The addition of new Four Seasons properties has been, and will continue to be, a key component of our growth program. We continue to see a strong pipeline of new opportunities for Four Seasons and are working actively with our various capital partners to bring new projects to locations around the world.

Four Seasons Ocean Residences will be like having a home in the best places in the world at the best times of the year and we believe there is a niche in the world marketplace for this kind of project.

Now with 68 luxury hotels and resorts in 31 countries and more than 20 properties in development, Four Seasons continues to strengthen its position for the present and future. Our strategy continues to focus on obtaining long-term management contracts with owners and investors who share our vision, and who are ready to invest in our future.

We see these items as temporary challenges and believe that our financial results will begin to more clearly reflect our hotel and operating results over time.

Therefore all seasons shall be sweet to thee, Whether the summer clothe the general earth With greenness, or the redbreast sit and sing Betwixt the tufts of snow on the bare branch Of mossy apple-tree, while the nigh thatch Smokes in the sunthaw; whether the eve-drops fall, Heard only in the trances of the blast, Of if the secret ministry of frost Shall hang them up in silent icicles, Quietly shining to the quiet moon.

Therefore all seasons shall be sweet to thee,/ Whether the summer clothe the general earth/ With greenness, or the redbreast sit and sing / Betwixt the tufts of snow on the bare branch / Of mossy apple tree.