Schedule 13E-3 filed with securities regulators in connection with Four Seasons transaction

Share Name	Share Symbol	Market	Type
Four Seasons Hotel	NYSE:FS	NYSE	Ordinary Share

Four Seasons Hotel (NYSE:FS)
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TORONTO, Feb. 27 /PRNewswire-FirstCall/ -- Four Seasons Hotels Inc. (TSX Symbol "FSH"; NYSE Symbol "FS") announced today that a Schedule 13E-3 that includes the form of management information circular that the Company intends to mail to shareholders in connection with the special meeting of shareholders to consider the plan of arrangement pursuant to which Four Seasons would be taken private has been filed with the United States Securities and Exchange Commission and the Canadian Securities Administrators. The Schedule 13E-3 filed today includes the formal valuation and fairness opinion prepared by Merrill Lynch Canada Inc., the independent financial advisor to the Special Committee of the Board of Directors of the Company. Based upon and subject to the analyses, assumptions, qualifications and limitations discussed in the valuation and fairness opinion, Merrill Lynch advised the Special Committee that, in its opinion, as at February 5, 2007, the fair market value of a Limited Voting Share was in the range of US$68.00 to US$88.00 per share, and the consideration of US$82.00 per share to be received under the arrangement was fair, from a financial point of view, to the minority shareholders of Four Seasons. A meeting of shareholders to consider the proposed plan arrangement is scheduled to be held on April 5, 2007 in Toronto. Meeting materials will be mailed within the next week to shareholders of record on February 28, 2007. It is anticipated that the transaction, if approved by shareholders, will be completed in the second quarter of 2007. Four Seasons also announced today that it expects to announce its financial results for the quarter and year ended December 31, 2006 on March 12, 2007. Copies of the Schedule 13E-3, as filed with the SEC and Canadian Securities Administrators, will be available at http://www.sec.gov/ and at http://www.sedar.com/ and on the Company's website at http://www.fourseasons.com/. This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to the proposal to take Four Seasons Hotels Inc. private, including statements regarding the terms and conditions of the proposed transaction. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with a transaction, that the ultimate terms of the transaction will differ from those that currently are contemplated, and that the transaction will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The statements in this news release are made as of the date of this release and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of Four Seasons, its financial or operating results or its securities or any of the properties that we manage or in which we may have an interest. DATASOURCE: Four Seasons Hotels and Resorts CONTACT: Four Seasons Hotels Inc., John Davison, Chief Financial Officer, (416) 441-6714; Barbara Henderson, Senior Vice President, Corporate Finance, (416) 441-4408

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FS Four Seasons Hotel