resulted
          in lower interest expense in 2002 of $5.2 million. This reduced interest
          expense was partially offset by an increase in interest expense in 2002
          of $0.8 million, as compared to 2001, relating to the Corporations
          convertible notes. The increase in foreign exchange forward contracts
          expense in 2002 of $2.5 million, as compared to 2001, related to the
          forward premium or discount on the additional foreign exchange forward
          contracts purchased in 2002 and used to hedge foreign currency monetary
          assets, which is amortized to interest expense over the term of the
          forward contract.
        ***Income
          Tax Expense***The
          Corporations effective tax rate in 2002 was approximately 24%,
          as compared with an effective tax rate of 18.6% in 2001. The lower effective
          tax rate in 2001 was primarily as a result of the gain realized in 2001
          relating to the sale of the Corporations 25% ownership interest
          in The Regent Hong Kong not being subject to tax.
        **Net Earnings
          and Earnings per Share**Net
          earnings in 2002 were $21.2 million ($0.61 basic earnings per share
          and $0.59 diluted earnings per share), as compared with net earnings
          of $86.5 million ($2.48 basic earnings per share and $2.27 diluted earnings
          per share) in 2001. The 75.5% decrease in net earnings, 75.4% decrease
          in basic earnings per share and 74% decrease in diluted earnings per
          share in 2002 resulted primarily from reduced earnings in management
          operations, increased losses in ownership operations, the asset impairment
          charges and legal and other enforcement costs taken in 2002 in connection
          with the Corporations investments in the Four Seasons hotels
          in Caracas, Sydney and Seattle, and the gain on sale in 2001 of the
          Corporations ownership interests in The Regent Hong Kong and
          Four Seasons Hotel Prague, which were partially offset by higher foreign
          exchange gains and lower income tax expense in 2002. On a normalized24
          basis, excluding non-recurring items (see chart on page 45), net earnings
          in 2002 were $42.4 million ($1.21 basic earnings per share and $1.17
          diluted earnings per share), as compared to net earnings of $56.4 million
          ($1.61 basic earnings per share and $1.52 diluted earnings per share)
          in 2001.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|A reconciliation
          of net earnings to normalized net earnings is as follows:
        **Selected Consolidated Financial Information****Two-Year Summary by Quarter**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|**Results
          of Operations***Year
          ended December 31, 2001 compared to year ended December 31, 2000*
        **Management
          Operations**
        ***Revenues***Fee
          revenues decreased $24.6 million or 13.3% to $160.7 million in 2001,
          as compared to $185.3 million in 2000. The decrease is attributable
          to (i) a decrease in fees of $2.9 million resulting from the cessation
          of the Corporations management of The Regent Hong Kong during
          2001 and (ii) a decrease in fees from other hotels and resorts of $25.3
          million, partially offset by an increase in fees from recently opened
          hotels and resorts and new management agreements of $3.1 million and
          a net increase in fees from hotels and resorts under development and
          from Four Seasons Residence Club projects of $0.5 million. The significant
          decrease in fees from other operating hotels and resorts in 2001 was
          primarily due to the general downturn in the global economy and the
          events of September 11, 2001. Historically, the period from early September
          to the year-end is one of high hotel occupancies, both from business
          and leisure travel. The September events, along with slowing economic
          conditions, combined to severely constrain global travel over the latter
          part of 2001. The Corporations incentive fees, which are calculated
          based on the profits of the hotels and resorts under management as determined
          in accordance with the relevant management agreement, decreased $19.8
          million to $30 million in 2001, as compared to $49.8 million in 2000.
          Incentive fees contributed 18.7% of the total fee revenues in 2001,
          as compared to 26.9% in 2000.
        Total revenues of
          all managed hotels and resorts were $2.8 billion in 2001, approximately
          the same level as 2000, notwithstanding the general downturn in the
          global economy and the events of September 11, 2001. The recognition
          of 2001 hotel revenues similar to 2000 hotel revenues was the result
          of strong performances in the European and Canada/Mexico markets and
          an increase in revenues from recently opened hotels and resorts, offset
          by weaker performances in the United States and Asia/Pacific markets.
          All markets in which the Corporation manages hotels and resorts were
          negatively impacted following the events of September 11, 2001 and the
          economic slowdown. In addition, European and Asia/Pacific revenues were
          each adversely affected by the weakening euro and Asian currencies against
          the US dollar. On a euro basis, revenues of Core Hotels in the European
          markets increased 6.3% in 2001, as compared to an increase of 3.6% when
          measured on a US dollar basis. On a local currency basis, revenues of
          Core Hotels in the Asia/Pacific markets decreased 2.8% in 2001, as compared
          to a decrease of 11.6% on a US dollar basis.
        The Corporations
          worldwide Core Hotels had an average decrease of 10% in RevPAR in 2001,
          as compared to 2000, on a US dollar basis, resulting from a decrease
          in occupancy of 7.5% and an increase in room rates of 0.3%. Prior to
          September 11, 2001, the Corporation expected the worldwide Core Hotels
          RevPAR to decline by approximately 2% to 3%, on a US dollar basis for
          the full year.
        Primarily as a result
          of the strength of the Corporations hotels in Paris and Milan,
          on a US dollar basis, the Corporations Core Hotels under management
          in Europe experienced an average increase in RevPAR of 1.2%, and an
          average increase in gross operating profit of 13.2%. Whereas the Corporations
          Core Hotels under management in the United States and Asia/Pacific,
          on a US dollar basis, experienced an average decrease in RevPAR of 12.5%
          and 11.3%, respectively, and an average decrease in gross operating
          profit of 23.3% and 11.7%, respectively, in 2001, as compared to 2000.
          In 2001, the Corporations Core Hotels under management in Canada/Mexico
          had an average decrease in RevPAR, on a US dollar basis, of 1.2%, and
          an average increase in gross operating profit, on a US dollar basis,
          of 4.8%, as compared to 2000. Gross operating profit of the Core Hotels
          decreased overall on average by 16.5% in 2001, as compared to 2000,
          on a US dollar basis, primarily due to decreased RevPAR.
        ***General
          and Administrative Expenses***In
          2001, general and administrative expenses increased by $5.9 million
          or 9.9%, as compared to 2000. This increase reflects, in part, an additional
          $4.4 million of reservation and sales and marketing expenses in 2001,
          primarily attributable to new managed properties, as compared to 2000.
          In 2001, reservation and sales and marketing expenses were $28.9 million
          or 44.2% of total general and administrative expenses, as compared to
          $24.5 million or 41.2% in 2000. Other than the costs related to an increase
          in charges in the reservation and sales and marketing areas, which operate
          on a cost recovery basis, the overall increase in general and administrative
          expenses in 2001 was 4.2% or $1.5 million, as compared to 2000.
        ***Management
          Earnings***As
          a result of the changes in management revenues and expenses discussed
          above, the Corporations management earnings decreased by $30.5
          million or 24.3% from the prior year to $95.3 million in 2001. Management
          earnings represented essentially all of the Corporations earnings
          before other operating items in 2001 and 90% of these earnings in 2000.
          The increased percentage in 2001 was due to the ownership operations
          loss before other operating items in 2001 and the sale of the Corporations
          25% minority interest in The Regent Hong Kong.
        **Ownership
          Operations**Ownership
          loss in 2001 was $10.2 million, as compared to ownership earnings of
          $13.6 million in 2000. The decrease in ownership earnings of $23.8 million
          was primarily due to a decrease in operating earnings at The Pierre
          in New York of $14.8 million and the elimination of a dividend from
          The Regent Hong Kong in 2001 due to the sale of the Corporations
          interest in that hotel, as compared to a dividend of $7.4 million in
          2000. During 2001, the Corporation sold its 25% ownership interest in
          The Regent Hong Kong and received gross proceeds of $36.4 million (see
          note 5(e) to the consolidated financial statements).
        The decrease in
          operating earnings at The Pierre resulted primarily from the events
          of September 11, 2001 and the softening economy, which severely disrupted
          the hotels operations during a part of the year which traditionally
          has been the most profitable for the hotel. During 2001, the occupancy
          level at The Pierre was 63.8%, as compared to 80.7% for 2000, causing
          operating earnings to decrease from earnings of $14.1 million in 2000
          to a loss of $0.7 million in 2001.
        During 2001, the
          Corporation had a minority ownership interest in five Four Seasons hotels
          and resorts under management and an ownership interest in three Four
          Seasons Residence Clubs which are accounted for on a cost basis. In
          each of 2001 and 2000, the Corporation received $1.5 million of distributions
          from these investments.
        **Other Items**
        ***Depreciation
          and Amortization***Depreciation
          and amortization expense in 2001 was $16.2 million, as compared to $14
          million in 2000. The increase is attributable primarily to higher amortization
          charges related to the Corporations investment in management
          contracts and higher depreciation and amortization expense relating
          to fixed assets at the Corporations consolidated hotels and resorts.
        ***Other
          Income, Net***Other
          income, net increased $22 million to $30.7 million in 2001, as compared
          to $8.7 million in 2000. In 2001, other income, net was comprised of:
          a gain of $24 million on the sale of the Corporations 25% ownership
          interest in The Regent Hong Kong; a gain of $6.4 million on the sale
          of the Corporations 67% ownership interest in Four Seasons Hotel
          Prague; a recovery of loss of $4.8 million (2000 – $8.9 million)
          resulting from the recovery of assets which were provided for in prior
          years; a loss of $2.4 million on the redemption of all of the Corporations
          unsecured debentures; a charge of $2.2 million relating to the restructuring
          of certain corporate departments; a foreign exchange gain of $5 million
          relating to the reduction of the Corporations net investment
          in one of its Asian self-sustaining subsidiaries; a foreign exchange
          loss of $3.6 million relating to the excess dollar amount of the US
          dollar forward contracts over the anticipated 2002 US dollar revenues;
          and other foreign exchange losses of $1.3 million (2000 – $0.2
          million) relating to the net foreign currency loss on unhedged net asset
          and liability positions, primarily in US dollars, euros, pounds sterling
          and Australian dollars, and foreign exchange losses incurred by the
          Corporations foreign subsidiaries.
        ***Net
          Interest Income***The
          Corporation had net interest income in 2001 of $6.7 million, as compared
          to $4.2 million in 2000. The increase of $2.5 million in net interest
          income is attributable to increased interest income, primarily from
          increased cash and cash equivalents during the year and additional interest-bearing
          investments made in connection with certain of its new projects, partially
          offset by lower interest rates on cash and cash equivalents.
        ***Income
          Tax Expense***The
          Corporations effective tax rate in 2001 was approximately 18.6%,
          as compared with an effective tax rate of 25.4% in 2000. The reduction
          in the effective tax rate in 2001 is a result of the gain realized in
          2001 relating to the sale of the Corporations 25% ownership interest
          in The Regent Hong Kong not being subject to tax.
        Included in the
          income tax expense for 2001 was an additional expense of $0.9 million
          (2000 – $3.5 million) related to the scheduled reductions in the
          Canadian income tax rates to be implemented over the next several years.
          This expense was a result of the decrease in the income tax rates applied
          to the ongoing benefit of the Corporations future income tax
          assets resulting in a decrease in the future tax assets. The reduced
          tax rates should allow the Corporation to achieve lower overall income
          tax rates on its income in future years.
        **Net Earnings
          and Earnings per Share**Net
          earnings in 2001 were $86.5 million ($2.48 basic earnings per share
          and $2.27 diluted earnings per share), as compared with net earnings
          of $103.1 million ($2.98 basic earnings per share and $2.63 diluted
          earnings per share) in 2000. The 16.1% decrease in net earnings, 16.8%
          decrease in basic earnings per share and 13.7% decrease in diluted earnings
          per share resulted primarily from reduced earnings in management and
          ownership operations, partially offset by the gain on the sale of the
          Corporations ownership interests in The Regent Hong Kong and
          Four Seasons Hotel Prague and lower income tax expense in 2001. On a
          normalized basis, excluding non-recurring items (see table below), net
          earnings in 2001 were $56.4 million ($1.61 basic earnings per share
          and $1.52 diluted earnings per share), as compared to net earnings of
          $96.3 million ($2.78 basic earnings per share and $2.46 diluted earnings
          per share) in 2000.
        A reconciliation
          of net earnings to normalized net earnings is as follows:
        
        **Liquidity**As
          at December 31, 2002, the Corporations cash and cash equivalents
          were $165 million, as compared to $210.4 million as at December 31,
          2001. The Corporations investments in cash and cash equivalents
          are highly liquid, with maturities of less than 90 days. These investments
          include bank deposits, guaranteed investment certificates and money
          market funds held with major financial institutions.
        The Corporation
          has US$200 million of committed bank credit facilities, of which US$100
          million expires in April 2003 and US$100 million expires in July 2003.
          The Corporation is currently negotiating the extension of these facilities
          and expects that at least US$200 million of credit facilities will be
          extended for another year. As at December 31, 2002, no amounts were
          borrowed by the Corporation under these credit facilities. However,
          approximately US$35.2 million of letters of credit were issued but undrawn
          as at December 31, 2002. The Corporation believes that these bank credit
          facilities, when combined with cash on hand and internally generated
          cash flow, should be more than adequate to allow it to finance all of
          its normal operating needs and commitments to new investments to achieve
          its current growth objectives.
        **Cash
          from Operations**For
          the year ended December 31, 2002, cash from operations was $41.8 million,
          as compared to $75.5 million in 2001. The decrease in operating cash
          flow in 2002 of $33.7 million was primarily due to a reduction in cash
          contributed by management operations of $12.9 million and an increase
          in cash used in ownership operations of $12 million, as compared to
          2001 (reflecting the decrease in management operating earnings and increase
          in ownership operating loss discussed above under Results of
          Operations), an increase related to non-cash working capital
          of $13.1 million and legal and other enforcement costs of $5 million
          paid in 2002 in connection with the Corporations investments
          in the Four Seasons hotels in Caracas and Seattle. The operating cash
          flow decrease was partially offset by a decrease in income tax installments
          paid in 2002 of $7.4 million and a decrease in net interest paid in
          2002 of $3.6 million.
        For the year ended
          December 31, 2001, cash from operations was $75.5 million, as compared
          to $102.6 million in 2000. The decrease in operating cash flow of $27.1
          million was primarily due to a reduction in cash contributed by management
          and ownership operations of $28.8 million and $20.5 million, respectively,
          in 2001, as compared to 2000 (reflecting the decrease in management
          and ownership operating earnings discussed above under Results
          of Operations), a decrease of $3.8 million in cash received relating
          to assets previously provided for and an increase in income tax installments
          of $2.1 million. The operating cash flow decrease was partially offset
          by a decrease relating to non-cash working capital of $27.6 million
          in 2001, as compared to 2000 (resulting primarily from the collection
          in 2001 of the incentive and royalty fee receivables which were outstanding
          at the end of 2000).
        **Financing
          Activities**In
          2002, the Corporation made normal course purchases of 337,600 of its
          Limited Voting Shares through the facilities of the Toronto Stock Exchange
          and the New York Stock Exchange for a total purchase price, including
          commissions, of $16.5 million. The Corporation is currently authorized
          to make normal course purchases of up to an aggregate of 5% of its issued
          and outstanding Limited Voting Shares over a 12-month period ending
          November 11, 2003.
        In 2002, the Corporation
          received proceeds of $5.7 million relating to the exercise of options
          by employees to purchase 225,465 Limited Voting Shares, as compared
          to proceeds of $2.8 million in 2001 relating to the purchase of 124,748
          Limited Voting Shares.
        The Corporation
          paid $3.6 million in dividends during 2002 and 2001, based on a dividend
          policy of 11 cents per Limited Voting Share and 5.5 cents per Variable
          Multiple Voting Share per annum, paid semi-annually in January and July.
          The Corporation does not expect to change its dividend policy in 2003.
        Unsecured debentures
          issued by FSHI, with a principal amount of $100 million and a maturity
          date of July 2, 2002, were redeemed by the Corporation during 2001 for
          $102.2 million, which resulted in an accounting loss in 2001 of $2.4
          million. The debentures bore interest at a rate of 6% per annum. The
          redemption was funded from the Corporations cash and cash equivalents.
        **Balance
          Sheet Review and Analysis**
        **Corporate
          Strategy Relating to Investments**An
          important part of the Corporations overall strategy is to maintain
          the strength of its balance sheet. Accordingly, the Corporation intends
          to continue to be disciplined in the allocation of its capital. The
          Corporation also intends to seek to dispose of certain of its equity
          investments, which could contribute further cash and cash equivalents
          in the near-term. The capital investment plans for the Corporation remain
          focussed on allocating the majority of its deployed capital for investment
          opportunities that are intended to establish new long-term management
          contracts in key destinations or enhance existing management arrangements.
          Investments and advances will only be made where the overall economic
          return to the Corporation justifies the investment or advance.
        These investments
          and advances must meet the Corporations financial criteria, including
          certain minimum return hurdles and a manageable risk profile. The Corporation
          assesses the relative risk and returns of such investments, including
          interest, dividends and fee income, when determining whether to make
          them or whether the structure of the commitments should be in the form
          of a minority equity investment or an advance. The Corporation generally
          seeks to limit its total long-term capital exposure to no more than
          20% of the total equity required for a property, and typically can choose
          to have its ownership interest diluted if additional capital is required.
          Depending on the nature of the investment or advance, it will be characterized
          on the Corporations consolidated balance sheet as Investments
          in hotel partnerships and corporations, Investment in
          management contracts, or Long-term receivables.
          The returns associated with such investments are augmented by the management
          fees from the properties in which the investments or advances were made.
        As part of its ongoing
          balance sheet evaluation, the Corporation has reviewed each investment
          and advance and has determined that no additional provision was necessary
          during 2002 relating to impairment of the book value of any of its investments
          or advances, other than those relating to Four Seasons Hotel Caracas
          and Four Seasons Hotel Sydney, which were previously discussed. In addition,
          as a result of a change in accounting standard (see note 1(l)(i) to
          the consolidated financial statements), a significant portion of the
          Corporations investment in the Regent trade name was deemed impaired
          and charged to retained earnings in 2002.
        **Long-term
          Receivables**Included
          on the Corporations balance sheet as at December 31, 2002 is
          $207.1 million (2001 – $201.5 million) of long-term receivables
          relating primarily to advances made to Four Seasons properties. The
          most significant long-term receivables include amounts advanced to the
          owners of the Four Seasons hotels in London, San Francisco, Nevis and
          Sydney. See note 4 to the consolidated financial statements for further
          information relating to the long-term receivables.
        In 2002, the Corporation
          advanced $32.3 million in the aggregate as long-term receivables. These
          included: (i) $9.8 million relating to the proposed development of a
          Four Seasons Residence Club in Sedona, (ii) $7.2 million relating to
          an operating shortfall at Four Seasons Residence Club Scottsdale at
          Troon North, (iii) $4.6 million relating to a proposed development in
          Jerusalem, and (iv) $1.9 million relating to Four Seasons Hotel Caracas,
          which was fully provided for by the Corporation in 2002 (see note 4(c)
          to the consolidated financial statements). The Corporation has first
          and second mortgages on property in Sedona to protect its loan position.
          The Corporation and the developer are working on a long-term plan to
          bring the Residence Club in Sedona to fruition. A successful plan is
          dependent upon a number of factors, including obtaining acceptable financing.
        In 2001, the Corporation
          advanced $52.4 million in the aggregate as long-term receivables. These
          included: (i) $26.4 million relating to the recently opened Four Seasons
          Hotel San Francisco, (ii) $8.9 million relating to the sale of Four
          Seasons Hotel Prague, (iii) $6.2 million relating to the renovation
          of The Regent Bangkok, (iv) $2.2 million relating to the construction
          of Four Seasons Residence Club Scottsdale at Troon North (the total
          loan of $18.2 million, which includes amounts funded in previous years,
          was subsequently repaid to the Corporation in 2001), (v) $1.5 million
          relating to the reconstruction and improvement of Four Seasons Resort
          Nevis, and (vi) $1.5 million relating to improvements at Four Seasons
          Hotel Las Vegas. In addition, the Corporation was repaid $2.5 million
          of its loan relating to an acquisition of suites in 2000 at The Pierre
          in New York.
        In 2000, the Corporation
          advanced $69 million in the aggregate as long-term receivables. These
          included: (i) $21 million relating to the reconstruction and improvement
          of Four Seasons Resort Nevis, (ii) $16.5 million relating to an acquisition
          of suites at The Pierre in New York, (iii) $11.6 million relating to
          the construction of Four Seasons Residence Club Scottsdale at Troon
          North, (iv) $7.5 million relating to the construction of Four Seasons
          Hotel Caracas, (v) $3.7 million relating to an operating shortfall at
          The Regent Sydney, and (vi) $3.7 million relating to the construction
          of Four Seasons Hotel Cairo at The First Residence. In addition, the
          Corporation was repaid US$5 million of a US$7.5 million advance previously
          made to the owner of Four Seasons Hotel Atlanta.
        **Investments
          in Hotel Partnerships and Corporations**
        ***Consolidated
          Hotel Ownership Interests*********The
          Corporation has a 100% leasehold interest in The Pierre in New York,
          Four Seasons Hotel Vancouver and Four Seasons Hotel Berlin. The Corporations
          consolidated financial statements reflect the consolidation of the balance
          sheets of these three hotels.
        There is no third
          party debt associated with the Corporations leasehold interests
          in The Pierre in New York, Four Seasons Hotel Vancouver or Four Seasons
          Hotel Berlin. The direct lease obligations are disclosed in note 14(a)
          to the consolidated financial statements.
        ***Other
          Hotel, Resort and Residence Club Ownership Interests*********As
          at December 31, 2002, Four Seasons had equity investments in seven other
          hotels and resorts under management, Four Seasons Hotel Shanghai (21.2%),
          Four Seasons Hotel Sydney (15.2%), Four Seasons Hotel London (12.5%),
          Four Seasons Hotel Amman (8%), Four Seasons Resort Aviara (7.3%), Four
          Seasons Resort Scottsdale at Troon North (3.9%) and the Four Seasons
          hotel in Seattle (3.4%), and had equity investments in six of the hotels
          and resorts under construction or development, Four Seasons Hotel Miami
          (6.3%), Four Seasons Hotel Gresham Palace Budapest (19.6%), Four Seasons
          Hotel Nile Plaza (Cairo) (9%), Four Seasons Resort Costa Rica (14%),
          Four Seasons Resort Jackson Hole (19.9%) and Four Seasons Hotel Istanbul
          at the Bosphorus (18%). The Corporations ownership interests
          in Four Seasons Resort Punta Mita, Four Seasons Hotel Prague and The
          Regent Hong Kong were sold in 2001.
        In accordance with
          Canadian generally accepted accounting principles, Four Seasons accounts
          for all of these investments on a cost basis because either the percentage
          ownership or the structure does not give the Corporation significant
          influence over these investments, or the investments were made with
          the intention that they be disposed of in the foreseeable future. The
          book value of other hotel and resort ownership interests was $128.1
          million as at December 31, 2002 ($122.6 million as at December 31, 2001).
          The increase in the book value of these ownership interests year over
          year is primarily as a result of the Corporations investment
          in Four Seasons Resort Costa Rica and Four Seasons Resort Jackson Hole
          in 2002. Based upon the current and budgeted operating cash flow of
          each of these properties (adjusted for expected capital spending requirements),
          the Corporation currently estimates that the net recoverable amount
          of each of these investments at least approximates its book value (see
          note 5 to the consolidated financial statements). This valuation determination
          was made subject to the estimates and judgments described in note 1(j)
          of the consolidated financial statements.
        Each of these investments
          individually represents less than 5% of the total assets of the Corporation
          and none of these investments is material to the Corporation. The Corporation
          is not liable for any further obligations relating to these investments
          other than any commitment that is included in commitments discussed
          on pages 28 to 30 and page 55. For the year ended December 31, 2002,
          the Corporation earned $22.9 million ($20.4 million in 2001) of fee
          revenues from the properties included in its other hotel and resort
          ownership interests. In addition, the Corporation received distributions
          of $1.3 million ($1.5 million in 2001) from certain of these ownership
          interests and funded $0.1 million in 2002 ($0.6 million in 2001) as
          its share of cash flow distribution to or cash flow shortfall from certain
          of these ownership interests in 2002. The Corporation expects that distributions
          in 2003 from certain of its seven equity investments in the hotels and
          resorts open in 2002 will at least be equal to cash shortfalls relating
          to certain of these investments in 2003.
        The following table
          sets forth combined summarized financial information relating to the
          Corporations proportionate share of these ownership interests
          for 2002 and 2001, excluding: (i) Four Seasons ownership interest
          in Four Seasons Hotel Amman, which did not open until December 28, 2002,
          and (ii) Four Seasons ownership interests in the Four Seasons
          hotels in Miami, Budapest, Nile Plaza (Cairo) and Istanbul at the Bosphorus
          and Four Seasons resorts in Costa Rica and Jackson Hole, all of which
          are still under construction or development.
        **Ownership
          Interests – Other Hotels and ResortsBalance Sheet**
        **Statement of Operations**
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|The book
          value of the Corporations ownership interests in Four Seasons
          Residence Clubs was $18.3 million as at December 31, 2002 ($18.4 million
          at December 31, 2001). This amount represents the Corporations
          ownership interest in the projects located at Aviara in Carlsbad, California
          (7.3%); Scottsdale, Arizona (71%); and Punta Mita, Mexico (30.8%). Sales
          of interests in Four Seasons Residence Club Aviara and Four Seasons
          Residence Club Scottsdale at Troon North began in 1997 and 2000, respectively.
          The Corporation earned fee revenues of $6.1 million in 2002 ($7.3 million
          in 2001) but received no distributions from its Residence Clubs in 2002
          and 2001. It is anticipated that the Corporation will reduce its equity
          interests to below 20% in the  Four  Seasons  Residence Clubs
          in Scottsdale, Arizona and Punta Mita, Mexico through dispositions to
          third parties.
        The following table
          sets forth combined summarized financial information relating to the
          Corporations proportionate share of ownership interests in these
          Residence Clubs for 2002 and 2001, excluding Four Seasons ownership
          interest in Four Seasons Residence Club Punta Mita, which is still under
          development.
        **Ownership
          Interests – Residence ClubsBalance Sheet**
        ****
        **Statement
          of Operations**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                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                                                       
|To fund capital requirements
          in properties in which it has less than a 20% interest, primarily in
          hotels and resorts under construction or development, the Corporation
          invested $7.1 million in the aggregate in 2002 ($18.9 million in 2001
          and $8 million in 2000). The $7.1 million advanced in 2002 included
          (i) $4.7 million related to the Four Seasons resort under construction
          in Costa Rica and (ii) $2.2 million related to the Four Seasons resort
          under construction in Jackson Hole. The $18.9 million advanced in 2001
          included (i) $15.8 million related to the Four Seasons hotel under construction
          in Miami, and (ii) $1.7 million related to the Four Seasons hotel under
          construction in Budapest. The $8 million advanced in 2000 included (i)
          $5.2 million related to the Four Seasons hotel then under construction
          in Amman, which opened in 2002, and (ii) $1.9 million related to the
          Four Seasons hotel under development in Istanbul at the Bosphorus.
        In 2002, for properties
          in which the Corporation has a greater than 20% interest, the Corporation
          invested $0.1 million ($0.1 million in 2001 and $0.3 million in 2000)
          related to the Four Seasons Residence Club in Punta Mita, in which it
          has an approximate 30.8% interest. In 2001, the Corporation invested
          $3.2 million ($2.8 million in 2000) related to Four Seasons Hotel Prague,
          in which it had a 67% interest prior to the sale of this interest in
          2001. During 2000, the Corporation also invested (i) $25.8 million in
          the Four Seasons hotel then under construction in Shanghai, which opened
          in 2002, in which it has a 21.2% interest, and (ii) $7.4 million in
          Four Seasons Resort Punta Mita, in which it had a 30.8% interest prior
          to the sale of this interest in 2001.
        In 2002, the Corporation
          disposed of its interest in vacant land in Toronto and realized net
          proceeds of $4.6 million. In 2001, in addition to the sale of its interest
          in the Four Seasons hotel in Prague and resort in Punta Mita, the Corporation
          sold its 25% ownership interest in The Regent Hong Kong, realizing net
          proceeds from the sale of all three investments of $88.6 million.
        **Investment
          in Management Contracts**Included
          in the Corporations balance sheet as at December 31, 2002 is
          $222.8 million (2001 – $201.5 million, 2000 –$189.2 million)
          relating to its investment in management contracts. The largest component
          of these amounts relate to management contracts acquired during the
          Regent transaction in 1992, including the management contracts for the
          Four Seasons hotels in New York and Milan and Four Seasons Resort Bali
          at Jimbaran Bay. The most significant amounts advanced for individual
          management contracts include Four Seasons Hotel George V Paris and Four
          Seasons Resort Scottsdale at Troon North in the context of obtaining
          these contracts, and Four Seasons Resort Nevis and The Ritz-Carlton
          Hotel Chicago in the context of improving the terms of these contracts.
        In connection with
          its management contracts, the Corporation invested $1.2 million in the
          aggregate in 2002 ($7.8 million in 2001 and $6.5 million in 2000). The
          $1.2 million invested in 2002 did not include any significant individual
          investments in management contracts. The $7.8 million invested in 2001
          included $6.6 million related to Four Seasons Hotel Dublin and the $6.5
          million invested in 2000 included $5.5 million related to Four Seasons
          Resort Scottsdale at Troon North.
        **Fixed Assets**Owners
          of properties managed by Four Seasons are contractually responsible
          for funding the capital requirements of the properties, including guest
          room and common area renovations, and for maintaining capital reserves
          to fund ongoing annual maintenance capital expenditures required by
          the management agreements. The owners annually spend an average of between
          3% and 5% of hotel gross revenues on capital expenditures to maintain
          properties at the Four Seasons standard (other than in newly constructed
          or recently renovated properties where the annual amounts generally
          range from 1% to 2% in the initial years of operation following opening
          and major refurbishment). Capital expenditures are funded primarily
          by working capital generated from property operations and through advances
          from the owners. Four Seasons share of capital expenditures in
          2002, 2001 and 2000 was immaterial for those hotel properties in which
          Four Seasons has an equity interest or pursuant to management contract
          obligations. Four Seasons capital expenditures were $13.5 million,
          $9.6 million and $11.1 million in 2002, 2001 and 2000, respectively,
          for its consolidated hotels and corporate offices.
        In addition, in
          2002, the Corporation purchased land in Orlando for $17.6 million (including
          costs relating to the purchase) for the purpose of a future development
          of a Four Seasons resort and residential project with an equity partner.
          It is the Corporations intention to identify the majority equity
          partners and secure non-recourse project debt before proceeding with
          this project. The Corporations intention is to hold a minority
          equity position and to have long-term management rights to the resort
          and residences relating to this project.
        **Commitments**
        **Convertible
          Notes**During
          1999, FSHI issued US$655.5 million principal amount at maturity (September
          23, 2029) of convertible notes for gross proceeds of US$172.5 million.
          The net proceeds of the issuance, after deducting offering expenses
          and underwriters commission, were US$166 million. At any time
          on or before the maturity date, unless the notes have previously been
          redeemed or purchased, holders may require FSHI to convert the notes
          (each US$1,000 dollar principal) into 5.284 Limited Voting Shares of
          FSHI. FSHI has the right to acquire the notes that a holder has required
          to be converted for cash equal to the fair value of the Limited Voting
          Shares. The conversion rate will be adjusted for certain reasons, but
          will not be adjusted for accrued interest. Holders also have the right
          to require FSHI to purchase all or a portion of their notes on September
          23, 2004, September 23, 2009 and September 23, 2014 in consideration
          for Limited Voting Shares of FSHI having a fair value equal to the issue
          price plus accrued interest to the date of purchase. However, FSHI always
          has the right to acquire for cash all or a portion of the notes that
          a holder has required to be so purchased. In addition, upon a change
          in control of FSHI occurring on or before September 23, 2004, FSHI will
          be required to offer to purchase all the notes for cash at the issue
          price plus accrued interest to the date of purchase. FSHI may redeem
          all or a portion of the notes at any time on or after September 23,
          2004 for cash at the issue price plus accrued interest to the date of
          purchase.
        The net proceeds
          of this issue were used to repay all amounts owed under the Corporations
          bank credit facility, with the remainder being invested in bank deposits,
          guaranteed investment certificates and money market funds held with
          major financial institutions.
        As at December 31,
          in each of 2002, 2001 and 2000, virtually all of the Corporations
          long-term obligations were at fixed interest rates, with the exception
          of the implied interest rate relating to its pension commitments.
        **Pension
          Commitments**The
          Corporation maintains a multi-employer non-contributory defined benefit
          pension plan (the Plan) on behalf of the Corporation and
          the owners of certain managed hotels. The Plan provides pension benefits
          for certain senior executives of the Corporation and hotel general managers,
          based on years and level of service and annual salary.
        The accrued benefit
          liability of $27.9 million, which is recorded on the Corporations
          consolidated balance sheet in Long-term obligations as
          at December 31, 2002, is financed by life insurance policies on the
          lives of certain of the participants in the Plan. As at December 31,
          2002, the Corporations share of the cash surrender value of the
          policies, which is included in Other assets on the Corporations
          consolidated balance sheet, was $12.1 million. The Corporation recorded
          a loss relating to the decline in the market value of the cash surrender
          value of these policies in 2002 of $1.4 million, which is included in
          Other income (expense), net on the Corporations
          consolidated statement of operations.
        **Lease Commitments
          – Consolidated Hotels**In
          addition to the obligations identified on the Corporations balance
          sheet as at December 31, 2002, the Corporations three consolidated
          hotels (The Pierre in New York, Four Seasons Hotel Berlin and Four Seasons
          Hotel Vancouver) are leasehold interests subject to individual property
          leases. The Corporations obligations in respect of The Pierre
          and Four Seasons Hotel Berlin are supported by letters of credit aggregating
          $12.1 million. The total annual lease obligations for these three hotels
          represented annual payments of approximately $17 million in 2002 and
          is expected to represent annual lease payments of approximately $18
          million in 2003. These lease expenses are treated as an expense of the
          Corporations Ownership Operations (see note 14(a) to the consolidated
          financial statements).
        The Corporations
          lease obligations relating to Four Seasons Hotel Berlin are expected
          to be fully funded by the end of 2003, with no further lease shortfall
          funding obligations (see discussion on page 40).
        **Other Commitments**In
          addition to the funding commitments outlined in the charts on pages
          28 to 30 and the lease commitments described above, the Corporation
          has other commitments in connection with certain of its hotel management
          agreements and projects under development. As at December 31, 2002,
          the Corporation had 11 other commitments that could potentially represent
          a maximum funding of approximately $56.3 million in 2003. Six of these
          commitments totalling $16.6 million are for potential one-time fundings
          and three of these commitments totalling $19.5 million are annual maximum
          commitments, which are expected to remain in place for at least the
          next five years. The remaining two of these commitments totalling $20.2
          million are letters of credit securing the equity or loan commitments
          of the Corporation in respect of the projects currently under construction
          in Whistler and Hampshire. Accordingly, if the Corporation funds the
          equity or loan commitments for these two projects, as outlined in the
          chart on page 30, the two letters of credit cannot be drawn upon. To
          the extent it is called upon to honour any one of these commitments,
          other than the two letters of credit, the Corporation generally has
          either the right to be repaid from hotel operations and/or has various
          forms of security or recourse to the owner of the property. Subject
          to the risks described in the Operating Risks section on pages 57 to
          63, the Corporation does not anticipate funding any amount pursuant
          to these 11 commitments during 2003.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|**Looking Ahead**The
          Corporations business plan objectives for 2003 continue to focus
          on those aspects of the business that it believes provide the greatest
          potential contribution to long-term cash flow, including continued opening
          of new Four Seasons properties, maintaining and enhancing market share,
          maintaining room rates and increasing the RevPAR and profitability of
          the new and recently opened Four Seasons properties.
        Four Seasons expects
          to open five new properties in 2003 or the early part of 2004. The average
          term of the management contracts for these properties is 69 years and
          these management contracts are expected to provide the Corporation with
          significant long-term fee income. For a discussion of the Corporations
          capital commitment in connection with these projects, see the chart
          on page 30.
        One of Four Seasons
          objectives is to be recognized as the company which operates the finest
          hotel in every market in which it operates. A key measurement of this
          objective is market share premium. In spite of the economic downturn,
          Four Seasons believes that it has maintained or enhanced market share
          in each of the locations in which it operates. As an example, as calculated
          by Smith Travel Research, where 100 represents fair market share, Four
          Seasons improved its market share in the US market from 117 in 2000,
          to 122 in 2001 and maintained this level in 2002. The objective for
          2003 is to maintain or enhance this market share premium, while maintaining
          rates.
        The Corporation
          believes that maintaining room rates is one of the most important factors
          in being well-positioned for the increase in travel demand that is expected
          to occur with global economic recovery. Over the past two years, Four
          Seasons has been generally successful at maintaining room rates at the
          levels achieved in 2000 (the highest room rates ever achieved by the
          Corporation) without sacrificing occupancy to its competitors. During
          2003, the Corporation intends to focus on maintaining its value arrangement
          with its guests by continuing to deliver its exceptional quality of
          service, while at the same time controlling costs. The Corporation intends
          also to focus on establishing a market leadership position and rate
          premiums at each of the 11 new Four Seasons hotels and resorts that
          opened over the past 24 months and the five new Four Seasons projects
          that are expected to open in 2003 or early in 2004.
        During 2003, the
          gross operating profit margins at the hotels and resorts under management
          are expected to decline by 100 to 150 basis points in 2003 due to cost
          increases for expenses such as employee benefits and energy, which are
          largely beyond the control of Four Seasons. Given the conflict in Iraq,
          combined with other geopolitical and global economic concerns, it is
          extremely difficult to forecast with any accuracy occupancy levels for
          2003. If occupancy levels decline in 2003, as compared to 2002, the
          hotel gross operating margins are likely to contract further. The potential
          decline in margins which may be caused by low occupancy levels is expected
          to be mitigated by the Corporations expectation that it can continue
          to maintain room rates at the same levels as achieved in 2000, 2001
          and 2002. Over the past few years, the Corporations managed hotels
          and resorts have maintained overall gross operating profit margins which
          the Corporation believes have led the upper upscale and luxury segment
          of the lodging industry.
        Hotel ownership
          operations are expected to continue to be challenged by the current
          operating environment. The operating profitability of The Pierre and
          the Four Seasons hotels in Vancouver and Berlin is unlikely to improve
          in 2003. The conflict in Iraq and other macroeconomic and political
          events may cause a greater loss from hotel ownership operations in 2003
          than in 2002. Nevertheless, the Corporation will endeavour to improve
          the operating results of these properties through changes to their operations
          or through the restructuring of the relevant leases in each of the three
          cases. The Corporation continues to attempt to mitigate its exposure
          to hotel ownership by limiting new investments to obtain long-term management
          agreements to minority positions of less than 20%, and taking such positions
          only where necessary to gain a management contract or improve an existing
          management contract.
        The Corporation
          intends to continue to pursue legal remedies to enforce its contracts
          and security in the disputes with the owners of the Four Seasons hotels
          in Seattle and Caracas. The aggregate costs of these arbitrations and
          related proceedings in 2003 are anticipated to be in the range of $4
          million to $5 million which are expected to be weighted toward the first
          half of the year. The Corporation believes that the value of the long-term
          management contracts in these markets justifies these significant costs.
          The Corporation remains confident that an acceptable resolution will
          be achieved in both of these disputes.
        The Corporations
          effective tax rate is expected to be 24% in 2003.
        Total capital spending
          is expected to be approximately US$45 million to US$55 million in 2003,
          including investments planned for Costa Rica, Whistler, Hampshire and
          Jackson Hole. This amount includes the letters of credit totalling $20.2
          million securing the commitment of the Corporation to invest in two
          of these projects as disclosed under Other Commitments.
        As a result of the
          high levels of uncertainty in the macroeconomic and political environment,
          the Corporation is declining to give a specific forecast for earnings
          per share for 2003 or any quarter thereof at this time. In general,
          the Corporation expects its business model to perform at or above industry
          levels consistent with past experience.
        **Operating
          Risks**The
          business of the Corporation, more thoroughly described above, is subject
          to many risks and uncertainties, including those discussed below.
        **Geopolitical,
          Economic and Lodging Industry Conditions**Four
          Seasons focuses exclusively on the luxury segment of the lodging industry,
          which is subject to operating risks inherent in the industry. These
          risks include, among other things, changes in general and local economic
          conditions, periodic overbuilding in the industry or a specific market,
          varying levels of demand for rooms and related services (including food
          and beverage and function space), competition from other hotels, changes
          in travel patterns, the recurring need for renovation, refurbishment
          and improvement of hotel and resort properties, changes in wages, prices,
          construction and maintenance costs that may result from inflation, government
          regulations and changes in taxes and interest rates, currency fluctuations,
          the availability of financing for operating or capital requirements,
          natural disasters, extreme weather conditions, labour disputes, civil
          unrest, terrorism, war and political instability, and their resulting
          effects on travel. The industry also is subject to seasonal fluctuations,
          resulting in variances in the Corporations quarterly fee revenues
          and operating results.
        Four Seasons operates
          luxury hotels and resorts in many areas of the world, and its revenues
          are dependent upon the revenues of individual hotels and resorts, branded
          and residential projects derived from all sources. The above-listed
          conditions can have and have from time to time had a major adverse impact
          upon individual hotels or resorts or particular regions. A period of
          economic recession or downturn in any of the worlds primary outbound
          travel markets, such as the United States, Europe or Japan, could affect
          and have materially and adversely affected the Corporations results
          of operations, including the fee revenue and ownership earnings. An
          economic downturn generally affects ownership earnings to a greater
          degree than management earnings due to the high fixed costs associated
          with hotel ownership.
        During 2001, the
          Corporations business was severely impacted by the terrorist
          attacks in the United States, which significantly affected Four Seasons
          because of the Corporations 100% ownership interest in The Pierre
          in New York, and the fees that Four Seasons normally earns in that market,
          the generally softening economy, and the disruption to global travel
          patterns resulting therefrom. As a result of the delayed recovery in
          the global economy and ongoing geopolitical concerns, the Corporations
          business continued to be negatively affected during 2002. In addition,
          during 2002, Four Seasons hotels in Prague and Jakarta were closed because
          of severe flooding, and the two Four Seasons resorts in Bali experienced
          significant cancellations following the terrorist attacks in the area.
          The conflict in Iraq and the possibility of further terrorist acts will
          also have a negative effect on the near-term earnings and cash flow
          of the Corporation.
        **Competition**The
          luxury segment of the hotel and resort industry is subject to intense
          competition, both for guests and for the acquisition of new management
          agreements. Competition for guests arises primarily from luxury hotel
          chains, individual luxury hotels and resorts and a limited number of
          luxury properties operated by larger hotel chains. That competition
          is based on, among other things, primarily brand name recognition, location,
          room rates and quality of service and accommodations. Demographic, geographic
          and other changes in specific market conditions could materially and
          adversely affect the convenience or desirability of the locales in which
          hotels and resorts that are managed by Four Seasons are located.
        Four Seasons competes
          for management opportunities with other hotel operators. Four Seasons
          believes that its ability to obtain management agreements is based primarily
          on the value and quality of its management services, brand name recognition
          and the economic advantages to the hotel owner of retaining Four Seasons
          management services and using its brand name. Four Seasons also believes
          that an owners assessment of the economic advantages of retaining
          Four Seasons management services and using its brand name is,
          in part, a function of the success of the hotels and resorts currently
          under management by Four Seasons. Competitive factors also include relationships
          with hotel owners and investors, marketing support, reservation system
          capacity and the ability to make investments that may be necessary to
          obtain management agreements. Four Seasons failure to compete
          successfully for expansion opportunities or to attract and maintain
          relationships with current hotel owners could materially and adversely
          affect its results of operations.
        **Dependence
          on Management Agreements**Management
          agreements expire or are acquired, and renegotiated in the ordinary
          course, and may in certain circumstances be subject to termination.
          Failure to obtain new management agreements or maintain existing management
          agreements could materially and adversely affect the Corporations
          results of operations. Four Seasons manages hotels and resorts for various
          owners subject to the terms of each propertys management agreements.
          Those agreements generally can be terminated by the non-defaulting party
          upon default in payment or unremedied failure to comply with the terms
          of the agreements. Most of the management agreements are subject to
          performance tests that, if not met, could allow the agreements to be
          terminated by the owner prior to the expiration of its term. The failure
          to maintain the standards specified in the agreement or to meet the
          other terms and conditions of an agreement could result in the loss
          or cancellation of a management agreement. Typically, but not in all
          cases, Four Seasons has certain rights to cure a default to avoid termination.
          Substantially all of the management agreements include typical*force
          majeure*events, which, if they were to occur, would prevent the
          termination of the management agreements. Some management agreements
          also can be terminated for payment to Four Seasons if the property is
          sold by the owner to a new owner who does not wish to retain the existing
          agreement. The Corporation is currently in arbitration with the owner
          of Four Seasons hotel in Seattle regarding its assertion that the hotel
          can be sold without management rights. The Corporation strongly disagrees
          with the owner.
        In the event of
          bankruptcy of a property and foreclosure, a management agreement may
          be terminated in most jurisdictions, unless the lender has executed
          a non-disturbance agreement that is enforceable under applicable bankruptcy
          laws. Four Seasons generally has non-disturbance agreements with the
          lenders to owners of hotels and resorts that it manages. Where no non-disturbance
          agreement is in place, the risk of loss of a management agreement increases
          where debt that cannot be serviced adequately is incurred by the owner
          at the property level. In some jurisdictions, particularly in the United
          States, management agreements have been construed by courts to create
          an agency relationship that is terminable by the owner, notwithstanding
          any provision of the agreement that purports to make the agreement not
          terminable under such circumstances. In such circumstances, the management
          company would generally have an unsecured claim for breach of contract
          against the owner of the hotel or its trustee in bankruptcy.
        Management agreements
          for hotels and resorts managed by the Corporation currently have remaining
          terms (including extension periods at the Corporations election)
          averaging approximately 56 years for Four Seasons hotels and resorts
          and approximately 15 years for Regent hotels and resorts. Renewal of
          management agreements at the end of their term is the subject of negotiation
          between Four Seasons and the relevant owners.
        During 2001, the
          management contract for The Regent Hong Kong reached its term and was
          not renewed. Management fees and hotel ownership distributions from
          The Regent Hong Kong, in aggregate, accounted for approximately $2.3
          million of the Corporations consolidated revenues in 2001. The
          Corporation sold its 25% ownership interest in The Regent Hong Kong
          in 2001 and received gross proceeds of $36.4 million.
        **Dependence
          on Property Owners**As
          a result of the strategic decision of Four Seasons to focus on management
          of hotel and resort properties (as opposed to ownership), Four Seasons
          growth opportunities are dependent in part on its ability to establish
          and maintain satisfactory relationships with existing and new property
          owners. Those growth opportunities are also dependent on access to capital
          by these investors. In 2002 and 2001, no owner had interests in any
          combination of hotels, resorts and Residence Club properties managed
          by Four Seasons that represent in excess of 10% of total consolidated
          revenues of the Corporation. A failure by Four Seasons to maintain satisfactory
          relationships with any owner of a significant number of properties could
          have a material adverse effect on the Corporations results of
          operations.
        The Corporation
          is currently in arbitration with the owners of Four Seasons Hotel Caracas
          and the Four Seasons hotel in Seattle (see discussion on page 43).
        **Risk
          Associated with Expansion, Growth and New Construction**An
          element of Four Seasons business strategy is to increase the
          number of hotels and resorts under management. That expansion is dependent
          upon a number of factors, including the identification of appropriate
          management opportunities, competing successfully for the management
          agreements relating to those opportunities, availability of financing
          for new developments and timely completion of construction of new hotels
          and resorts (or the refurbishment of existing properties) that are,
          or are to be, managed by Four Seasons.
        From time to time,
          the hotel industry has experienced periods during which financial institutions
          generally have been reluctant to provide financing for the construction
          of real estate properties, including hotels and resorts. Although this
          was the case in 2002 and continues in 2003, it has not prevented the
          financing of any Four Seasons hotel or resort. The inability to obtain
          financing for a project could cause cancellation of, or short-term interruption
          in, the progress or completion of properties under construction or development.
        Additionally, any
          construction project entails significant construction risks that could
          delay or result in a substantial increase in the cost of construction.
          The opening of newly constructed properties, in particular, is contingent
          upon (among other things) receipt of all required licences, permits
          and authorizations, including local land use permits, building and zoning
          permits, health and safety permits and liquor licences. Changes or concessions
          required by regulatory authorities could also involve significant additional
          costs and delays or prevent completion of construction or opening of
          a project. As a result of the global nature of Four Seasons business,
          these regulatory matters arise in a number of jurisdictions, many of
          which have distinctive regulatory regimes.
        **Investments
          in and Advances to Managed and Owned Properties**The
          Corporation has made investments in, and/or advances in respect to,
          several of the hotels and resorts that it manages, to enable it to acquire
          the management agreements for those properties or to enhance the terms
          of those agreements. Currently, Four Seasons holds an ownership or leasehold
          interest in, or has made advances in respect to, 25 of the 58 hotels
          and resorts that it manages and has made, or expects to make, investments
          in, or advances in respect to, 15 of the 21 properties under construction
          or development. In addition, the Corporation has an investment in three
          Four Seasons Residence Club properties. The book value of total investments
          and advances as at December 31, 2002 was approximately $559 million.
        In addition to the
          risks associated with operations of a hotel discussed above (see Geopolitical,
          Economic and Lodging Industry Conditions and Competition),
          Four Seasons is subject to risks generally related to owning and leasing
          real estate in connection with these properties. These risks include,
          among others, adverse changes in general or local economic conditions,
          local real estate market conditions, property and income taxes, interest
          rates, the availability, cost and terms of financing, liability for
          long-term lease obligations, the availability of insurance coverage,
          the potential for uninsured casualty and other losses, the impact of
          present or future legislation or regulation (including those relating
          to the environment), adverse changes in zoning laws and other regulations,
          civil unrest, terrorism, war and political instability. In addition,
          these investments in real estate are relatively illiquid and the ability
          of the Corporation to dispose of its ownership interests, particularly
          its leasehold interests, in response to changes in economic and other
          conditions may be limited. Any of these factors could result in material
          operating losses by a particular hotel or resort and possibly the whole
          or partial loss of the Corporations equity investment in the
          property or the inability to collect advances outstanding. Holding an
          interest in a hotel also introduces risks associated with funding of
          capital expenditures and the Corporations proportionate share
          of any operating losses. Where cash and working capital reserves provided
          by hotel operations are insufficient, debt service, major repairs, renovations,
          alterations or other capital expenditures generally must be funded by
          the owners of the hotels and resorts, including in some cases Four Seasons.
        **Debt
          Rating Risks**The
          Corporations corporate rating is currently rated investment grade
          (BBB–) by both Standard and Poors and Dominion Bank Rating
          Services. The Corporations senior unsecured debt is currently
          rated by three debt rating agencies (Standard and Poors: BBB–;
          Moodys: Bal; Dominion Bond Rating Services: BBB–(low)).
          One of the Corporations financial objectives is to maintain a
          strong balance sheet and a low cost of capital. The Corporation maintained
          a corporate investment grade credit rating during the year ended December
          31, 2002. However, as a result of current macro events, it is possible
          that the rating agencies may downgrade the rating and/or outlook for
          many of the lodging companies. A non-investment grade rating relating
          to the Corporation from any or all of the rating agencies has no impact,
          other than as described below, on availability under the Corporations
          current bank credit facilities or any ramification under the convertible
          notes. However, if the ratings from all three agencies become non-investment
          grade and if certain financial ratios were not maintained, pricing of
          any loan drawn under the Corporations bank credit facilities
          could increase by a maximum of 70 basis points. No amounts were borrowed
          by the Corporation under these credit facilities as at December 31,
          2002, although approximately US$35.2 million of letters of credit were
          issued but undrawn as at that date.
        **Government
          Regulation**Four
          Seasons is subject to laws, ordinances and regulations relating to,
          among other things, taxes, environmental matters, the preparation and
          sale of food and beverages, accessibility for disabled persons and general
          building and zoning requirements in the various jurisdictions in which
          Four Seasons manages hotels and resorts. Owners and managers of hotels
          also may be subject to laws governing the relationship with hotel employees,
          including minimum wage requirements, overtime, working conditions and
          work permit requirements. Compliance with these laws can affect the
          revenues and profits of hotels managed by Four Seasons or could materially
          and adversely affect Four Seasons operations.
        Four Seasons, as
          the current or previous owner or operator of certain hotels, could be
          liable for clean-up of contamination and other corrective action under
          various laws, ordinances and regulations relating to environmental matters.
          These laws often impose liability without regard to whether the owner
          or operator knew of, or was responsible for, the condition requiring
          environmental response. The presence of contamination from hazardous
          or toxic substances, or the failure to properly remediate a contaminated
          property, may affect the ability to sell or rent the property, to use
          the property for its intended purpose, or to borrow using the property
          as collateral. Persons who arrange for the disposal or treatment of
          hazardous or toxic substances also may be liable for the cost of removal
          or remediation of substances at the disposal or treatment facility regardless
          of whether the facility is or was owned or operated by them. In connection
          with the operation and ownership of various hotels, Four Seasons could
          be held liable for the cost of remedial action with respect to environmental
          matters. Four Seasons is not aware of any potential material environmental
          liabilities for which Four Seasons will be responsible with respect
          to any of the hotels, resorts or Residence Clubs in which it currently
          has or previously had managed.
        Pursuant to the
          management agreements to which Four Seasons is a party, the owner is
          responsible for the costs and expenses of the employees at each hotel
          and for all costs, expenses and liabilities incurred in connection with
          the operation of the hotel, including compliance with government regulations.
          However, Four Seasons may be contingently liable for certain liabilities
          in respect to which it does not maintain insurance, including certain
          workers compensation claims, environmental liabilities and, in
          respect to hotels in the United States, claims arising under the Americans
          with Disabilities Act.
        Four Seasons generally
          obtains indemnities from the owners of the hotels that it manages in
          respect of these liabilities. The value of those indemnities is dependent
          upon the financial condition of the owners who have provided them.
        **Political
          Risk**Four
          Seasons currently manages and/or has an equity interest in hotels and
          resorts in 27 countries and currently has development plans to open
          hotels and resorts in seven additional countries around the world. In
          certain of these countries, from time to time, the related assets and
          revenues may be exposed to political risk and other risks associated
          with foreign investment. In some jurisdictions, at certain times, there
          may be a risk that the Corporation may have difficulty enforcing its
          contractual rights relating to its assets including its non-disturbance
          agreements and any security relating to its loan receivables if due
          process of law is not respected.
        **Insurance**All
          hotels and resorts managed by Four Seasons are required to be insured
          against property damage, business interruption and liability at the
          expense of the owner of the hotel. Under these policies Four Seasons
          is also typically insured against loss of fee income in the event of
          a temporary business interruption at any of the hotels and resorts that
          it manages. In addition, Four Seasons obtains indemnities from the owners
          of the hotels that it manages in respect to damages caused by acts,
          omissions and liabilities of the employees of the hotel or of Four Seasons,
          other than damages resulting from certain actions of Four Seasons and
          certain senior management personnel. If Four Seasons were held liable
          for amounts exceeding the limits of its insurance coverage or for claims
          outside the scope of that coverage or if the indentures were insufficient
          such as due to the owners financial condition, its business,
          results of operations and financial conditions could be materially and
          adversely affected.
        Events of September
          11, 2001 severely affected an already tightening insurance market. Premiums
          have increased and underwriters are imposing increasingly restrictive
          terms and conditions. All lines of coverage generally have been affected;
          however, commercial properties continue to be the most difficult to
          insure. Exposures for terrorism, cyber perils and toxic mould are now
          common exclusions.
        **Currency
          Exposure**Four
          Seasons has entered into management agreements with respect to hotels
          throughout the world but reports its results in Canadian dollars; however,
          its relevant currency risk is in US dollars, as more than half of its
          revenues and assets currently are US dollar denominated. Four Seasons
          manages its currency exposure through, among other things, the use of
          foreign exchange forward contracts. In 2002, approximately 64% of the
          Corporations consolidated revenues were US dollar denominated,
          as compared to 66% in 2001. As at December 31, 2002, Four Seasons had
          sold forward US$107.1 million under 49 forward contracts maturing over
          a 24-month period in connection with its US dollar fee revenues. Euro-denominated
          revenues and pound sterling-denominated revenues accounted for 12% and
          3%, respectively, of Four Seasons consolidated revenues in 2002
          (2001 – 11% and 3%, respectively). The Corporation earned 7% of
          its consolidated revenues in 2002 in eight other foreign currencies,
          as compared to 6% in eight other foreign currencies in 2001, none of
          which individually exceeded 3% of Four Seasons consolidated revenues
          in 2002 or 2001.
        During the majority
          of 2002, the Corporation hedged a portion of its long-term receivables
          and other monetary assets denominated in euros, pounds sterling and
          Australian dollars by entering into offsetting foreign exchange forward
          contracts. These contracts matured on December 31, 2002. The Corporation
          anticipates that it will, from time to time, enter into new forward
          contracts during 2003 relating to these and other foreign exchange positions
          with the objective of minimizing foreign currency volatility.
        Certain currencies
          are subject to exchange controls which, in practice, have not in the
          past resulted in a material restriction of the payment of management
          fees to Four Seasons. In addition, certain currencies are not freely
          traded and are relatively illiquid. To date, Four Seasons has not incurred
          any material losses resulting from an inability to convert these foreign
          currencies at favourable exchange rates. Management attempts to minimize
          its foreign currency risk by monitoring its cash position, keeping fee
          receivables current, monitoring the political and economic climate and
          considering whether to insure convertibility risk in each country in
          which it manages a property. In certain hotels, the foreign currency
          risks are further mitigated by pricing room rates in US dollars.
        **Seasonality**Four
          Seasons hotels and resorts are affected by normally recurring
          seasonal patterns and, for most of the properties, demand is lower in
          December through March than during the remainder of the year. The Corporations
          ownership operations are particularly affected by seasonal fluctuations,
          with lower revenue, operating profit and cash flow in the first quarter;
          ownership positions typically incur an operating loss in the first quarter
          of each year. Typically the fourth quarter is the strongest quarter
          for the majority of the hotels, although this was not true in 2001,
          as a result of the terrorist attacks in the United States, nor in 2002,
          as a result of the difficult economic environment and continuing geopolitical
          instability.
        Management operations
          are also seasonal in nature, as fee revenues are affected by the seasonality
          of hotel and resort revenues and operating results. Urban hotels generally
          experience lower revenues and operating results in the first quarter
          which has a negative impact on management revenues. However, this negative
          impact on management revenues generally is offset, to some degree, by
          increased travel to resorts in those months and may be offset to a greater
          extent as the portfolio of resort properties managed by Four Seasons
          increases.
        In 2002, this normal
          seasonality was also affected by the delayed recovery in the global
          economy, and ongoing geopolitical concerns, which have continued to
          negatively affect business travel on a global basis. Leisure travel,
          while generally strong, is also being negatively affected in certain
          areas. In addition to these more general factors, specific local events
          have caused unanticipated disruptions to the operations of certain of
          the Corporations properties.
        **Intellectual
          Property**In
          the highly competitive service industry in which Four Seasons operates,
          Four Seasons has a significant number of trade names, trademarks, service
          marks and logos, and significant time and effort are spent each year
          on surveillance, registration and protection of trade names, trademarks,
          service marks and logos. The loss or infringement of any of Four Seasons
          trade names, trademarks, service marks and logos could have a material
          and adverse effect on Four Seasons.
        **Risks
          Associated with Residence Club Business**Four
          Seasons currently operates two Residence Clubs. The Corporation is expanding
          its presence in the luxury segment of the interval and fractional ownership
          industry, with at least one additional project expected to commence
          sales in 2003 and a number of others under development. The same risk
          factors affecting the luxury segment of the hotel industry, as more
          fully outlined above in this Operating Risks section,
          also affect the interval and fractional ownership industry. In particular,
          Geopolitical, Economic and Lodging Industry Conditions,
          Competition, Dependence on Management Agreements,
          Risk Associated with Expansion, Growth and New Construction,
          Investments in and Advances to Managed and Owned Properties,
          Government Regulation, Political Risk, Insurance,
          Currency Exposure, Seasonality and Intellectual
          Property also apply to the interval and fractional ownership
          industry. Accordingly, Four Seasons ability to successfully develop
          and sell interests in Residence Clubs that are built, and the various
          fees earned by Four Seasons from each Residence Club project, could
          be adversely and materially affected by one or any combination of the
          above factors.
        **Dependence
          on Key Employees**The
          success of Four Seasons depends in part on its senior executives, who
          have an average of 21 years of experience with the Corporation. In particular,
          senior management of Four Seasons is responsible for the development
          and/or maintenance of ongoing relationships with new and existing investors
          in the properties that are managed by Four Seasons. The unanticipated
          departure of individuals responsible for those relationships could have
          a material and adverse effect on, among other things, relationships
          affecting properties that are, or that may be, managed by Four Seasons.
        **Critical
          Accounting Policies**The
          significant accounting policies used by the Corporation in preparing
          its consolidated financial statements are described in note 1 to the
          consolidated financial statements and should be read to ensure a proper
          understanding and evaluation of the estimates and judgments made by
          management in preparing those financial statements. The Corporations
          consolidated financial statements are prepared in accordance with Canadian
          generally accepted accounting principles. The Corporation also prepares
          a reconciliation to United States generally accepted accounting principles,
          which is included as note 17 to the consolidated financial statements.
        Inherent in the
          application of some of those policies is the judgment by management
          as to which of the various methods allowed under Canadian generally
          accepted accounting principles is the most appropriate to apply in the
          case of the Corporation. As well, management must make appropriate estimates
          at the time the financial statements are prepared.
        Although all of
          the policies identified in note 1 to the consolidated financial statements
          are important in understanding the consolidated financial statements,
          the policies discussed below are considered by management to be central
          to understanding the financial statements because of the higher level
          of measurement uncertainties involved in their application.
        *Investments
          in other hotel partnerships and corporations* (note 1(b) to the
          consolidated financial statements) are cost accounted when, among other
          things, the Corporation owns less than a 20% interest in the project,
          it has no significant influence, even where the percentage ownership
          would otherwise require the investment to be accounted by the equity
          method, or the investment was acquired with the intention that it be
          disposed of in the foreseeable future. The chart on pages 28 and 29
          indicates the Corporations pro-rata share of these ownership
          interests.
        *Deferred charges*******are costs incurred during the negotiation, structuring
          and execution of new contracts relating to projects that, in managements
          judgment, have a high probability of opening, which are deferred and
          capitalized on the balance sheet, as allowed under Canadian generally
          accepted accounting principles, and are expensed/amortized when the
          property is opened (note 1(h) to the consolidated financial statements).
        *Use of estimates*
          are required by management relating to the recoverability of the Corporations
          investments in (i) long-term receivables, (ii) hotel partnerships and
          corporations, (iii) management contracts, and (iv) trademarks and trade
          names (note 1(j) to the consolidated financial statements). Management
          must estimate and make assumptions about future hotel profitability,
          considering the risks and uncertainties of many external factors. Actual
          future operating results of the investments could vary materially, and
          accordingly the estimated recoverable amounts could change by material
          amounts, impacting the carrying value of these investments.
        *Revenue recognition:
          incentive fees* are accrued as earned based on the profitability
          of the managed property, subject to the terms of each individual contract.
          The Corporation accrues incentive fees in interim consolidated financial
          statements based upon the amount that would be due under the incentive
          fee formula as if the relevant management agreement was terminated at
          the relevant reporting date. Generally, on termination, the Corporations
          management contracts entitle the Corporation to receive incentive fees
          earned up to the date of termination. However, conditions in the general
          and local hospitality industry, competition from other hotels, changes
          in travel patterns, and other factors can affect the propertys
          profitability in a subsequent interim period, reducing or eliminating
          the incentive fee accrued in a previous interim period.
        **Impact on
          2002 of Recently Issued Canadian Accounting Standards**
        **Intangible
          Assets**Effective
          January 1, 2002, the Corporation adopted the new accounting standard
          for goodwill and other intangible assets as established by the CICA
          without restatement of prior periods. Intangible assets with indefinite
          useful lives are no longer amortized but are subject to impairment tests
          on at least an annual basis. Potential impairment of an intangible asset
          is determined by comparing the assets carrying value to its fair
          value. Any loss resulting from impairment tests effective January 1,
          2002 must be recognized as a charge to opening retained earnings. Impairment
          arising subsequent to January 1, 2002 will be recognized as a charge
          to income. Intangible assets which do not have indefinite lives are
          amortized over their useful lives. These intangible assets are subject
          to an impairment test comparing carrying values to net recoverable amounts.
        During the first
          quarter of 2002, in accordance with the new accounting standard, the
          Corporation completed its review of its existing intangible assets.
          That review determined that its investment in the rights to the Regent
          trade name, which was transferred to Carlson Hospitality Worldwide (Carlson)
          in 1997 in exchange for the entitlement to receive payments from Carlson
          based on a percentage of gross royalty revenue of new development projects,
          was the only intangible asset with an indefinite useful life. As required
          by the new standard, the Corporation tested this intangible asset for
          impairment as at January 1, 2002 under the new fair value-based impairment
          methodology and determined that its fair value was less than its carrying
          value. As a result, the Corporation recorded during the first quarter
          of 2002 a decrease to retained earnings of $26.4 million, a decrease
          to investment in trademarks and trade names of $27.1 million and an
          increase to future income tax assets of $0.7 million.
        The Corporation
          subsequently entered into a revised agreement with Carlson in 2002,
          which exchanged the Corporations entitlement to receive payments
          from Carlson based on a percentage of gross royalty revenue of new development
          projects, for fixed payments over a 30-year term. Accordingly, this
          intangible asset is being amortized on a straight-line basis over 30
          years.
        The Corporations
          other intangible assets are being amortized over their estimated useful
          lives. Prior to 2002, the Corporation amortized its investment in management
          contracts on a straight-line basis over the terms of the contracts to
          a maximum of 40 years. Effective January 1, 2002, as required under
          the new accounting standard, the Corporation amortizes its investment
          in management contracts over the actual term of the contracts in proportion
          to the benefits received.
        For the year ended
          December 31, 2001, had the adjusted value of the Regent trade name transferred
          to Carlson been amortized over 30 years and had the amortization of
          investment in management contracts been adjusted for the change in estimated
          useful lives, the adjusted net earnings, basic earnings per share and
          diluted earnings per share of the Corporation would have been $89.5
          million, $2.56 and $2.34, respectively, as compared to the reported
          amounts of $86.5 million, $2.48 and $2.27, respectively.
        **Foreign
          Currency Translation and Hedging Relationships**Effective
          January 1, 2002, the CICA amended the accounting standard for foreign
          currency translation by eliminating the requirement to defer and amortize
          unrealized translation gains and losses on long-term foreign currency
          denominated monetary items with a fixed or determinable life. Due to
          the hedging relationships established by the Corporation during 2001,
          the adoption by the Corporation of the amendment to the standard on
          accounting for foreign currency translation did not have an impact on
          the Corporation for the year ended December 31, 2002.
        **Stock-Based
          Compensation and Other Stock-Based Payments**Effective
          January 1, 2002, the CICA issued a new standard relating to the accounting
          for stock-based compensation and other stock-based payments. The new
          accounting standard requires the use of a fair value-based method to
          account for stock-based payments to non-employees and for employee awards
          that are direct awards of stock, cash or other assets, or are stock
          appreciation rights that call for settlement by the issuance of equity
          instruments, granted on or after January 1, 2002.
        As permitted by
          the new standard, the Corporation opted to continue to use its existing
          policy under which no compensation expense is recorded on the grant
          of stock options to employees to purchase Limited Voting Shares. Consideration
          paid by employees on the exercise of stock options or the purchase of
          shares is recorded as capital stock. The new accounting standard does,
          however, require additional disclosures for options granted to employees,
          including disclosure of pro forma earnings and pro forma earnings per
          share as if the fair value-based accounting method had been used to
          account for employee stock options.
        Accordingly, the
          compensation element of stock options issued by the Corporation during
          2002, based on the fair value of the options on the date of grant, has
          been estimated using a Black-Scholes option pricing model with the following
          assumptions: risk-free interest rates ranging from 4.01% to 5.20%; semi-annual
          dividend per Limited Voting Share of $0.055; volatility factors of the
          expected market price of the Corporations Limited Voting Shares
          ranging from 47% to 50%; and expected lives of the options ranging between
          four and seven years, depending on the level of the employee who was
          granted stock options. For the options granted in 2002, the weighted
          average fair value of the options at the grant dates was $33.76. For
          purposes of pro forma disclosures, the estimated fair value of the options
          is amortized to compensation expense over the options vesting
          period, which ranges from one to five years.
        For the year ended
          December 31, 2002, had compensation expense for the Corporations
          stock-based compensation plan been determined based on the fair value
          at the grant dates for stock options issued in 2002 under the plan,
          the Corporations pro forma net earnings, pro forma basic earnings
          per share and pro forma diluted earnings per share would have been $19.4
          million, $0.55 and $0.54, respectively, as compared to the reported
          amounts of $21.2 million, $0.61 and $0.59, respectively.
        In calculating pro
          forma net earnings and pro forma basic and diluted earnings per share,
          only stock options granted after December 31, 2001 (options to purchase
          511,000 Limited Voting Shares granted at a weighted average exercise
          price of $65.93) were included in the fair value-based accounting method.
          All of the stock options granted during 2002 had an exercise price greater
          than the market price per share of the Corporations Limited Voting
          Shares of $44.40 as at December 31, 2002.
        **Recent Canadian
          Accounting Standards Issued but Not Yet Adopted**
        **Disposal
          of Long-Lived Assets and Discontinued Operations**In
          December 2002, the CICA issued Section 3475, Disposal of Long-Lived
          Assets and Discontinued Operations, which applies to disposal
          activities initiated on or after May 1, 2003. This new section establishes
          standards for the recognition, measurement, presentation and disclosure
          of the disposal of long-lived assets. It also establishes standards
          for the presentation and disclosure of discontinued operations, whether
          or not they include long-lived assets. Under Section 3475, assets to
          be disposed of would be separately presented in the balance sheet and
          reported at the lower of the carrying amount or fair value less costs
          to sell, and are no longer depreciated. The assets and liabilities of
          a disposed group classified as held for sale would be presented separately
          in the appropriate asset and liability sections of the balance sheet.
          Section 3475 replaced the disposal provisions of Section 3061, Property,
          Plant and Equipment, and Section 3475, Discontinued Operations.
          The application of the new standard is to be prospective with earlier
          adoption encouraged. Financial statements for fiscal years beginning
          on or after October 1, 2004 should not categorize investments as temporary
          irrespective of when those investments occurred (see note 1(b) to the
          consolidated financial statements). The Corporation has not yet determined
          the impact of the implementation of Section 3475 on its 2003 consolidated
          financial statements.
        **Impairment
          of Long-Lived Assets**In
          December 2002, the CICA issued Section 3063, Impairment of Long-Lived
          Assets. This new section establishes standards for the recognition,
          measurement and disclosure of the impairment of long-lived assets, and
          replaces the write-down provisions of Section 3061, Property,
          Plant and Equipment. In accordance with Section 3063, long-lived
          assets, such as property, plant and equipment and purchased intangibles
          subject to amortization, are reviewed for impairment whenever events
          or changes in circumstances indicate that the carrying amount of an
          asset may not be recoverable. Recoverability of assets to be held and
          used is measured by a comparison of the carrying amount of an asset
          to estimated undiscounted future cash flows expected to be generated
          by the asset. If the carrying amount of an asset exceeds its estimated
          future cash flows, an impairment charge is recognized by the amount
          by which the carrying amount of the asset exceeds the fair value of
          the asset.
        Section 3063 is
          effective for fiscal years beginning on or after April 1, 2003. Application
          is prospective with earlier adoption encouraged. The Corporation does
          not expect the implementation of Section 3063 will have a material impact
          on its 2004 consolidated financial statements.
        **Hedging
          Relationships**In
          December 2001, the CICA issued an accounting guideline relating to hedging
          relationships. The guideline establishes requirements for the identification,
          documentation, designation and effectiveness of hedging relationships,
          which would have been effective for fiscal years beginning on or after
          July 1, 2002. During 2002, the implementation date was delayed and is
          now effective for fiscal years beginning on or after July 1, 2003. The
          Corporation has not yet determined the impact of the implementation
          of this guideline on its 2004 consolidated financial statements.
        **Accounting
          for Asset Retirement Obligations**In
          March 2003, the CICA is expected to issue Section 3110, Accounting
          for Asset Retirement Obligations. Section 3110 will require the
          Corporation to record the fair value of an asset retirement obligation
          as a liability in the period in which it incurs a legal obligation associated
          with the retirement of tangible long-lived assets that result from the
          acquisition, construction, development and/or normal use of the assets.
          The Corporation also records a corresponding asset that is depreciated
          over the life of the asset. Subsequent to the initial measurement of
          the asset retirement obligation, the obligation will be adjusted at
          the end of each period to reflect the passage of time and changes in
          the estimated future cash flows underlying the obligation. The Corporation
          is required to adopt Section 3110 on January 1, 2004. The Corporation
          has not yet determined the impact of implementation of these guidelines
          on its 2004 consolidated financial statements.
        **Auditors
          Independence**
        For the year ended
          December 31, 2002, fees paid for audit services provided by KPMG for
          Four Seasons and its subsidiaries were $527,500. During that same period,
          fees paid to KPMG for tax services were $428,500 and fees for other
          non-audit services were $270,000.
        In an effort to
          ensure the independence of the external auditor, the Audit Committee
          has restricted the external auditor from providing some non-audit services,
          including certain bookkeeping, financial information systems design
          and implementation, appraisal or valuation services, actuarial services,
          internal audit outsourcing services, management or human resources functions,
          broker, dealer, investment advisor, or investment banking services,
          legal services and expert services unrelated to audit, and any other
          service that the Audit Committee determines from time to time cannot
          be provided by an external auditor.
        The Audit Committee
          has adopted a policy which requires the pre-approval of non-audit-related
          services. Additionally, the policy adopted by the Audit Committee includes
          requirements relating to partner rotation and employment by the Corporation
          of external audit personnel.
        **Corporate
          Information**
        **Market
          for Securities**The
          Limited Voting Shares are listed on the Toronto and New York stock exchanges.
        **Dividend
          Policy**The
          Board of Directors of FSHI has established a policy of paying a semi-annual
          dividend to holders of its shares. Since 1990 and until October 3, 1996,
          FSHI paid semi-annual cash dividends of $0.055 per Limited Voting Share
          and Variable Multiple Voting Share. Since October 3, 1996, the dividend
          paid in respect to the Variable Multiple Voting Shares has been reduced
          to 50%, on a per share basis, of the dividend paid on the Limited Voting
          Shares. The payment of dividends in the future is subject to the Corporations
          earnings and financial condition and such other factors as FSHIs
          Board of Directors may consider relevant. There are no restrictions
          currently that prevent FSHI from continuing to pay a semi-annual dividend
          of $0.055 per Limited Voting Share.
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

|****Directors and Officers********The
        following table sets forth certain information regarding each of FSHIs
        executive officers and directors:
|---------------------------------------------------------------------------------------------------------------------------------------------------------------
|**Name
      and Residence**                                                                                                                                   
|                                                                                                                                                               
|Isadore
      SharpToronto, Ontario                                                                                                                            
|                                                                                                                                                               
|Brent
        BelzbergToronto,
        Ontario                                                                                                                 
|                                                                                                                                                               
|Edmond
      M. Creed1                                                                                                                                         
|Toronto,
      Ontario                                                                                                                                         
|                                                                                                                                                               
|Frederick
      Eisen                                                                                                                                          
|Toronto,
      Ontario                                                                                                                                         
|                                                                                                                                                               
|H.
      Roger Garland                                                                                                                                         
|Toronto,
      Ontario                                                                                                                                         
|                                                                                                                                                               
|Nan-b
      de Gaspé Beaubien1,4,5Montreal, Quebec                                                                                                             
|                                                                                                                                                               
|Charles
      S. Henry1,5,8                                                                                                                                    
|New
      York, New York                                                                                                                                       
|                                                                                                                                                               
|Murray
      B. Koffler5,9                                                                                                                                     
|Toronto,
      Ontario                                                                                                                                         
|                                                                                                                                                               
|Heather
      Munroe-BlumToronto, Ontario                                                                                                                      
|                                                                                                                                                               
|J.
      Robert S. Prichard4,5Toronto, Ontario                                                                                                                 
|                                                                                                                                                               
|Lionel
      H. Schipper1,5,9                                                                                                                                  
|Toronto,
      Ontario                                                                                                                                         
|                                                                                                                                                               
|Anthony
      Sharp                                                                                                                                            
|Toronto,
      Ontario                                                                                                                                         
|                                                                                                                                                               
|Benjamin
      Swirsky1,9                                                                                                                                      
|Toronto,
      Ontario                                                                                                                                         
|                                                                                                                                                               
|Shuichiro
      TamakiTokyo, Japan                                                                                                                             
|                                                                                                                                                               
|Simon
      M. Turner8,9                                                                                                                                       
|Rye,
      New York                                                                                                                                            
|                                                                                                                                                               
|Sarah
      CohenToronto, Ontario                                                                                                                              
|                                                                                                                                                               
|Wolf
      H. HengstToronto, Ontario                                                                                                                           
|                                                                                                                                                               
|Douglas
      L. LudwigToronto, Ontario                                                                                                                        
|                                                                                                                                                               
|Craig
      O. ReithToronto, Ontario                                                                                                                           
|                                                                                                                                                               
|Kathleen
      TaylorToronto, Ontario                                                                                                                          
|                                                                                                                                                               
|Randolph
      WeiszToronto, Ontario                                                                                                                           
|                                                                                                                                                               

|1  | Member
      of the Compensation and Organization Committee.                                                                                                                       
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2  | Private
      equity fund manager.                                                                                                                                                 
|3  | Financial
      and development consulting company.                                                                                                                                
|4  | Elected
      by the holders of the Limited Voting Shares.                                                                                                                         
|5  | Member
      of the Corporate Governance Committee.                                                                                                                                
|6  | Non-profit
      foundation.                                                                                                                                                       
|7  | Investment
      holding company.                                                                                                                                                  
|8  | Nominee
      of Kingdom, which has the right pursuant to an agreement with Triples Holdings
      Limited and Isadore Sharp to elect two directors to the FSHI Board of Directors.
|9  | Member
      of the Audit Committee.                                                                                                                                               
|10 | Hotel
      investment advisory firm.                                                                                                                                              
|11 | Investment/holding
      company.                                                                                                                                                  
|12 | Educational
      institute.                                                                                                                                                       
|13 | Media
      and publishing company.                                                                                                                                                
|14 | Real
      estate/resort development company.                                                                                                                                      
|15 | Real
      estate holding company.                                                                                                                                                 

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Edmond
        M. Creed, Murray B. Koffler and Isadore Sharp have served as directors
        of FSHI and its predecessor corporation since January 9, 1978. Frederick
        Eisen, H. Roger Garland and Benjamin Swirsky were elected to the Board
        of Directors of FSHIs predecessor corporation on October 1, 1985.
        Lionel H. Schipper was appointed to the Board of Directors on February
        18, 1988. Shuichiro Tamaki was appointed to the Board of Directors on
        April 18, 1991. Charles S. Henry was appointed to the Board of Directors
        on November 11, 1994. J. Robert S. Prichard was appointed to the Board
        of Directors on March 6, 1996. Nan-b de Gaspé Beaubien was elected
        to the Board of Directors on May 23, 1997. Anthony Sharp was appointed
        to the Board of Directors on August 25, 1999. Simon M. Turner was re-appointed
        to the Board of Directors on February 14, 2002. Brent Belzberg and Heather
        Munroe-Blum were appointed to the Board of Directors on November 7, 2002.
      All of the Directors
        will hold office until the next annual meeting of shareholders, or until
        their successors are elected or appointed. Edmond M. Creed, Frederick
        Eisen and Murray B. Koffler have indicated that they will not stand for
        re-election at the annual meeting of shareholders to be held on May 21,
        2003.
      All of the officers
        and directors of FSHI have held their principal occupations for more than
        five years with the exception of the following. Brent Belzberg was President
        and CEO of Harrowston Inc. prior to February 2002. Heather Munroe-Blum
        was a Professor at the University of Toronto prior to December 31, 2002
        and was Vice-President, Research and International Relations at the University
        of Toronto prior to June 1, 2002. H. Roger Garland was Vice Chairman of
        FSHL prior to December 29, 2000. J. Robert S. Prichard was Professor of
        Law and President Emeritus, University of Toronto prior to July 1, 2001
        and President, University of Toronto prior to June 30, 2000. Anthony Sharp
        was Executive Vice President, Vacation Ownership of FSHL prior to September
        7, 1999. Shuichiro Tamaki was Advisor, Jowa Corporation prior to June
        26, 2000. Wolf H. Hengst was Executive Vice President, Operations of FSHL
        prior to November 1, 1999. Kathleen Taylor was President, Worldwide Business
        Operations and Secretary prior to February 15, 2001, was Executive Vice
        President and Chief Corporate Officer prior to November 1, 1999, and Executive
        Vice President, Corporate Planning and Development and General Counsel
        prior to April 25, 1998. Kathleen Taylor was formerly a director of The
        T. Eaton Company Limited (Eatons) which, in 1999,
        completed a court sanctioned reorganization pursuant to a plan of compromise
        and arrangement under the corporate and insolvency laws of Ontario and
        Canada, respectively. As a result of this situation, trading of the common
        shares of Eatons was suspended by The Toronto Stock Exchange on
        August 23, 1999 and the common shares were ultimately delisted in connection
        with the implementation of the reorganization. Randolph Weisz was Senior
        Vice President and General Counsel of FSHL prior to August 6, 2002 and
        was Vice President, Legal Affairs of the Corporation prior to April 25,
        1998. Sarah Cohen was Corporate Counsel of FSHL prior to February 15,
        2001, and was a lawyer at Torys prior to April 6, 1998.
      The directors and
        executive officers of FSHI, as a group, own beneficially, directly or
        indirectly, or exercise control or direction over, the following number
        of Limited Voting Shares and Variable Multiple Voting Shares:
      
      **Additional
        Information**
      FSHI shall provide
        to any person, upon request to the office of the Secretary of Four Seasons
        Hotels Inc. at 1165 Leslie Street, Toronto, Ontario, Canada M3C 2K8 (telephone
        (416) 449-1750):
|**(a)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|**(b)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Additional
      information relating to Four Seasons, including directors and officers
      remuneration and indebtedness, interests of insiders in material transactions,
      principal holders of securities of FSHI and options to purchase securities
      is contained in FSHIs Management Information Circular prepared for
      the most recent Annual Meeting of Shareholders. Additional financial information,
      including consolidated comparative audited financial statements for the
      years ended December 31, 2001 and 2002, is provided in FSHIs 2002
      Annual Report. A
        copy of such documents may be obtained upon request from the Secretary
        of FSHI at the address and telephone number noted above.
      The Toronto Stock
        Exchange has accepted FSHIs notice of intention to make normal
        course purchases of up to an aggregate of 1,544,415 (approximately 5%)
        of the 30,888,308 Limited Voting Shares outstanding as at the date the
        notice of intention was filed over the 12 months commencing November 12,
        2002. A similar notice has been filed with provincial securities regulators
        in respect of purchases that may be made through the facilities of the
        New York Stock Exchange. The purchases may be effected by FSHI from time
        to time through the facilities of the Toronto and New York exchanges at
        market prices and in accordance with the requirements of the Exchanges
        and applicable Canadian and United States securities laws.
      **Corporate
        Chart**The
        following chart illustrates Four Seasons corporate structure, and
        includes corporations in which Four Seasons has a significant interest,
        either directly or indirectly, and their jurisdictions of incorporation
        or organization.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Notes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|B                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|C                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

|**Management's
        Responsibility for Financial Reporting**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The management of Four
        Seasons Hotels Inc. is responsible for the preparation, presentation,
        integrity, objectivity and fairness of the financial information presented
        in this Annual Report and the selection of the accounting principles appropriate
        to the Corporations circumstances. The consolidated financial statements,
        notes and other financial information included in the Annual Report were
        prepared in accordance with accounting policies generally accepted in
        Canada. The Corporation has also included a detailed reconciliation to
        US GAAP in note 17 to its consolidated financial statements.
      The Corporations
        consolidated financial statements also include estimated amounts based
        on the informed judgments of current and future events, for items such
        as the useful lives of capital assets and provisions for impairment in
        the value of assets. These estimates are made with appropriate consideration
        of the materiality of the amounts involved. The financial information
        presented elsewhere in the Annual Report is consistent with that in the
        consolidated financial statements.
      Management is also
        responsible for maintaining a comprehensive system of internal controls
        and budgeting procedures which are designed to provide reasonable assurance
        that assets are safeguarded, transactions are executed and recorded in
        accordance with managements authorization, and relevant and reliable
        financial information is produced. To augment the internal control system,
        the Corporation maintains a program of internal audits covering significant
        aspects of the operations. In addition the Corporations Management
        Committee, area management teams and the individual hotels Planning
        Committees regularly monitor current financial information of the hotels
        under management, including operating forecasts based on current operating
        conditions.
      Management oversight
        occurs within the context of the ethical framework established in the
        Corporations mission statement, which combined with a strong compliance
        process helps to ensure the integrity of the Corporations financial
        reporting systems and compliance with the law.
      We, as FSHIs
        Chief Executive Officer and Chief Financial Officer, will be certifying
        FSHIs annual disclosure document filed with the Securities and
        Exchange Commission in the United States as required by the new Sarbanes-Oxley
        Act.
      FSHIs Board
        of Directors is responsible for reviewing and approving the financial
        information contained in the Annual Report, and overseeing managements
        responsibilities for the preparation and presentation of financial information,
        maintenance of appropriate internal controls, and management and control
        of major risk areas. The Board carries out these responsibilities principally
        through its Audit Committee, which is comprised of non-management directors.
      FSHIs Audit
        Committee is appointed by the Board of Directors annually. The Committee
        meets with the independent auditors (who have access to the Audit Committee,
        independent of management) and with management, to satisfy itself that
        each group is properly discharging its responsibilities, and to review
        the quarterly and annual consolidated financial statements, the independent
        auditors report and other financial information appearing in the
        Corporations annual and quarterly reports. The Audit Committee
        reports its findings to the Board of Directors for its consideration in
        approving the consolidated financial statements for issuance to the shareholders.
      KPMG LLP, the independent
        auditors appointed by the shareholders of the Corporation, have examined
        the consolidated financial statements in accordance with Canadian generally
        accepted auditing standards.
|/s/
        Isadore Sharp
      Isadore
        Sharp*Founder, Chairman and
          Chief Executive Officer*
      *February 26, 2003*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

|**Auditors' Report to
        the Shareholders**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|We have audited the
        consolidated balance sheets of Four Seasons Hotels Inc. as at December
        31, 2002 and 2001 and the consolidated statements of operations, retained
        earnings, cash provided by operations and cash flows for the years then
        ended. These financial statements are the responsibility of the Corporations
        management. Our responsibility is to express an opinion on these financial
        statements based on our audits.
      We conducted our audits
        in accordance with Canadian generally accepted auditing standards. Those
        standards require that we plan and perform an audit to obtain reasonable
        assurance whether the financial statements are free of material misstatement.
        An audit includes examining, on a test basis, evidence supporting the
        amounts and disclosures in the financial statements. An audit also includes
        assessing the accounting principles used and significant estimates made
        by management, as well as evaluating the overall financial statement presentation.
      In our opinion, these
        consolidated financial statements present fairly, in all material respects,
        the financial position of the Corporation as at December 31, 2002 and
        2001 and the results of its operations and its cash flows for the years
        then ended in accordance with Canadian generally accepted accounting principles.
|*Toronto,
          Canada 
          February 26, 2003*****                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

|**Consolidated Statements of Operations**
|-----------------------------------------
|                                         
|                                         

|**Consolidated
          Balance Sheets**                      
|---------------------------------------------------------------
|On behalf of
        the Board:                                
|/s/
        Isadore Sharp****
        Isadore Sharp*Director***
|                                                               

|**Consolidated
        Statements of Retained Earnings**
|--------------------------------------------------------
|                                                        
|                                                        

|**Consolidated
        Statements of Cash Provided by Operations**
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|**Consolidated
        Statements of Cash Flows**
|-------------------------------------------------
|                                                 
|                                                 

|**Notes to Consolidated
        Financial Statements**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     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|Years ended December
        31, 2002 and 2001
        (In thousands of dollars except per share amounts)
      Four Seasons Hotels
        Inc. (FSHI) is incorporated under the Business Corporations
        Act of the Province of Ontario and, through its subsidiaries, is engaged
        in the management of, and the investment in, hotels, resorts, residence
        clubs (interval and fractional ownership projects) and other branded residential
        projects throughout the world (note 16) (FSHI and its subsidiaries are
        collectively referred to as the Corporation).
      At December 31, 2002,
        the Corporation managed 57 hotels and resorts and two residence clubs
        and had various projects under construction or development, of which the
        Corporation had an equity interest in 10 hotels and resorts and two residence
        clubs under management and six projects under construction.
      **1. Significant
        accounting policies:**
      The Corporations
        accounting policies and its standards of financial disclosure comply with
        accounting principles that are generally accepted in Canada. The major
        differences between Canadian and United States generally accepted accounting
        principles, insofar as they apply to the Corporation, are described in
        note 17.
      The significant accounting
        policies are summarized below:
      **(a)
        Principles of consolidation:**The
        Corporation consolidates all of its wholly owned subsidiaries, including
        its primary operating subsidiaries – Four Seasons Hotels Limited,
        Four Seasons Hotels and Resorts Asia Pacific Pte Ltd. and Four Seasons
        Hotels and Resorts B.V.
      The Corporation consolidates
        its 100% leasehold interests in Four Seasons Hotel Vancouver, The Pierre
        in New York and Four Seasons Hotel Berlin.
      **(b)
        Accounting for investments in hotel partnerships and corporations:**The
        Corporation accounts for its investments in hotel partnerships and corporations
        by the cost method because either the percentage ownership and structure
        does not give the Corporation significant influence over these investments
        or the investments were acquired with the intention that they be disposed
        of in the foreseeable future.
      In the event of a
        decline in value of an investment in the equity of a hotel partnership
        or corporation that is other than temporary, the investment is written
        down to the estimated recoverable amount.
      **(c)
        Revenue recognition:**The
        consolidated revenues of the Corporation include revenues earned from
        hotels, resorts, residence clubs and other branded residential projects
        under long-term management contracts, revenues generated by its consolidated
        leasehold hotel operations and distributions from its minority hotel investments.
      Revenues earned from
        management operations include base fees equal to a percentage of the gross
        operating revenues of the managed properties and incentive fees based
        on certain operating results of the managed properties. The revenues also
        include fees earned relating to the design, construction and fitting out
        specifications of hotels during the development stage and purchasing fees
        earned, generally calculated as a percentage of the cost of goods purchased
        by the managed properties through the Corporations centralized
        purchasing system. The Corporation provides central reservation services,
        worldwide sales offices, marketing programs and advertising services to
        managed properties and receives a fee calculated in accordance with the
        management contracts. The Corporation also earns a fee for the use of
        its brand name in connection with certain residential projects and residence
        club properties, and for services provided in the oversight of the sales
        and marketing of the residential projects and residence club units, which
        is generally based on a percentage of the gross selling price of each
        unit.
      Fees from management
        operations are recognized as revenue when the services have been rendered
        in accordance with the terms of each individual contract, the fees are
        non-refundable, the amount of the fees is fixed or determinable, and there
        is reasonable assurance that the fees are collectible. Incentive fees
        are accrued as earned based on the profitability of the managed property,
        subject to the terms of each individual contract. The Corporation accrues
        incentive fees in interim consolidated financial statements based upon
        the amount that would be due under the incentive fee formula as if the
        relevant management contract was terminated at the relevant reporting
        date. Generally, on termination, the Corporations management contracts
        entitle the Corporation to receive incentive fees earned up to the date
        of termination. If a propertys profitability decreases in a subsequent
        interim period, the incentive fee accrued in a previous interim period
        could be reduced or eliminated.
      Revenues generated
        by its consolidated leasehold hotel operations are recognized at the time
        of the sale or rendering of services by the hotel.
      The Corporation recognizes
        revenue from minority hotel investments, accounted for by the cost method,
        when profit distributions are receivable from the partnerships or corporations.
      **(d)
        Income taxes:**The
        Corporation uses the liability method of accounting for future income
        taxes. Under the liability method, future income tax assets and liabilities
        are determined based on temporary differences (differences
        between the accounting basis and the tax basis of the assets and liabilities),
        and are measured using the currently enacted, or substantively enacted,
        tax rates and laws expected to apply when these differences reverse. A
        valuation allowance is recorded against any future income tax asset if
        it is more likely than not that the asset will not be realized. Income
        tax expense or benefit is the sum of the Corporations provision
        for current income taxes and the difference between the opening and ending
        balances of the future income tax assets and liabilities.
      **(e)
        Translation of foreign currencies and derivative financial instruments:**Foreign
        currency balances of the Corporation and of foreign operations designated
        as integrated are translated into domestic currencies at the rates of
        exchange on the balance sheet date for monetary items and at the rates
        of exchange on the date of transaction for non-monetary items. Effective
        January 1, 2002, the resulting translation gains or losses are included
        in the determination of net earnings (note 1(l)(ii)).
      Revenues and expenses
        denominated in foreign currencies are translated at the rates of exchange
        on the dates of the transactions, except for revenues hedged by foreign
        exchange forward contracts, which are translated at the contract rates,
        as discussed below.
      The financial statements
        of foreign investments designated as self-sustaining operations are translated
        into Canadian dollars as follows:
      (i)  Assets
          and liabilities at rates of exchange on the balance sheet date; and
          (ii) Revenue and expense items at average rates of exchange in effect
          during the year.
      The resulting exchange
        gains and losses are deferred and included in a separate component of
        shareholders equity. A gain or loss equivalent to a proportionate
        amount of the exchange gains and losses accumulated in the separate component
        of shareholders equity is recognized in income when there has been
        a reduction in the net investment resulting from a sale of part or all
        of the Corporations interest in the foreign operation, or a reduction
        in the shareholders equity of the foreign operation as a result
        of dividend distributions or other capital transactions.
      Derivative financial
        instruments are used by the Corporation in the management of its foreign
        currency exposures. The Corporation does not use derivative financial
        instruments for trading or speculative purposes.
      The Corporation documents
        all relationships between hedging instruments and hedged items, as well
        as its risk management objective and strategy for undertaking various
        hedge transactions. This process includes linking all derivatives to specific
        assets and liabilities on the balance sheet or to specific firm commitments
        or forecasted transactions. The Corporation also assesses, both at the
        hedges inception and on an ongoing basis, whether the derivatives
        that are used in hedging transactions are highly effective in offsetting
        changes in fair values or cash flows of hedged items.
      The Corporation enters
        into hedges of its foreign currency exposures on foreign currency denominated
        long-term receivables and other monetary assets by entering into offsetting
        foreign exchange contracts, when it is deemed appropriate. Foreign exchange
        translation gains and losses on foreign currency denominated derivative
        financial instruments used to hedge foreign currency long-term receivables
        and other monetary assets are accrued under other current or non-current
        assets or liabilities on the balance sheet and recognized currently in
        Other income (expense), net, offsetting the respective translation
        losses and gains recognized on the underlying foreign currency long-term
        receivables and other monetary assets. The forward premium or discount
        on foreign exchange forward contracts used to hedge foreign currency long-term
        receivables and other monetary assets is amortized as an adjustment of
        interest expense over the term of the forward contract.
      Foreign exchange translation
        gains and losses on foreign currency denominated derivative financial
        instruments used to hedge anticipated foreign currency denominated revenues
        are recognized as an adjustment of the revenues when the revenues are
        recorded. For foreign exchange forward contracts used to hedge anticipated
        foreign currency denominated revenues, the portion of the forward premium
        or discount on the contract relating to the period prior to recognition
        of the revenues is also recognized as an adjustment of the revenues when
        they are recorded. The portion of the premium or discount that relates
        to the resulting accounts receivable is amortized as an adjustment of
        interest expense over the remaining term of the contract.
      Realized and unrealized
        gains or losses associated with derivative instruments, which have been
        terminated or cease to be effective prior to maturity, are deferred under
        other current or non-current assets or liabilities on the balance sheet
        and recognized in income in the period in which the underlying hedged
        transaction is recognized. In the event a designated hedged item is sold,
        extinguished or matures prior to the termination of the related derivative
        instrument, any realized or unrealized gain or loss on such derivative
        instrument is recognized in income.
      **(f)
        Capital assets:**Land,
        buildings, furniture, fixtures, equipment and leasehold interests and
        improvements are recorded at cost.
      The cost of acquiring
        or enhancing hotel management contracts is capitalized and recorded as
        Investment in management contracts.
      The cost of trademarks
        and trade names includes the cost of registering the Four Seasons
        trademarks and trade names throughout the world.
      **(g)
        Depreciation and amortization of capital assets:**Depreciation
        of buildings is recorded on a straight-line basis over 40 years.
      Depreciation of furniture,
        fixtures and equipment is recorded on a straight-line basis at rates which
        will fully depreciate the assets over their estimated useful lives. The
        estimated composite useful lives for furniture, fixtures and equipment
        range from three to 20 years.
      Amortization of leasehold
        interests and improvements is recorded on a straight-line basis over the
        terms of the leases.
      The costs allocated
        to trademarks and trade names, which as at December 31, 2002 do not have
        indefinite lives, are amortized on a straight-line basis over their useful
        lives (note 1(l)(i)).
      Effective January
        1, 2002, the costs capitalized for hotel management contracts are amortized
        on a straight-line basis over the actual terms of the contracts in proportion
        to the benefits received (note 1(l)(i)).
      The recoverability
        of the unamortized cost of hotel management contracts is evaluated on
        at least an annual basis to determine whether such costs will be recovered
        from future operations. The Corporation bases these evaluations upon the
        projected future net fee stream on an undiscounted basis. If the undiscounted
        net fee streams are insufficient to recover the remaining net book value,
        then the undiscounted net fee stream is used as the revised carrying value,
        and a write-down for the difference is recorded. Events that cause impairment
        to individual hotel management contracts, such as termination or sale,
        result in write-offs as the events occur.
      **(h)
        Deferred charges:**The
        Corporation defers legal, consulting, travel and other costs directly
        relating to the negotiation, structuring and execution of new contracts
        relating to projects which, in managements judgment, have a high
        probability of opening. When the property is opened, these deferred charges
        are reclassified to Investment in management contracts.
        If the project is abandoned, any deferred charges are written off. The
        deferred charges associated with new management contracts developed by
        the Corporation are amortized on a straight-line basis over a 10-year
        period commencing when the hotel is opened.
      **(i)
        Cash and cash equivalents:**The
        Corporations investments in cash and cash equivalents are highly
        liquid, with maturities of less than 90 days. These investments include
        bank deposits, guaranteed investment certificates and money market funds
        held with major financial institutions.
      **(j)
        Use of estimates:**The
        preparation of financial statements in conformity with generally accepted
        accounting principles requires management to make estimates and assumptions
        that affect the reported amounts of assets and liabilities and disclosure
        of contingent assets and liabilities at the date of the financial statements
        and the reported amounts of revenues and expenses during the year. Actual
        results could differ from those estimates.
      The most significant
        estimates that the Corporation is required to make relate to the recoverability
        of its investments in (i) long-term receivables, (ii) hotel partnerships
        and corporations, (iii) management contracts, and (iv) trademarks and
        trade names.
      The estimated recoverable
        amounts of these investments usually depend upon estimates of the profitability
        of the related managed hotels, which, in turn, depend upon assumptions
        regarding future conditions in the general or local hospitality industry,
        including the duration and severity of the current economic slowdown,
        the pace of the lodging industrys recovery from the terrorist attacks
        of September 11, 2001 and subsequent terrorist attacks and threats around
        the world and the uncertainty concerning the potential for similar events,
        threats of war, competition from other hotels, changes in travel patterns,
        and other factors that affect the hotels gross operating revenue
        (which is the factor on which the Corporations base management
        fee revenues are normally based) and profits (which is the factor on which
        the Corporations incentive fee revenues are normally based).
      The estimates of recoverable
        amounts of these investments may also depend upon, among other things,
        assumptions regarding local real estate market conditions, property and
        income taxes, interest rates and the availability, cost and terms of financing,
        the impact of present or future legislation or regulation, debt incurred
        by the hotels that rank ahead of the Corporation and other factors affecting
        the profitability and saleability of the hotels.
      These assumptions
        are limited by the availability of reliable comparable data, ongoing geopolitical
        concerns and the uncertainty of predictions concerning future events.
        Accordingly, by their nature, estimates of recoverable amounts are subjective
        and do not necessarily result in precise determinations. Should the underlying
        assumptions change, the estimated recoverable amounts could change by
        a material amount.
      **(k)
        Stock options:**The
        Corporation has a stock option plan (note 11(a)). No compensation expense
        is recognized when options are issued to employees. Any consideration
        paid to the Corporation on exercise of options is credited to capital
        stock (note 1(l)(iii)). If options are repurchased by the Corporation,
        the consideration paid is charged to retained earnings.
      **(l)
        Change in accounting policy:**
      **(i) Intangible
          assets:**
          Effective January 1, 2002, the Corporation adopted the new accounting
          standard for goodwill and other intangible assets as established by
          The Canadian Institute of Chartered Accountants (CICA)
          without restatement of prior periods. Intangible assets with indefinite
          useful lives are no longer amortized but are subject to impairment tests
          on at least an annual basis. Potential impairment of an intangible asset
          is determined by comparing the assets carrying value to its fair
          value. Any loss resulting from impairment tests effective January 1,
          2002 must be recognized as a charge to opening retained earnings. Impairment
          arising subsequent to January 1, 2002 will be recognized as a charge
          to income. Intangible assets which do not have indefinite lives are
          amortized over their useful lives. These intangible assets are subject
          to an impairment test comparing carrying values to net recoverable amounts.
        During the first
          quarter of 2002, in accordance with the new accounting standard, the
          Corporation completed its review of its existing intangible assets.
          That review determined that its investment in the rights to the Regent
          trade name, which was transferred to Carlson Hospitality Worldwide (Carlson)
          in 1997 in exchange for the entitlement to receive payments from Carlson
          based on a percentage of gross royalty revenue of new development projects,
          was the only intangible asset with an indefinite useful life. As required
          by the new standard, the Corporation tested this intangible asset for
          impairment as at January 1, 2002 under the new fair value-based impairment
          methodology and determined that its fair value was less than its carrying
          value. As a result, the Corporation recorded during the first quarter
          of 2002 a decrease to retained earnings of $26,366, a decrease to investment
          in trademarks and trade names of $27,042 and an increase to future income
          tax assets of $676.
        The Corporation
          subsequently entered into a revised agreement with Carlson in 2002,
          which exchanged the Corporations entitlement to receive payments
          from Carlson based on a percentage of gross royalty revenue of new development
          projects, for fixed payments over a 30-year term. Accordingly, this
          intangible asset is being amortized on a straight-line basis over 30
          years.
        The Corporations
          other intangible assets are being amortized over their estimated useful
          lives. Prior to 2002, the Corporation amortized its investment in management
          contracts on a straight-line basis over the terms of the contracts to
          a maximum of 40 years. Effective January 1, 2002, as required under
          the new accounting standard, the Corporation amortizes its investment
          in management contracts over the actual term of the contracts in proportion
          to the benefits received.
        For the year ended
          December 31, 2001, had the adjusted value of the Regent trade name transferred
          to Carlson been amortized over 30 years and had the amortization of
          investment in management contracts been adjusted for the change in estimated
          useful lives, the reported net earnings, basic earnings per share and
          diluted earnings per share of the Corporation would have been adjusted
          as follows: ****
        **(ii) Foreign
          currency translation and hedging relationships:**Effective
          January 1, 2002, the CICA amended the accounting standard for foreign
          currency translation by eliminating the requirement to defer and amortize
          unrealized translation gains and losses on long-term foreign currency
          denominated monetary items with a fixed or determinable life. Due to
          the hedging relationships established by the Corporation during 2001,
          the adoption by the Corporation of the amendment to the standard on
          accounting for foreign currency translation did not have an impact on
          the Corporation for the year ended December 31, 2002.
        **(iii) Stock-based
          compensation and other stock-based payments:**Effective
          January 1, 2002, the CICA issued a new standard relating to the accounting
          for stock-based compensation and other stock-based payments. The new
          accounting standard requires the use of a fair value-based method to
          account for stock-based payments to non-employees and for employee awards
          that are direct awards of stock, cash or other assets, or are stock
          appreciation rights that call for settlement by the issuance of equity
          instruments, granted on or after January 1, 2002.
        As permitted by
          the new standard, the Corporation opted to continue to use its existing
          policy under which no compensation expense is recorded on the grant
          of stock options to employees to purchase Limited Voting Shares. Consideration
          paid by employees on the exercise of stock options or the purchase of
          shares is recorded as capital stock. The new accounting standard does,
          however, require additional disclosures for options granted to employees,
          including disclosure of pro forma earnings and pro forma earnings per
          share as if the fair value-based accounting method had been used to
          account for employee stock options.
        Accordingly, the
          compensation element of stock options issued by the Corporation during
          2002, based on the fair value of the options on the date of grant, has
          been estimated using a Black-Scholes option pricing model with the following
          assumptions: risk-free interest rates ranging from 4.01% to 5.20%; semi-annual
          dividend per Limited Voting Share of $0.055; volatility factors of the
          expected market price of the Corporations Limited Voting Shares
          ranging from 47% to 50%; and expected lives of the options ranging between
          four and seven years, depending on the level of the employee who was
          granted stock options. For the options granted in 2002, the weighted
          average fair value of the options at the grant dates was $33.76. For
          purposes of pro forma disclosures, the estimated fair value of the options
          is amortized to compensation expense over the options vesting
          period, which ranges from one to five years.
        For the year ended
          December 31, 2002, had compensation expense for the Corporations
          stock-based compensation plan been determined based on the fair value
          at the grant dates for stock options issued in 2002 under the plan,
          the Corporations net earnings, basic earnings per share and diluted
          earnings per share would have been reduced to the pro forma amounts
          indicated below:
        
        In calculating pro
          forma net earnings and pro forma basic and diluted earnings per share,
          only stock options granted after December 31, 2001 (options to purchase
          511,000 Limited Voting Shares granted at a weighted average exercise
          price of $65.93 (note 11(a))) were included in the fair value-based
          accounting method. All of the stock options granted during 2002 had
          an exercise price greater than the market price per share of the Corporations
          Limited Voting Shares of $44.40 as at December 31, 2002.
      **2. Asset impairment
        charges and legal and other enforcement costs:(a) Four Seasons Hotel Caracas:**Included
        in Other income (expense), net for the year ended December
        31, 2002 is an asset impairment charge of $16,409 relating to the Corporations
        investment in Four Seasons Hotel Caracas, effectively reducing the book
        value of its investment in the hotel to nil at December 31, 2002. This
        charge includes expenses related to legal and other enforcement costs
        incurred to December 31, 2002. The Corporation is in a dispute with the
        owner of the hotel regarding a variety of matters relating to the completion
        and ongoing operation of the hotel, including the default on a US$5,000
        loan owed to the Corporation that is secured by a second mortgage and
        that is registered against the hotel. Formal notice of the default has
        been given to the owner. The dispute has been referred to arbitration
        and the arbitration proceedings have commenced.
      Due to the ongoing
        financial difficulties of the owner of the hotel and the resulting working
        capital deficiencies at the hotel, Four Seasons Hotel Caracas has been
        closed and is expected to remain closed until the dispute is resolved
        and the hotels debt and working capital arrangements can be restructured
        to provide sufficient funds to allow the hotel to operate on the basis
        specified in the Corporations management agreement. The Corporation
        does not anticipate a reopening in the near term while the necessary reorganization
        of the capital structure of the hotel remains outstanding.
      The asset impairment
        charge was required as a result of the inability to achieve a timely resolution
        of the dispute with the owner and the necessary reorganization of the
        capital structure of the hotel and the resulting indefinite closure of
        the property. The Corporation intends to continue to pursue all available
        remedies with the objective of protecting its management rights and its
        loan and allowing the hotel to resume operations under the Corporations
        management on a sound financial basis.
      **(b)
        Four Seasons Hotel Sydney:**Other
        income (expense), net for the year ended December 31, 2002 also
        included an asset impairment charge of $7,000 relating to the Corporations
        long-term receivable from Four Seasons Hotel Sydney. The charge resulted
        from a lack of improvement in both domestic and international tourism
        in Australia, reduced expectations for operating results for Four Seasons
        Hotel Sydney, and an independent appraisal received in 2002 which confirmed
        that conditions had deteriorated such that the Corporation is not expected
        to fully recover its long-term receivable from the hotel.
      **(c)
        Four Seasons hotel in Seattle:**During
        2002, the owner of the Four Seasons hotel in Seattle began marketing the
        hotel for sale and provided the Corporation with notice of termination
        of its management agreement in connection with the proposed sale. The
        Corporation strongly disagrees with the owners assertion that it
        is entitled to sell the hotel free of the Corporations management
        agreement. The owner has commenced arbitration proceedings on the matter.
        Those proceedings are ongoing, and a hearing date has been scheduled for
        the second quarter of 2003. The Corporation has incurred $1,682 in legal
        and other enforcement costs in 2002 in connection with this issue, which
        is recorded in Other income (expense), net.
      **3. Receivables:**
      ****
      Receivables at December
        31, 2002 are recorded net of an allowance for doubtful accounts of $6,956
        (2001 – $5,438). The net bad debt expense for the year ended December
        31, 2002 was $1,731 (2001 – $1,354).
      **4. Long-term
        receivables:**
      
      **(a)**
        The cash flow bond is due from an affiliate of Kingdom Investments Inc.
        (Kingdom), which is a significant shareholder of FSHI. Principal
        and interest on the bond are payable annually every March out of 50% of
        the available cash flow (as defined in the bond indenture) from Four Seasons
        Hotel London. The bond is secured by the affiliates investment
        in the hotel. During 2002, principal repayment of £0.2 million (2001
        – £0.2 million) was received by the Corporation.
      **(b)**
        The loan is due from an affiliate of Kingdom. Principal and interest on
        the loan are payable annually every March out of the other 50% of the
        available cash flow from Four Seasons Hotel London. The loan is secured
        by the affiliates additional indirect interest in the hotel.
      **(c)**The Corporation has fully provided for its US$5,000 loan, which was repayable
        over the period to 2004, and its non-interest bearing advances of US$1,776,
        both relating to Four Seasons Hotel Caracas. The provisions are included
        in the asset impairment charge of $16,409 taken in respect of the hotel
        in 2002 (note 2(a)).
      **(d)**
        As at December 31, 2002 and 2001, the amounts included a loan by the Corporation
        of US$5,000 to the owner of The Regent Jakarta which opened in late 1995.
        This loan is unsecured, non-interest bearing, and originally was convertible
        into a 5% equity interest in the hotel, subject to regulatory approval.
      The owner of the hotel
        has a bank loan which is secured by the hotel. The hotel owner stopped
        servicing the bank loan in 2000 and that loan was classified by the Indonesian
        Banking Restructuring Agency (IBRA) as non-performing. The
        IBRA acquired the loan from the bank in 2000. The hotel owner presented,
        and the IBRA accepted, a restructuring plan pursuant to which the Corporations
        unsecured loan is expected to be converted to an equity interest in the
        hotel owner, which is ultimately anticipated to be less than 2% of the
        outstanding equity. The Corporation has consented to the conversion subject
        to the satisfaction of certain conditions precedent. The Corporation has
        fully provided for its loan to the owner of the hotel as at December 31,
        2002 and 2001.
      Changes in the allowance
        for doubtful long-term receivables consist of:
      ****
      During 2002, the Corporation
        recovered $55 (2001 – $102) on amounts that had been written off
        in prior years. This recovery is recorded in Other income (expense),
        net.
      **5. Investments
        in hotel partnerships and corporations:**
      
      **(a)
        Investment in Four Seasons Hotel Shanghai:**The
        Corporation has approximately a 21.2% equity interest in Four Seasons
        Hotel Shanghai. The hotel opened in February 2002 and continues to operate
        without certain of its facilities, which are not yet completed. The Corporation
        intends to dispose of a portion or all of its investment in this hotel
        once the hotel is fully completed, its operations are stabilized and any
        remaining pre-opening and construction risk is eliminated.
      **(b)
        Investment in Four Seasons Residence Club Scottsdale:**The
        Corporation has approximately a 71% equity interest in Four Seasons Residence
        Club Scottsdale. The Corporation is in discussions with potential purchasers
        relating to the sale of a portion of the Corporations equity interest
        in the residence club which would reduce the Corporations equity
        interest to below 20%.
      **(c)
        Investment in Four Seasons Residence Club Punta Mita:**The
        Corporation has approximately a 30.8% equity interest in Four Seasons
        Residence Club Punta Mita. The residence club was under development as
        at December 31, 2002. The Corporation has signed a letter of intent for
        the disposition of a portion of its equity interest in the residence club
        project which would reduce the Corporations equity interest to
        below 20%.
      **(d)
        Sale of vacant land:**As
        at December 31, 2001, Properties under construction or development
        included the Corporations investment in vacant land in Toronto.
        In May 2002, the Corporation disposed of its interest in the vacant land
        for gross proceeds of $9,030. The net proceeds from the sale were $4,566,
        after deducting selling costs, and the Corporation realized a loss on
        sale of $1,409. This loss is included in Other income (expense),
        net.
      **(e)
        Sale of investments during 2001:**In
        August 2001, the Corporation sold its 25% ownership interest in the entity
        which leases The Regent Hong Kong for gross proceeds of HK$185,000 (approximately
        $36,400). The net proceeds from the sale, after deducting selling costs,
        were $33,512 and the Corporation realized a gain on sale of $23,985. The
        gain is included in Other income (expense), net. The management
        contract for the hotel expired on May 31, 2001.
      In July 2001, the
        Corporation completed the sale of its 67% ownership interest in Four Seasons
        Hotel Prague for gross proceeds of approximately $37,400. The net proceeds,
        after deducting selling costs, were $36,692 and the Corporation realized
        a gain on sale of $6,413. In connection with the sale of the hotel, the
        Corporation, in 2001, also reversed provisions of $4,676 previously recorded
        relating to this interest. The gain and reversal of provisions are included
        in Other income (expense), net. The Corporation continues
        to manage the hotel under a long-term management contract.
      In February 2001,
        the Corporation disposed of its 30.8% ownership interest in Four Seasons
        Resort Punta Mita for proceeds of $18,425, which approximated book value.
        The Corporation continues to manage the resort under a long-term management
        contract.
      **6. Fixed assets:**
      
      During 2002, the Corporation
        purchased land relating to the proposed project in Orlando for $17,642
        (including costs relating to the purchase) for the purpose of a future
        resort and residential development with an equity partner.
      Depreciation and amortization
        expense for fixed assets was $7,501 (2001 – $6,152). **7. Investment in management contracts:**
      ****
      Amortization expense
        for management contracts was $6,505 (2001 – $8,457) (note 1(l)(i)).
        **8. Investment in trademarks and trade names:**
      ****Amortization expense for trademarks and trade names was $767 (2001 –
        $1,565). **9. Income taxes:**
        The sources of earnings before provision for income taxes comprise the
        following:
      
      The change in future
        income tax assets relates to the reductions in Canadian federal and provincial
        income tax rates. The reductions are to be phased in over the next several
        years. As a result of this decrease in the income tax rates, the benefit
        of the Corporations future income tax assets is reduced. During
        2002, the phase-in period was deferred by one year. As a result of this
        deferral, the benefit of the Corporations future income tax assets
        was increased in 2002. The increase of $157 (2001 – decrease of
        $939) reflects the change in the benefit.
      Income tax expense
        varies from the amount computed by applying combined Canadian federal
        and provincial tax rates to earnings before income taxes as follows:
      
        The significant
          components of future income tax expense attributable to earnings before
          income taxes are as follows:
        The valuation allowance
          for the year ended December 31, 2002 was $3,004 (2001 – $2,167),
          an increase of $837 (2001 – decrease of $2,435 plus an additional
          decrease of $230 resulting from reduced future tax rates). The valuation
          allowance increased primarily as a result of potential limitations on
          the use of tax losses in a foreign jurisdiction. In order to fully realize
          the future income tax assets, the Corporation will need to generate
          future taxable income of approximately $125,000. Based upon projections
          of future taxable income over the periods in which the future income
          tax assets are deductible, management believes it is more likely than
          not that the Corporation will realize the benefits of these deductible
          differences, net of the existing valuation allowance. The amount of
          the future income tax assets considered realizable, however, could be
          reduced in the near term if estimated future taxable income during the
          carryforward period is reduced.
      Future income taxes
        arise from temporary differences in the basis of the Corporations
        assets and liabilities for tax and financial reporting purposes. Tax effects
        of these differences are as follows:
      
      At December 31, 2002,
        the Corporation had accumulated net operating losses carried forward of
        approximately $12,000 for tax purposes, which expire through 2008.
      **10. Long-term
        obligations:**
      **(a) Convertible notes:**During
        1999, FSHI issued US$655,519 principal amount at maturity (September 23,
        2029) of convertible notes for gross proceeds of US$172,500. The net proceeds
        of the issuance, after deducting offering expenses and underwriters
        commission, were approximately US$166,000. At any time on or before the
        maturity date, unless the notes have previously been redeemed or purchased,
        holders may require FSHI to convert the notes (each one thousand US dollar
        principal) into 5.284 Limited Voting Shares of FSHI. FSHI has the right
        to acquire the notes that a holder has required to be converted for cash
        equal to the fair value of the Limited Voting Shares. The conversion rate
        may be adjusted for certain reasons, but will not be adjusted for accrued
        interest.
      Holders also have
        the right to require FSHI to purchase all or a portion of their notes
        on September 23, 2004, September 23, 2009 and September 23, 2014 in consideration
        for Limited Voting Shares of FSHI having a fair value equal to the issue
        price plus accrued interest to the date of purchase. FSHI has the right
        to acquire for cash all or a portion of the notes that a holder has required
        to be so purchased. In addition, upon a change in control of FSHI occurring
        on or before September 23, 2004,
      FSHI will be required
        to offer to purchase all the notes for cash at the issue price plus accrued
        interest to the date of purchase. FSHI may redeem all or a portion of
        the notes at any time on or after September 23, 2004 for cash at the issue
        price plus accrued interest to the date of purchase.
      In accordance with
        Canadian generally accepted accounting principles, the notes are bifurcated
        into a debt component (representing the present value of a zero coupon
        bond of US$655,519 maturing in 2029, yielding 9% per annum, compounding
        semi-annually) and an equity component (representing the value of the
        conversion feature of the notes). Accordingly, net proceeds were originally
        allocated $68,902 to long-term obligations and $178,574 to shareholders
        equity. The offering expenses and underwriters commission relating
        to the debt component of the notes of $2,549 are recorded in Other
        assets. The principal amount of the notes will increase as interest
        is compounded at 9% over the 30-year term of the note. During 2000, 115
        of the convertible notes were redeemed for cash. As at December 31, 2002
        and 2001, FSHI had 655,404 convertible notes outstanding.
      **(b)
        Unsecured debentures:**The
        unsecured debentures, with a face value of $100,000 and a maturity date
        of July 2, 2002, were redeemed by the Corporation during 2001 for $102,219,
        which resulted in an accounting loss in 2001 of $2,350. The debentures
        bore interest at 6%. The redemption was funded from the Corporations
        cash and cash equivalents.
      **(c)
        Bank credit facilities:**The
        Corporation has US$200,000 of committed bank credit facilities, of which
        US$100,000 expires in April 2003 and US$100,000 expires in July 2003.
        The Corporation is currently negotiating the extension of these facilities
        and expects that at least US$200,000 of credit facilities will be extended
        for another year. As at December 31, 2002 and 2001, no amounts were borrowed
        by the Corporation under these credit facilities. However, approximately
        US$35,200 of letters of credit were issued but undrawn as at December
        31, 2002. Borrowings under these credit facilities bear interest at LIBOR
        plus a spread ranging between 0.3% and 1%, depending upon certain criteria
        specified in the loan agreement.
      The bank credit facilities
        contain certain covenants which require the Corporation to maintain certain
        financial ratios. In addition, the bank credit facilities contain additional
        covenants which, in certain circumstances, restrict the Corporations
        ability to borrow funds ranking superior to these obligations and to undertake
        certain types of major transactions. The Corporation was in compliance
        with these covenants during 2002 and 2001. In addition, the bank credit
        facilities are callable in certain circumstances by the creditors on a
        change of control of FSHI.
      **(d)
        Interest income, net:**

|**11.
        Shareholders equity:****(a) Capital stock:**Authorized:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
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|3,982,172                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|Unlimited                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|Unlimited                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|Issued
        and fully paid:
      
      At the Special Meeting
        of Shareholders on December 19, 1989, the shareholders approved a Long-Term
        Incentive Plan, whereby the chief executive officer of FSHI was granted
        the right to receive a special payment on an arms-length sale of
        control of FSHI (the sale). The amount of the payment is
        determined with reference to the sale price and the trading price of LVS
        on The Toronto Stock Exchange in the period preceding the sale. The right
        to receive the payment may be transferred among members of the officers
        family, their holding companies and trusts.
      In 2001, the Corporation
        filed a notice of its intention to acquire a maximum of up to 1.5 million
        LVS at market prices through the facilities of The Toronto Stock Exchange
        and the New York Stock Exchange. During 2002, 337,600 LVS, having average
        issue proceeds of $3,512, were repurchased for aggregate consideration,
        including commissions, of $16,495. All of the shares repurchased were
        cancelled. The $12,983 excess of the aggregate repurchase price paid over
        the average issue price was allocated as follows: $148 to contributed
        surplus, representing the amount initially credited to contributed surplus
        relating to the class of shares repurchased, and the remaining $12,835
        to retained earnings. In 2002, a revised notice of intention was filed
        by the Corporation to acquire up to an aggregate of 5% of its issued and
        outstanding LVS over a 12-month period ending November 11, 2003.
      Under the Corporations
        stock option plan, eligible directors, executives and employees may be
        granted options to acquire LVS at a price which is not less than the weighted
        average price of board lots traded on The Toronto Stock Exchange in the
        five trading days preceding the date of grant. The options are not transferable,
        have a term of 10 years, and generally become exercisable in varying proportions
        on the first, second, third, fourth and fifth anniversaries of the date
        of grant. All such options become exercisable within specified periods
        in the event of retirement, termination other than for cause (including
        as a result of a change of control of FSHI), incapacity or death of the
        director, executive or employee.
      Changes in stock options
        for the years ended December 31, 2002 and 2001 were as follows:
      
      All the stock options
        granted in 2002 had an exercise price greater than the market price per
        share of the Corporations LVS of $44.40 as at December 31, 2002.
      Information relating
        to stock options outstanding at December 31, 2002 was as follows:
      
      No compensation expense
        is recorded by the Corporation on the grant of stock options. Consideration
        paid by employees on the exercise of stock options is recorded as capital
        stock (note 1(l)(iii)).
      **(b)
        Earnings per share:**Basic
        earnings per share is calculated by dividing net earnings by the weighted
        average number of VMVS and LVS outstanding during the period. Potentially
        issuable LVS are excluded from the calculation of basic earnings per share,
        but are included in the calculation of diluted earnings per share by application
        of the treasury stock method, which takes into account the
        dilution relating to LVS issuable under the Corporations stock
        option plan, and by application of the if-converted method,
        which takes into account the dilution relating to the conversion of the
        Corporations convertible notes. During 2002 and 2001, no convertible
        notes were redeemed by the issuance of LVS. FSHI has the option to acquire
        for cash rather than LVS any conversion or put right under the convertible
        note indenture (note 10(a)).
      A reconciliation of
        the net earnings and weighted average number of VMVS and LVS used to calculate
        basic earnings per share and diluted earnings per share is as follows:
      
        **(c)
          Equity adjustment from foreign currency translation:**The
          increase in the Equity adjustment from foreign currency translation
          during 2002 and 2001 was primarily caused by changes in the exchange
          rates used to translate the Corporations net investment in self-sustaining
          foreign operations. In 2001, this increase was partially offset by an
          amount transferred to foreign exchange gain relating to the reduction
          of the Corporations net investment in one of its Asian self-sustaining
          subsidiaries (note 12(b)).

|**12.
        Foreign exchange gain:**
      During 2002, the Corporation
        recorded a net foreign exchange gain of $5,036 (2001 – net foreign
        exchange gain of $44) which is included in Other income (expense),
        net. The primary components are as follows:
      **(a)**
        The foreign exchange gain in 2002 of $5,036 (2001 – foreign exchange
        loss of $1,321) related to the foreign currency translation gains and
        losses on unhedged net asset and liability positions, primarily in US
        dollars, euros, pounds sterling and Australian dollars, and foreign exchange
        gains and losses incurred by the Corporations foreign self-sustaining
        subsidiaries.
      **(b)**
        During 2001, the Corporation reduced its net investment in one of its
        Asian self-sustaining subsidiaries. The reduction was related to a capital
        restructuring, whereby the subsidiary repaid capital of approximately
        US$31,000 to the Corporation. A foreign exchange gain of $4,973, which
        is equivalent to the proportional amount (relating to the reduction in
        the net investment in the subsidiary) of the foreign exchange gain accumulated
        in Equity adjustment from foreign currency translation in
        shareholders equity, was recognized in income.
      **(c)**During
        2001, the Corporation redesignated the hedging associated with its US
        dollar forward contracts, which were originally intended to hedge its
        2002 US dollar revenues. These contracts were entered into during 2000
        and matured after December 31, 2001. Any foreign exchange losses, deferred
        prior to the redesignation of the hedge, relating to 2002 US dollar revenues,
        were deferred at December 31, 2001 and were recognized in 2002 as a reduction
        of revenues. The foreign exchange loss of $3,608 relating to the excess
        dollar amount of the US dollar contracts over the 2002 US dollar revenues
        was recognized as a charge against income in 2001.
      **13. Restructuring
        charge:**
      During 2002, the Corporation
        recorded a restructuring charge of $91 (2001 – $2,172) in connection
        with the realignment of certain corporate departments. The restructuring
        charge is included in Other income (expense), net.
      **14. Commitments
        and contingencies:****(a) Lease commitments:**The
        Corporation has entered into lease agreements for certain hotel properties
        and corporate offices for periods up to the year 2054. The lease terms
        may be extended by the Corporation under renewal options for periods up
        to the year 2069.
        Future minimum lease
          payments for The Pierre in New York, Four Seasons Hotel Vancouver and
          certain corporate offices (but exclusive of any contingent rentals,
          occupancy costs, and lease commitments relating to Four Seasons Hotel
          Berlin and Four Seasons Hotel London, which are discussed below), are
          as follows:
      The Corporation has
        provided a US$5,000 letter of credit to support its obligations under
        the lease at The Pierre in New York.
      The lease agreement
        for Four Seasons Hotel Berlin was transferred to the Corporation effective
        January 1, 1999. The lease is for an initial 20-year term with 10 five-year
        renewals at the Corporations option. The future minimum lease payments
        of approximately €92 million ($152,398) are to be paid out of the
        hotels operations. To the extent that the hotel is unable to pay
        these commitments, the Corporations obligation to fund any shortfall
        is limited to approximately €11 million. As at December 31, 2002,
        the remaining balance of this obligation was approximately €3 million.
        However, the landlord may terminate the lease if minimum rent is not paid.
        Future minimum lease payments of the hotel, exclusive of any contingency
        rentals and occupancy costs, are as follows:
      The Corporation is
        the tenant of the land and premises constituting Four Seasons Hotel London
        pursuant to the terms of a lease (the FS Lease) expiring
        on January 28, 2054. The leasehold interest of the Corporation in the
        hotel is a continuing obligation which survived the sale by the Corporation
        of its ownership interest in the hotel in 1995 to Kingdom. The Corporation
        has entered into a sublease of the hotel with the entity (the Sub-Tenant)
        on whose behalf the Corporation manages the hotel. The annual rent payable
        by the Corporation under the FS Lease is currently £3.8 million.
        The same amount of annual rent is payable by the Sub-Tenant to the Corporation
        pursuant to the sublease and is payable out of the operating accounts
        of the hotel. Indirectly, the Corporation now holds a 12.5% ownership
        interest in the Sub-Tenant, with the remaining ownership position held
        by an affiliate of Kingdom.
      Pursuant to the arrangements
        relating to the ownership of the Sub-Tenant, the Corporation would be
        required to fund its proportionate 12.5% share of any amounts required
        to ensure that the Sub-Tenant honoured all of the obligations necessary
        for the operation of the hotel, including the sublease payments, to the
        extent the majority shareholder (the Kingdom affiliate) makes payment
        of its proportionate share of such amounts. The Corporation has not been
        required either to make payment of any amount of rent under the FS Lease
        that has not first been paid to the Corporation under the sublease or
        to fund any amounts under the terms of the ownership arrangements relating
        to the Sub-Tenant. Historically, hotel operating cash flow has been more
        than sufficient to meet the rent obligation. In the event of a non-payment
        of rent under the sublease, the Corporation would be entitled to forfeit
        the sublease. The ongoing management of the hotel by the Corporation is
        subject to a non-disturbance agreement with the senior lender of the Sub-Tenant.
        Future minimum lease payments of the hotel, exclusive of any contingent
        rentals and occupancy costs, are as follows:
      **(b)
        Pension commitments:**The
        Corporation maintains a multi-employer non-contributory defined benefit
        pension plan (the Plan) on behalf of the Corporation and
        the owners of certain managed hotels. The Plan provides pension benefits
        for certain senior executives of the Corporation and hotel general managers,
        based on years and level of service and annual salary.
      Information relating
        to the Plan for the years ended December 31, 2002 and 2001 based on projections
        of employees compensation levels to the date of retirement were
        as follows:
      The accrued benefit
        liability is financed by life insurance policies on the lives of certain
        of the participants in the Plan. As at December 31, 2002, the Corporations
        share of the cash surrender value of the policies, which is included in
        Other assets, was $12,100 (2001 – $15,721). The Corporation
        recorded a loss relating to the decline in the market value of the cash
        surrender value of these policies in 2002 of $1,360, which is included
        in Other income (expense), net.
      **(c) Other commitments and contingencies:**
      (i) The Corporation
          estimates and accrues for the losses, if any, it is likely to incur
          relating to uninsured contingent liabilities, such as certain environmental
          matters, personal injury and property damage at owned or managed hotels,
          workers compensation claims, guarantees of third party debt,
          etc. In connection with certain of its projects under development and
          hotel management contracts, the Corporation has certain funding commitments.
          As at December 31, 2002, the Corporation had two letters of credit totalling
          approximately $20,200 securing its equity or loan commitments in respect
          of the projects currently under construction in Whistler and Hampshire.
          Accordingly, if the Corporation funds the equity or loan commitments
          for these two projects, the two letters of credit cannot be drawn upon.
          In addition, as at December 31, 2002, the Corporation had nine other
          commitments that could potentially represent a maximum funding of approximately
          $36,100 in 2003. Six of these commitments totalling approximately $16,600,
          which includes the guarantee of $384 (note 14(c)(v)), are for potential
          one-time fundings and three of these commitments totalling approximately
          $19,500, which includes the 2003 lease commitment of $9,652 relating
          to Four Seasons Hotel London (note 14(a)), are annual maximum commitments,
          which are expected to remain in place for at least the next five years.
          To the extent it is called upon to honour any one of these nine commitments,
          the Corporation generally has either the right to be repaid from hotel
          operations and/or has various forms of security or recourse to the owner
          of the property. The Corporation does not anticipate funding any amount
          pursuant to these nine commitments during 2003. The Corporations
          assessment of its potential liability for such matters could change
          as a result of, among other things, the risks and uncertainties discussed
          in note 1(j), with the result that the amounts noted above could change
          by a material amount.
          (ii) In the ordinary course of its business, the Corporation is named
          as a defendant in legal proceedings resulting from incidents taking
          place at hotels owned or managed by it. The Corporation maintains comprehensive
          liability insurance and also requires hotel owners to maintain adequate
          insurance coverage. The Corporation believes such coverage to be of
          a nature and amount sufficient to ensure that it is adequately protected
          from suffering any material financial loss as a result of such claims.
        (iii) A number of
          the Corporations management contracts are subject to certain
          performance tests which, if not met, could allow a contract to be terminated
          prior to its maturity. The Corporation generally has various rights
          to cure any such defaults to avoid termination. In addition, certain
          management contracts are terminable by the hotel owner on a defined
          change of control of FSHI.
        (iv) The Corporation
          is currently in dispute with the owner of Four Seasons Hotel Caracas
          (note 2(a)) and the owner of the Four Seasons hotel in Seattle (note
          2(c)) over a variety of matters.
        (v) The Corporation
          has guaranteed certain obligations of various directors, officers, and
          employees in the amount of $384, all of which were entered into prior
          to 2002.
      **15. Fair values
        of financial instruments:**
      The estimated fair
        value of a financial instrument is the amount at which the instrument
        could be exchanged in a current transaction between willing parties, other
        than a forced or liquidation sale. These estimates, although based on
        the relevant market information about the financial instrument, are subjective
        in nature and involve uncertainties and matters of significant judgment
        and, therefore, cannot be determined with precision. Changes in assumptions
        could significantly affect the estimates.
      As cash equivalents,
        current accounts receivable, current accounts payable and certain other
        short-term financial instruments are all short-term in nature, their carrying
        amounts approximate fair values.
      The fair values of
        the Corporations long-term obligations are estimated using discounted
        cash flow analysis, which is based on the Corporations current
        incremental borrowing rates for similar types of borrowing arrangements.
        The fair value of the Corporations convertible notes is based on
        market quotes obtained from one of the Corporations underwriters.
      Other financial instruments
        held by the Corporation include interest-bearing loans receivable due
        from owners of managed hotels (note 4). The Corporation does not have
        plans to sell these loans to third parties and will realize or settle
        them in the ordinary course of business. The fair values of these instruments
        cannot be reasonably estimated because no active and liquid market exists
        for these instruments, and a market rate of interest (for instruments
        having similar terms and characteristics) which is required to be used
        in estimation techniques, such as discounted cash flow analysis, cannot
        reasonably be determined due to the unusual terms of these instruments.
      The Corporation enters
        into foreign exchange forward contracts that oblige it to buy or sell
        specific amounts of foreign currencies at set future dates at predetermined
        exchange rates. Because a significant portion of the Corporations
        revenues is derived in foreign currencies (primarily US dollars) and expenditures
        incurred by the Corporation for its management operations are denominated
        primarily in Canadian dollars, the Corporation enters into such contracts
        to protect itself in the event of a strengthening Canadian currency. Management
        estimates future foreign currency cash flows on an ongoing basis, based
        on its projections of foreign currency-denominated management fees and
        other transactions. Management negotiates foreign exchange forward contracts
        in proportion to the magnitude and timing of these cash flows. As at December
        31, 2002, the Corporation had sold forward US$107,085 at a weighted average
        forward exchange rate of 1.60 (2001 – US$84,274 at a weighted average
        forward exchange rate of 1.47), under 49 forward contracts (2001 –
        14 forward contracts) maturing over a 24-month period.
      As at December 31,
        2001, the Corporation had sold forward £15.4 million at a forward
        exchange rate of 2.13, under one forward contract which matured on March
        28, 2002. There were no pound sterling contracts outstanding as at December
        31, 2002.
      The fair value of
        foreign exchange forward contracts is estimated from quotes obtained from
        the Corporations counterparties for the same or similar financial
        instruments.
      The fair values of
        financial instruments are as follows:
      **(a)**
        The carrying amount of the convertible notes includes the amounts allocated
        to both long-term obligations and shareholders equity. It excludes,
        however, the offering expenses and underwriters commission related
        to the shareholders equity component of the notes of $6,861, which
        are recorded in Shareholders equity.
      **16. Segmented
        information:**
      The Corporation has
        two distinct operating segments: management operations and ownership operations.
        Under its management operations segment, the Corporation generally supervises
        all aspects of hotel operations on behalf of the hotel owners, including
        hotel sales and marketing, hotel reservations, hotel accounting, purchasing,
        budgeting and the hiring, training and supervising of staff. For providing
        these services, the Corporation typically receives a base fee calculated
        as a percentage of gross revenues of the hotel. In addition, the Corporation
        may receive incentive fees based on the operating performance of the hotels.
        Generally, the hotels owners, and not the Corporation, fund substantially
        all capital expenditures and working capital of the hotels, including
        all employment and operating costs. This segment also includes the licensing
        and managing of residential projects and residence clubs. The Corporation
        is entitled to receive a fee for the use of its brand name in connection
        with these projects, and for services provided in the oversight of the
        sales and marketing of the residential projects and residence club units.
        In addition, the Corporation receives a fee from the owners of the residential
        projects and residence club units for services provided in the ongoing
        management of these units.
      Under its ownership
        operations segment, the Corporation had an equity interest in 10 hotels
        and resorts and two residence clubs under management and six projects
        under construction as at December 31, 2002. Earnings are primarily derived
        from the consolidation of its wholly owned interests in three hotels and
        distributions from its other equity interests. Generally, the ownership
        operations segment is subject to greater economic fluctuations than the
        management operations segment. Ownership earnings can be materially affected
        by, among other things, changes in travel patterns, local wage rate factors,
        the level of capital spending that is required to appropriately maintain
        and renew the hotels, volatility of construction costs, the availability
        of hotel financing and changes in interest rates. The Corporation structures
        its ownership interests separately from its management interests so as
        to enable the Corporation to dispose of ownership interests as sale opportunities
        arise, without affecting its management interests.
      **(a)
        Consolidated revenues:**Revenues have
        been allocated to specific geographic segments based on the location of
        each hotel or resort.
      ******(b) Total assets:**
      **17. Reconciliation
        to United States GAAP:**
      The consolidated financial
        statements of the Corporation for the years ended December 31, 2002 and
        2001 have been prepared in accordance with generally accepted accounting
        principles as applied in Canada (Canadian GAAP). In the
        following respects, generally accepted accounting principles as applied
        in the United States (US GAAP) differ from those applied
        in Canada.
      If US GAAP were employed,
        net earnings would be adjusted as follows:
      The impact of the
          US GAAP differences discussed above on the Corporations consolidated
          shareholders equity is as follows:******(a)
        Investments in hotel partnerships, ventures and corporations:**The
        Corporation has minority interests (generally less than 20%) in certain
        hotel partnerships and ventures which, under Canadian GAAP, the Corporation
        accounts for on a cost basis (note 1(b)).
      Under US GAAP (AICPA
        Statement of Position 78-9, Accounting for Investments in Real
        Estate Ventures), the Corporation is required to account for its
        investments in these hotel partnerships and ventures using the equity
        method of accounting, pursuant to which the Corporation records in income
        its proportionate share of the investees net earnings or loss.
      Under Canadian GAAP,
        the Corporation accounts for its investments in hotel partnerships and
        corporations, which were acquired with the intention that they be disposed
        of in the foreseeable future, by the cost method, irrespective of its
        percentage ownership interest (note 1(b)).
      Under US GAAP, effective
        January 1, 2002, the Corporation accounts for these temporary investments
        based on its percentage ownership interest for each investment, as Statement
        of Financial Accounting Standards No. 144 eliminated the exception to
        consolidate a temporary controlled subsidiary (note 17(h)(i)).
      **(b)
        Hotel disposition program:**In
        November 1993, the Corporation implemented a program to dispose of seven
        hotel properties. Under Canadian GAAP, this hotel disposition program
        represented the disposition of a significant portion of the Corporations
        Ownership Operations segment; accordingly, in both 1993 and 1994, the
        Corporation made an estimate as to whether it would realize a net gain
        or loss on the program in total. As a result, in 1993, the Corporation
        recorded a provision of $127,000 for the estimated probable loss on the
        sale of the hotels included in the hotel disposition program. The program
        ended in 1996, and the total net proceeds received by the Corporation,
        resulting from the dispositions of the hotels included in the program,
        approximated the proceeds estimated in 1993; therefore, the program required
        no further gain or loss to be recorded.
      Under US GAAP, the
        Corporation was required to account for the hotels remaining in the program
        as individual assets held for sale. This resulted in the requirement under
        US GAAP to record, in 1994, a further provision for loss on certain of
        the hotels remaining in the program, with the offsetting gains on other
        hotels recorded when the gains were realized. On the sale by the Corporation
        of its equity interest in one of its hotels in 1995, $27,813 of the gain
        was deferred for US GAAP purposes, and will be recognized in proportion
        to the cash payments received on the cash flow bond received as consideration
        on the sale (note 4(a)). The Corporation recognized $552 of the deferred
        gain in 2002 (2001 – $475). As at December 31, 2002, $21,345 of
        the gain continues to be deferred.
      **(c)
        Accounting for future income taxes:**The
        only significant difference between US and Canadian GAAP relates to the
        treatment of proposed changes in income tax rates. Under Canadian GAAP,
        future income tax assets and liabilities are measured using the currently
        enacted, or substantively enacted, tax rates and laws expected to apply
        when the differences between the accounting basis and tax basis of assets
        and liabilities reverse. Under US GAAP, future income tax assets and liabilities
        are measured using only currently enacted tax rates and laws. As at December
        31, 2002 and 2001, this US GAAP difference was eliminated as all proposed
        reductions introduced in prior years were passed into law during 2001.
      The remaining income
        tax adjustment from Canadian to US GAAP results from the differences between
        US and Canadian GAAP in calculating earnings before income taxes.
      **(d)
        Convertible notes:**During
        1999, FSHI issued US$655,519 principal amount at maturity (September 23,
        2029) of convertible notes for gross proceeds of US$172,500 (note 10(a)).
        Under Canadian GAAP, the notes are bifurcated into a debt component (representing
        the present value of a zero coupon bond of US$655,519, maturing in 2029,
        yielding 9% per annum, compounding semi-annually) and an equity component
        (representing the value of the conversion feature of the notes). Accordingly,
        net proceeds were originally allocated $68,902 to long-term obligations
        and $178,574 to shareholders equity. The offering expenses and
        underwriters commission relating to the debt component of the notes
        of $2,549 were recorded in Other assets.
      Under US GAAP, gross
        proceeds of US$172,500 were recorded as long-term obligations, with a
        yield to maturity of 4.5%, compounding semi-annually. The total offering
        expenses and underwriters commission relating to the notes of $9,410
        were recorded in Other assets. Accordingly, additional interest
        expense of $5,614 (2001 – $5,632) was recognized under US GAAP.
      **(e)
        Deferred charges:**The
        Corporation defers expenditures directly related to the negotiation, structuring
        and execution of new management contracts, and if the property is opened,
        amortizes these deferred costs on a straight-line basis over a 10-year
        period (note 1(h)).
      Under US GAAP, such
        start-up costs are expensed.
      **(f)
        Foreign exchange translation:**
      **(i)**
          In June 1998, the Financial Accounting Standards Board in the United
          States (FASB) issued Statement of Financial Accounting
          Standards No. 133 (FAS 133), Accounting for Derivative
          Instruments and Hedging Activities. FAS 133 establishes accounting
          and reporting standards for derivatives and hedging. It requires that
          all derivatives be recognized as either assets or liabilities at fair
          value and establishes specific criteria for the use of hedging accounting.
        The only significant
          impact on the Corporation in 2002 and 2001 was the mark-to-market of
          the Corporations US dollar forward exchange contracts. For US
          GAAP purposes, these forward exchange contracts have not been accounted
          for as hedges; therefore, the mark-to-market adjustments are recognized
          in income. Under Canadian GAAP, these forward exchange contracts were
          accounted for as hedges. This difference resulted in an additional foreign
          exchange gain in 2002, under US GAAP, of $6,051 (2001 – foreign
          exchange loss of $5,634).
        **(ii)**
          Under US GAAP, the US dollar amount of convertible notes allocated to
          long-term obligations is higher than under Canadian GAAP (note 17(d)).
          The US dollar monetary liabilities are, therefore, higher under US GAAP,
          which resulted in an increase in foreign exchange gain in 2002 of $1,701
          (2001 – increase in foreign exchange loss of $2,096) under US
          GAAP.
        **(iii)**
          During 2001, the Corporation reduced its net investment in one of its
          Asian self-sustaining subsidiaries and recognized a foreign exchange
          gain under Canadian GAAP of $4,973 (note 12(b)).
        Under US GAAP, the
          foreign exchange gain can only be recognized on the sale or liquidation
          of the investment.
      **(g)
        Pension plan:**The
        Corporation has a defined benefit pension plan (the Plan)
        for certain senior executives and hotel general managers, which is funded
        by life insurance policies on the lives of certain of the participants
        in the Plan.
      Under Canadian GAAP,
        the Corporation, effective January 1, 2000, changed its accounting policy
        relating to the accounting for future employee benefits, including pension
        benefits. The Corporation adopted the new standard for pension benefits
        retroactively, without restating the financial statements of prior periods.
        This eliminated substantially all of the differences between US and Canadian
        GAAP relating to the accounting for pension benefits.
      The only remaining
        significant difference between US and Canadian GAAP relates to the treatment
        of actuarial gains and losses. Under Canadian GAAP, the transitional provisions
        relating to the new Canadian GAAP standard for accounting for pension
        plans permitted the impact of the change of the new standard to be accounted
        for retroactively, without restatement of prior years financial
        statements. As a result, the Corporation recorded in 2000 a charge to
        retained earnings, representing the differences between the amount accrued
        by the Corporation under the prior accounting standard and the actuarial
        obligation as measured under the new standard, which included the net
        unamortized actuarial losses as at December 31, 1999. Under US GAAP, the
        net unamortized actuarial losses as at December 31, 1999 are amortized,
        on a straight-line basis, over the expected average remaining service
        life of employees expected to receive benefits under the Plan.
      **(h)
        Change in accounting policies:**
      **(i) Investments
          held for sale:**
          Effective for fiscal years beginning after December 15, 2001, Statement
          of Financial Accounting Standards No. 144 (FAS 144), issued
          by FASB in 2001, eliminated the exception to consolidate a temporary
          controlled subsidiary. Under the prior standard, which was substantially
          the same as Canadian GAAP, the Corporation accounted for its investments
          in hotel partnerships and corporations, which were acquired with the
          intention that they be disposed of in the foreseeable future, by the
          cost method, irrespective of its percentage ownership interest. Effective
          January 1, 2002, under US GAAP, the Corporation accounts for these temporary
          investments based on its percentage ownership interest for each investment.
        The Corporation
          has adopted the new standard retroactively. As a result, net loss for
          2002, based on US GAAP, increased by $6,973 and net earnings for 2001,
          based on US GAAP, increased by $794. In addition, shareholders
          equity as at December 31, 2002 and 2001, based on US GAAP, decreased
          by $2,986 and increased by $4,447, respectively.
        **(ii) Intangible
          assets:**
        Effective January
          1, 2002, the Corporation adopted the new accounting standard for goodwill
          and other intangible assets as established by FASB in Statement of Financial
          Accounting Standards No. 142 (FAS 142). The new standard
          is substantially the same as the new accounting standard under Canadian
          GAAP, Section 3062, Goodwill and Other Intangible Assets,
          which was also effective January 1, 2002 (note 1(l)(i)), except with
          respect to implementation. Under US GAAP, the impact of the change in
          the accounting standard is recorded as a charge to net earnings, while
          under Canadian GAAP, the impact of the change is recorded as an adjustment
          to retained earnings.
        The only other significant
          difference was that, under Canadian GAAP, the net book value of the
          investment in the rights to the Regent trade name included deferred
          charges of $7,589, which were previously expensed under US GAAP (note
          17(e)). As a result, the decrease to retained earnings recorded in 2002
          under Canadian GAAP of $26,366 (net of income taxes of $676), due to
          the accounting change, was recorded as a charge to net earnings under
          US GAAP, net of the adjustment related to deferred charges of $7,399
          (net of income taxes of $190).
        **(iii) Extinguishment
          of debt:**
        Effective January
          1, 2002, the FASB changed the accounting standard relating to the accounting
          for gains and losses on the extinguishment of debt. Under the prior
          standard, gains and losses on the extinguishment of debt were classified
          as an extraordinary item, net of related income tax, in the consolidated
          statements of operations. The new standard requires that gains and losses
          from the extinguishment of debt be classified as extraordinary items
          only if they meet the criteria in APB Opinion No. 30. This will distinguish
          transactions that are part of a corporations recurring operations
          from those that are unusual or infrequent or that meet the criteria
          for classification as an extraordinary gain. The method of accounting
          for gains and losses on the extinguishment of debt under US GAAP and
          Canadian GAAP is now substantially the same.
        The Corporation
          has adopted this new accounting standard retroactively, resulting in
          the removal of the 2001 subtotals Earnings before extraordinary
          item based on US GAAP, Basic earnings per share before
          extraordinary item based on US GAAP, and Diluted earnings
          per share before extraordinary item based on US GAAP.
      **(i)
        Recent accounting pronouncements issued but not yet adopted:**
      **(i) Accounting
          for costs associated with exit or disposal activities:**
          In June 2002, the FASB issued Statement of Financial Accounting Standards
          No. 146 (FAS 146), which provides guidance on the accounting
          for costs associated with exit or disposal activities. FAS 146 requires
          companies to recognize costs associated with exit or disposal activities
          when they are incurred rather than at the date of a commitment to an
          exit or disposal plan. Examples of costs covered by the standard include
          lease termination costs and certain employee severance costs that are
          associated with a restructuring, discontinued operation, or other exit
          or disposal activity. FAS 146 is to be applied prospectively to exit
          or disposal activities initiated after December 31, 2002. The Corporation
          does not expect the implementation of FAS 146 will have a material impact
          on its consolidated financial statements.**(ii) Disposal of long-lived assets and discontinued operations:**
          In December 2002, the CICA issued Section 3475, Disposal of Long-Lived
          Assets and Discontinued Operations, which applies to disposal
          activities initiated on or after May 1, 2003. This new section establishes
          standards for the recognition, measurement, presentation and disclosure
          of the disposal of long-lived assets. It also establishes standards
          for the presentation and disclosure of discontinued operations, whether
          or not they include long-lived assets. Under Section 3475, assets to
          be disposed of would be separately presented in the balance sheet and
          reported at the lower of the carrying amount or fair value less costs
          to sell, and are no longer depreciated. The assets and liabilities of
          a disposed group classified as held for sale would be presented separately
          in the appropriate asset and liability sections of the balance sheet.
          Section 3475 replaced the disposal provisions of Section 3061, Property,
          Plant and Equipment, and Section 3475, Discontinued Operations.
          The application of the new standard is to be prospective with earlieradoption encouraged.
          Financial statements for fiscal years beginning on or after October
          1, 2004 should not categorize investments as temporary irrespective
          of when those investments occurred (note 1(b)). The Corporation has
          not yet determined the impact of the implementation of Section 3475
          on its 2003 consolidated financial statements. As a result of the new
          standard, the method of accounting for the disposal of long-lived assets
          and discontinued operations under Canadian GAAP will be substantially
          the same as under US GAAP (in accordance with FAS 144).
        **(iii) Impairment
          of long-lived assets:**In
          December 2002, the CICA issued Section 3063, Impairment of Long-Lived
          Assets. This new section establishes standards for the recognition,
          measurement and disclosure of the impairment of long-lived assets, and
          replaces the write-down provisions of Section 3061, Property,
          Plant and Equipment. In accordance with Section 3063, long-lived
          assets, such as property, plant and equipment and purchased intangibles
          subject to amortization, are reviewed for impairment whenever events
          or changes in circumstances indicate that the carrying amount of an
          asset may not be recoverable. Recoverability of assets to be held and
          used is measured by a comparison of the carrying amount of an asset
          to estimated undiscounted future cash flows expected to be generated
          by the asset. If the carrying amount of an asset exceeds its estimated
          future cash flows, an impairment charge is recognized by the amount
          by which the carrying amount of the asset exceeds the fair value of
          the asset.
        Section 3063 is
          effective for fiscal years beginning on or after April 1, 2003. Application
          is prospective with earlier adoption encouraged. The Corporation does
          not expect the implementation of Section 3063 will have a material impact
          on its consolidated financial statements. As a result of the new Canadian
          standard, the method of accounting for the impairment of long-lived
          assets under Canadian GAAP will be substantially the same as under US
          GAAP (in accordance with FAS 144).
        **(iv) Hedging
          relationships:**In
          December 2001, the CICA issued an accounting guideline relating to hedging
          relationships. The guideline establishes requirements for the identification,
          documentation, designation and effectiveness of hedging relationships,
          which would have been effective for fiscal years beginning on or after
          July 1, 2002. During 2002, the implementation date was delayed and is
          now effective for fiscal years beginning on or after July 1, 2003. The
          Corporation has not yet determined the impact of the implementation
          of this guideline on its 2004 consolidated financial statements.
        **(v) Disclosure
          of guarantees:**In
          January 2003, the CICA issued Accounting Guideline No. 14, Disclosure
          of Guarantees (AcG-14), and in November 2002, the
          FASB issued Interpretation No. 45, Guarantors Accounting
          and Disclosure Requirements for Guarantees, Including Indirect Guarantees
          of Indebtedness to Others, an interpretation of FASB Statement Nos.
          5, 57 and 107 and a rescission of FASB Interpretation No. 34
          (FIN 45). AcG-14 and FIN 45 elaborate on the disclosures
          to be made by a guarantor in its interim and annual financial statements
          about its obligations under guarantees issued. FIN 45 also clarifies
          that a guarantor is required to recognize, at inception of a guarantee,
          a liability for the fair value of the obligation undertaken. The initial
          recognition and measurement provisions of FIN 45 are applicable to guarantees
          issued or modified after December 31, 2002. The disclosure requirements
          of AcG-14 are effective for financial statements of interim and annual
          periods ending on or after January 1, 2003 and the disclosure requirements
          of FIN 45 are effective for financial statements ending after December
          31, 2002. The Corporation has not yet determined the impact of the implementation
          of these guidelines on its 2003 consolidated financial statements.
        **(vi) Consolidation
          of variable interest entities:**In
          January 2003, the FASB issued Interpretation No. 46, Consolidation
          of Variable Interest Entities, an interpretation of ARB No. 51
          (FIN 46). This Interpretation addresses the consolidation
          by business enterprises of variable interest entities as defined in
          FIN 46. FIN 46 applies immediately to variable interests in variable
          interest entities created after January 31, 2003, and to variable interests
          in variable interest entities obtained after January 31, 2003. The application
          of FIN 46 is not expected to have a material effect on the Corporations
          financial statements. FIN 46 requires certain disclosures in financial
          statements issued after January 31, 2003 if it is reasonably possible
          that companies will consolidate or disclose information about variable
          interest entities when the interpretation becomes effective.
        **(vii) Accounting
          for asset retirement obligations:**In March 2003,
          the CICA is expected to issue Section 3110, Accounting for Asset
          Retirement Obligations, and in June 2001, FASB issued Statement
          of Financial Accounting Standards No. 143, Accounting for Asset
          Retirement Obligations (FAS 143). Section 3110
          and FAS 143 require companies to record the fair value of an asset retirement
          obligation as a liability in the period in which they incur a legal
          obligation associated with the retirement of tangible long-lived assets
          that result from the acquisition, construction, development and/or normal
          use of the assets. Companies are also required to record a corresponding
          asset that is depreciated over the life of the asset. Subsequent to
          the initial measurement of the asset retirement obligation, the obligation
          will be adjusted at the end of each period to reflect the passage of
          time and changes in the estimated future cash flows underlying the obligation.
          Companies are required to adopt Section 3110 on January 1, 2004 and
          are required to adopt FAS 143 on January 1, 2003. The Corporation has
          not yet determined the impact of implementation of these guidelines
          on its consolidated financial statements.
      **(j)
        Statements of cash provided by operations and cash flows:**
      **(i)**
          For Canadian GAAP purposes, the Corporations statements of cash
          provided by operations show intermediate subtotals, and only show the
          total change in non-cash operating assets and liabilities.
        US GAAP does not
          permit intermediate subtotals in cash provided by operations, and requires
          the statement to show the details of changes in non-cash operating assets
          and liabilities. In addition, the above adjustments to US GAAP earnings
          relating to deferred charges would also affect cash provided by operations.
        As a result, cash
          provided by operations would be presented as follows on a US GAAP basis:
        **(ii)**
          As a result of the above adjustment, the major captions on the Corporations
          statements of cash flows on a Canadian GAAP basis are reconciled to
          a US GAAP basis as follows:
        
      **(k)
        Comprehensive income:**Statement
        of Financial Accounting Standards No. 130 (FAS 130) establishes
        standards under US GAAP for reporting and displaying comprehensive income
        and its components (revenues, expenses, gains and losses) in a full set
        of general-purpose financial statements. FAS 130 requires that all items
        that are required to be recognized under accounting standards as components
        of comprehensive income be reported in a financial statement that is displayed
        with the same prominence as other financial statements.
      FAS 130 requires companies
        to (i) classify items of other comprehensive income by their nature in
        a financial statement, and (ii) display the accumulated balance of other
        comprehensive income separately from capital stock, contributed surplus
        and retained earnings in the shareholders equity section of the
        balance sheet.
        The statements of
          comprehensive income for the years ended December 31, 2002 and 2001
          would be presented as follows on a US GAAP basis:
      
      The accumulated other
        comprehensive income balances for the years ended December 31, 2002 and
        2001 would be presented as follows on a US GAAP basis:
        
        **(l)
          Investments in hotel partnerships and corporations:**The
          composition of the Corporations total investments in hotel partnerships
          and corporations on a US GAAP basis is as follows:
      
      For the equity method
        investments, the accounting for these investments represents the aggregate
        of (i) capital contributions to the partnerships, (ii) the Corporations
        proportionate share of the net earnings or loss of the partnerships, (iii)
        distributions from the partnerships, and (iv) write-offs for impairment
        in the carrying value of the investments in the partnerships.
      The changes in the
        Corporations equity method investments are as follows:
        
        Management and other fees totalling $22,744
          and $25,046 were charged by the Corporation to its equity method investees
          in 2002 and 2001, respectively.
      **(m)
        Stock-based compensation plan:**Statement
        of Financial Accounting Standards No. 123 (FAS 123) provides
        guidance on the accounting for stock-based compensation plans, such as
        the Corporations stock option plan (note 11(a)). Effective January
        1, 2002, the CICA issued a new standard relating to the accounting for
        stock-based compensation which is substantially the same as FAS 123 (note
        1(l)(iii)). The only significant difference is that, under US GAAP, all
        stock options issued after December 31, 1994 are covered by FAS 123, whereas,
        under Canadian GAAP, only stock options issued after December 31, 2001
        are covered by the new standard.
      As allowed by FAS
        123, the Corporation has decided to continue to use Accounting Principles
        Board Opinion No. 25 (APB 25), Accounting for Stock
        Issued to Employees, in accounting for its stock option plan for
        US GAAP purposes, pursuant to which there is no significant difference
        between US and Canadian GAAP in the accounting for the granting of options
        to employees under its plan.
      Like the new Canadian
        standard, FAS 123, however, requires certain pro forma and other information
        to be disclosed as if the Corporation had measured the compensation element
        of stock options granted to employees based on the fair value of the options
        on the date of grant. The only significant difference in the required
        disclosures is that, under US GAAP, such disclosures are provided for
        stock options issued after December 31, 1994 whereas, under Canadian GAAP,
        such disclosures are provided for stock options issued after December
        31, 2001. Accordingly, on a US GAAP basis, the compensation element of
        stock options issued by the Corporation in 2002 and 2001, based on the
        fair value of the options on the date of grant, has been estimated using
        the Black-Scholes option pricing model with the following assumptions
        for 2002 and 2001, respectively: risk-free interest rates ranging from
        4.01% to 5.20% and 5.20% to 5.60%; semi-annual dividend per Limited Voting
        Share of $0.055 for both years; volatility factors of the expected market
        price of the Corporations Limited Voting Shares ranging from 47%
        to 50% and 45% to 52%; and expected lives of the options ranging between
        four and seven years, depending on the level of the employee who was granted
        stock options. For the options granted in 2002 and 2001, the weighted
        average fair values of the options at the grant dates were $33.76 and
        $44.65, respectively. For purposes of pro forma disclosures, the estimated
        fair value of the options is amortized to expense over the options
        vesting period, which ranges from one to five years. Assuming the Corporation
        had accounted for its stock options issued under the fair value method,
        US GAAP pro forma net loss for the year ended December 31, 2002 would
        have been $38,462 (2001 – pro forma net earnings of $27,607) and
        US GAAP pro forma basic loss per share and pro forma diluted loss per
        share for the year ended December 31, 2002 would each have been $1.10
        (2001 – pro forma basic earnings per share of $0.79 and pro forma
        diluted earnings per share of $0.78).
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|**Corporate Directory**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
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|**Directors**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|Brent Belzberg***Managing Partner
          Torquest Partners Inc.*
          Edmond M. Creed**Retired Executive*
          Frederick Eisen**President and CEO
          The Eisen Corporation*
          H. Roger Garland*Corporate Director*
          Nan-b de Gaspé Beaubien*Co-Chair, Business Families
          Foundation and
          Co-Chair, Philbeau Company*
          Charles S. Henry*President
          Hotel Capital Advisers, Inc.*
          Murray B. Koffler**Partner
          The Koffler Group*
          Heather Munroe-Blum***Principal and Vice Chancellor
          McGill University*
          Ronald W. Osborne****President and CEO
          Ontario Power Generation*
          J. Robert S. Prichard*President and CEO
          Torstar Corporation*
          Lionel H. Schipper*President
          Schipper Enterprises Inc.*
          Anthony Sharp*President
          AD Sharp Development, Inc.*
          Isadore Sharp
          Benjamin Swirsky*Chairman and
          Chief Executive Officer
          Beswir Properties Inc.*
          Shuichiro Tamaki*Executive Vice President
          Japan-Mexico Hotel
          Investment Co., Ltd.*
          Simon M. Turner*Principal
          Hotel Capital Advisers, Inc.*
        * Not
          standing for re-election on
          May 21, 2003.
          ** Appointed on November 7, 2002.
          ***Nominated for election on
          May 21, 2003.**Honorary Past Director**Max Sharp*Retired Executive*

|**Corporate
        Offices**                                                                                                                                                                                                                                                                                                                                                                                                                                                     | **Stock Listings**                                                                                                                                                                                                                                                                                                             | **Transfer
        Agent
        and Registrar**                                                                                                                                                                                                                                                                                                                                                                                               | **Reservations
        Information**                                                                                                                                                                                                                                                                                                                                                                                 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Four
        Seasons Hotels and Resorts
        1165 Leslie Street
        Toronto, Ontario
        Canada M3C 2K8
        Telephone: (416) 449-1750
        FAX: (416) 441-4374
        Web site address: www.fourseasons.com**Annual Meeting**The Annual Meeting of
        Shareholders will be held at 10:00 a.m. on Wednesday, May 21, 2003
        in the Regency Ballroom, 
        Four Seasons Hotel Toronto, 
        21 Avenue Road, Toronto,
        Ontario, Canada. | The
        Toronto Stock Exchange
        Stock Ticker Symbol: FSH
        New York Stock Exchange
        Stock Ticker Symbol: FS**Dividend Information**11 cents per Limited Voting
        Share and 5.5 cents per
        Variable Multiple Voting Share
        per annum paid semi-annually
        in January and July | Computershare
          Trust Company
          of Canada
          Halifax, Montreal, Toronto,
          Winnipeg, Calgary, Vancouver
          Computershare Trust
          Company, Inc.
          New York**Auditors**KPMG LLP**Shareholder 
          Information**Barbara Henderson,
          Vice President, Taxation and
          Investor Relations
          (416) 441-4329
          e-mail:
          investors@fourseasons.com | For
        reservations at
        Four Seasons Hotels and Resorts,
        please call toll-free:
        (800) 268-6282 in Canada
        (800) 332-3442 in the
        United States
        Or visit our web site at
        www.fourseasons.com
        For reservations at
        Regent International Hotels, 
        please call toll-free:
        (800) 545-4000 in
        Canada and the United States