**Exhibit 99.6**
**Certain information concerning United States accounting policies for the ninemonths ended September 30, 2004**
The consolidated financial statements of Fairmont Hotels & Resorts Inc. (“FHR”or the “Company”) have been prepared in accordance with Canadian GenerallyAccepted Accounting Principles (“GAAP”). The material differences affecting theCompany between Canadian GAAP and United States (“U.S.”) GAAP relating tomeasurement and recognition are explained below. Condensed Financial Statementsdisclosed below have been prepared in accordance with U.S. GAAP.
     The following is a reconciliation of net income under Canadian GAAP to netincome under U.S. GAAP:
**Reconciliation of Net Income (unaudited)**           **Nine months ended** **Nine months ended**  **September 30, 2004** **September 30, 2003**Net income under Canadian GAAP $160.2  $64.2 *Increased (decreased) by*        Pension accounting and post-retirement benefits  (1.2)  (1.6)Stock-based compensation  —   0.8 Accretion on convertible senior notes  2.7   —          Adjusted net income before taxes  161.7   63.4 Future income tax expense (recovery) on above items  0.6   (0.6)         Net income under U.S. GAAP $161.1  $64.0          **Statement of Comprehensive Income**        Net income under U.S. GAAP $161.1  $64.0 Other comprehensive income (loss)        Foreign currency translation adjustments  11.5   58.1 Minimum pension liability adjustment  (1.2)  (3.3)Deferred income taxes  0.5   1.2          Comprehensive income $171.9  $120.0          
Summarized consolidated balance sheets, statements of operations andstatements of cash flows under U.S. GAAP are as follows:
 

 

**Summarized Consolidated Statements of Operations (unaudited)**           **Nine months ended** **Nine months ended**  **September 30, 2004** **September 30, 2003****Revenues**        Operating revenues $951.1  $521.7 Other revenues from managed and franchised properties  21.4   23.7             972.5   545.4 **Expenses**        Operating expenses  722.0   386.7 Other expenses from managed and franchised properties  21.8   24.6 Depreciation  90.6   51.0             834.4   462.3 (Income) loss from equity investments and other  (0.8)  2.4 Gain on sales of investments and hotel assets  (144.2)  — Interest expense, net  66.1   23.1          Income before tax expense and non-controlling interest  217.0   57.6          Income tax expense  59.4   (6.4)Non-controlling interest  (3.5)  —          Net income $161.1  $64.0          Basic income per common share $2.04  $0.81 Diluted income per common share $2.02  $0.80 
**Summarized Consolidated Balance Sheets**           **September 30,** **December 31,**  **2004** **2003**  **(unaudited)**    **Assets**        Cash and cash equivalents $167.8  $31.7 Other current assets  124.5   101.4 Property and equipment  1,409.7   1,656.2 Other assets  794.1   790.4             2,496.1  $2,579.7          **Liabilities and Shareholders’ Equity**        Current liabilities $175.2  $128.7 Current portion of long-term debt  4.0   48.8 Long-term debt  467.9   645.3 Other liabilities  96.7   97.0 Non-controlling interest  —   — Deferred income taxes  120.7   76.6             864.5   996.4 Put option  —   69.0 Shareholders’ equity  1,631.6   1,514.3            $2,496.1  $2,579.7          
 

 

**Statement of Shareholders’ Equity**           **September 30,** **December 31,**  **2004** **2003**  **(unaudited)**      ** **    Commonshares,77,366,916 shares outstanding (December 31, 2003- 79,106,277 shares ) $1,175.9  $1,202.2 Treasury stock  (4.2)  — Contributed Surplus  144.2   144.2 Retained earnings  207.2   69.6 Accumulated other comprehensive income  108.5   98.3            $1,631.6  $1,514.3          
**Summarized Consolidated Statements of Cash Flows (unaudited)**           **Nine months ended** **Nine months ended**  **September 30, 2004** **September 30, 2003**Cash provided by (used in)        **Operating activities**        Net income $161.1  $64.0 Items not affecting cash        Depreciation  90.6   51.0 (Income) loss from equity investments and other  (0.8)  2.4 Deferred income taxes  11.5   (15.4)Non-controlling interest  (3.5)  — Unrealized foreign exchange loss  (3.1)  — Gain on sales of investments and hotel assets  (144.2)  — Distributions from investments  2.0   4.4 Other  8.8   (8.2)Changes in non-hotel real estate  (0.4)  7.4 Changes in non-cash working capital items  16.0   (19.5)            138.0   86.1 **Investing activities**        Additions to property and equipment  (69.2)  (55.5)Acquisitions, net of cash acquired  —   6.0 Investments in partnerships and corporations  (4.9)  (0.7)Sales of investments and hotel assets  423.2   — Issuance of notes receivable  —   (28.3)Collection of loans receivable  0.3   — Issuance of loans receivable  (7.0)  — Other assets  (13.1)  —             329.3   (78.5)**Financing activities**        Issuance of long-term debt  112.5   161.5 Repayment of long-term debt  (386.7)  (151.2)Issuance of common shares  0.9   0.6 Dividends paid  (9.5)  (4.8)Repurchase of common shares  (51.8)  (16.8)Decrease in bank loans  (10.8)  — Other  (0.7)  —             (346.1)  (10.7)Effect of exchange rate changes on cash  0.3   3.5          Increase in cash  121.5   0.4 Cash and cash equivalents — beginning of period  31.7   49.0 Opening cash effect due to the consolidation of Legacy  14.6   —          Cash and cash equivalents — end of period $167.8  $49.4          
 

 

**Notes to Consolidated Financial Statements (unaudited)**
**1. Pension accounting**
In January 2000, the Company prospectively changed its Canadian GAAP accountingpolicy for defined benefit pension plans. As a result of this change, allunamortized gains and losses, including prior service costs, were accumulatedinto a net transitional asset which is being amortized into income over 11years, the weighted-average, expected average remaining service life of theemployees covered by these plans. Under U.S. GAAP, there has been no change inaccounting policy and hence there is no net transitional asset to be amortized.As a result, the amount of unamortized actuarial gains and losses is differentfor U.S. and Canadian GAAP.
Under Canadian GAAP, a valuation allowance has been recorded against certainpension assets whereas under U.S. GAAP, no valuation allowance has beenprovided.
Under U.S. GAAP, the Company is required to record a minimum pension liability,representing the unfunded accumulated benefit obligation. Accordingly,included in both accrued liabilities and other assets under U.S. GAAP is anadditional amount, which cannot be recorded under Canadian GAAP.
**2. Post-retirement benefits**
Post-retirement benefits are covered by the Canadian Institute of CharteredAccountants (“CICA”) recommendations for accounting for employee futurebenefits. Consistent with accounting for post-retirement benefits, underCanadian GAAP, the Company amortizes actuarial gains and losses over theaverage employee service life when such gains and losses exceed 10% of the planobligation. Under the Financial Accounting Standards Board (“FASB”) StatementNo. 112. “Employers’ Accounting for Post-employment Benefits”, such gains andlosses are included immediately in income.
**3. Stock-based compensation**
Under FASB Interpretation No. 44 “Accounting for Certain Transactions InvolvingStock Compensation”, compensation expense using variable accounting must berecorded if the intrinsic value of stock options is not exactly the sameimmediately before and after an equity restructuring. In a prior year, FHRunderwent an equity restructuring, which resulted in replacement options in newFHR stock having a different intrinsicvalue after the restructuring than prior to the restructuring. Canadian GAAPdoes not require revaluation of these options.
Under Canadian GAAP, effective January 1, 2003, the Company prospectivelyadopted the new recommendations of the CICA with respect to accounting forstock-based compensation. This standard requires that compensation expense berecognized in the consolidated statements of income using the fair value basedmethod for stock options granted in 2003 onward. Under U.S. GAAP, the Companyfollows the intrinsic value method of Opinion No. 25 of the AccountingPrinciples Board. No stock-based compensation cost is reflected in net incomeunder U.S. GAAP as all options granted to employees under these plans have anexercise price equal to the fair value of the underlying common stock on thedate of the grant.
If the methodology prescribed by FASB Statement No. 123, “Accounting forStock-Based Compensation” (“FAS 123”), had beenadopted, pro forma results for the nine months ended September 30 would havebeen as follows:           **Nine months ended** **Nine months ended**  **September 30, 2004** **September 30, 2003**U.S. GAAP net income as reported $161.1  $64.0 Increase instock-basedcompensation if FAS 123 had been adopted  3.4   3.8          Adjusted net income  157.7   60.2          U.S. GAAP basic earnings per common share        As reported $2.04  $0.81 Adjusted $2.00  $0.76 U.S. GAAP diluted earnings per common share        As reported $2.02  $0.80 Adjusted $1.98  $0.75 
The weighted average fair value of common shares granted in the nine monthsended September 30, 2004 at the time of grant was Cdn $7.52 (2003-Cdn$10.12).The fair value of common share options granted is estimated at the grant dateusing the Black-Scholes option-pricing model with the assumptions disclosed inNote 13 of the 2003 annual report. Pro forma stock-based compensation expensefor a particular year is not necessarily indicative of expenses to be incurredin future years.
 

 

**4. Convertible senior notes**
Under Canadian GAAP, obligations relating to convertible senior notes have beenallocated between debt and equity elements and classified separately on thebalance sheet. The amount recorded in debt will increase to the face value ofthe debt over a five-year period. Under U.S. GAAP, the entire principal amountof the notes was recorded as long-term debt upon inception and therefore,accretion of the long-term debt is not required.
**5. Variable interest entities**
In January 2003, the FASB issued Financial Interpretation (“FIN”) 46,“Consolidation of Variable Interest Entities” (“VIEs”) in an effort to expandand clarify existing accounting guidance that addresses when acompany should include in its financial statements the assets, liabilities andactivities of another entity. For U.S. GAAP, FIN 46 is effective immediatelyfor all enterprises with variable interests in VIEs created after January 31,2003 and January 1, 2004 for all previously existing variable interestentities. Under FIN 46, if an entity is determined to be a variable interestentity, it must be consolidated by the enterprise that absorbs the majority ofthe entity’s expected losses if they occur, receives a majority of the entity’sexpected residual returns if they occur, or both. On December 24, 2003, theFASB issued a revised FIN 46, defined as FIN 46R. The CICA has issued astandard similar to FIN 46, except that it applies to annual and interimperiods beginning on or after November 1, 2004.
Commencing January 1, 2004, for U.S. GAAP purposes, the Company is required toconsolidate the accounts of all VIE’s for which it is the primary beneficiary,as required by FIN 46R. For Canadian GAAP purposes the Company will adoptprovisions similar to FIN 46R commencing January 1, 2005. As a result,beginning January 1, 2004, the Company has commenced consolidating the accountsof Legacy Hotels Real Estate Investment Trust (“Legacy”) for U.S. GAAPpurposes. The Company also reviewed its other management agreements related tohotels that the Company has no other investments in and concluded that sucharrangements were not variable interests since the company is paid commensuratewith the services provided and on the same level as other operating liabilitiesand the hotel owners retain the right to terminate arrangements. Theconsolidation of Legacy commencing January 1, 2004 had no effect on theCompany’s consolidated net income or shareholders’ equity.
OnSeptember 13, 2004, FHR sold 12,000,000 units in Legacy reducing itsownership interest to approximately 24%. FHR is no longer the primarybeneficiary and therefore is no longer consolidating the results of Legacy.
**6. Comprehensive income**
U.S. GAAP requires the disclosure, as other comprehensive income, of changes inequity during the period from transactions and other events from non-ownersources. Canadian GAAP does not require similar disclosure. Othercomprehensive income includes foreign currency translation adjustments andminimum pension liability adjustments.
**7. Long-term advances and long-term debt**
FHR and Legacy have entered into reciprocal loan agreements, which underCanadian GAAP, meet all the requirements for a right of offset. Under CanadianGAAP, these loans have been presented on a net basis in the consolidatedbalance sheet. Under U.S. GAAP, these loans do not qualify for offsetting andare presented separately on the consolidated balance sheet.