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Normal course purchases of limited voting shares by Four Seasons Hotels Inc.

Press Release: Four Seasons Hotels and Resorts
November 11, 2002
TORONTO -- Four Seasons Hotels Inc. (TSX Symbol "FSH"; NYSE Symbol "FS") Nov. 8 announced that The Toronto Stock Exchange has accepted the Company's notice of intention to make normal course purchases of up to an aggregate of 1,544,415 (approximately 5%) of its 30,888,308 currently issued and outstanding Limited Voting Shares over the next 12 months commencing November 12, 2002 and terminating no later than November 11, 2003. 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 Four Seasons 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. RBC Capital Markets will be the dealer through which Four Seasons will make any purchases. Limited Voting Shares purchased by Four Seasons pursuant to the normal course purchases will be cancelled. Since October 11, 2001 the Company has purchased an aggregate of 337,600 Limited Voting Shares through normal course purchases. These shares were purchased on the TSX and NYSE at an average price of $48.82 per share.

The Company continues to believe that opportunities exist from time to time in which purchases by the Company of its Limited Voting Shares using existing cash balances can enhance long term shareholder value.

With a history spanning four decades and a portfolio that now extends around the world, Four Seasons Hotels and Resorts is the world's leading operator of luxury hotels, currently managing 56 properties in 25 countries. In 2002, the company opened its second property in Tokyo, in the heart of Marunouchi district, as well as properties in Shanghai and Sharm el Sheikh, Egypt. Four Seasons Hotels and Resorts continues to expand, with over 20 projects in development stages in choice locations around the world. Four Seasons has claimed first position on many prestigious lists. Recent honours include top ranking in the J.D. Powers Guest Satisfaction Survey and AAA Five Diamond awards (receiving more than other any hotel company for the 21st consecutive year). Information on the company and its 41 years of achievement in the hospitality industry can be accessed through the Four Seasons Web site at www.fourseasons.com

All dollar amounts referred to in this press release are Canadian dollars.

Source: Four Seasons Hotels and Resorts