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schedule a(1) - Four Seasons Hotels and Resorts

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(1) Canadian dollar assets <strong>and</strong> liabilities were translated at December 31, 2004 Canadian dollar to US dollarforeign exchange rate of 1.2036.(2) Canadian dollar assets <strong>and</strong> liabilities were translated at December 31, 2003 Canadian dollar to US dollarforeign exchange rate of 1.2924.(3) Equity transactions were translated to US dollars at the historical exchange rates for 2004 <strong>and</strong> 2003 withopening equity accounts on January 1, 2003 translated at December 31, 2002 Canadian dollar to US dollarforeign exchange rate of 1.5796. Any resulting exchange gain or loss was charged or credited to “Equityadjustment from foreign currency translation”.- 4 -

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