FOR IMMEDIATE RELEASE


                        ICAHN SUPPORTS FAIRMONT DECISION
                      AND WILL ALLOW TENDER OFFER TO EXPIRE


New York, NY,  January 31, 2006 - Icahn  Partners LP and Icahn  Partners  Master
Fund LP, affiliates of Carl C. Icahn  (collectively,  "Icahn  Partners"),  today
announced  it will allow its  current  offer (the  "Offer")  to  purchase  up to
29,648,400  common shares of Fairmont  Hotels & Resorts Inc. at $40.00 per share
to expire at 8:00 p.m.  Toronto  time,  on  February  7,  2006,  in light of the
Fairmont  board's  decision  to engage in a cash  merger  providing a payment to
shareholders  of $45.00 per  share.  Any  shares  tendered  in the Offer will be
returned and not purchased.

Press reports indicate that William Fatt,  chief executive  officer of Fairmont,
stated:  "I congratulate  Mr. Icahn for  identifying an undervalued  company and
being the catalyst that provided an opportunity for the Fairmont  management and
board to maximize value for all shareholders. It's a good result."

Mr. Icahn stated:  "I'm pleased my activism helped enhance shareholder value for
all constituencies."

On the date of Icahn Partners' initial purchase of Fairmont shares, August 24th,
the volume weighted average price was $31.38. As of yesterday's closing price of
$44.27,  the  shares  have  increased  in value by 41% in a period  of just five
months, equivalent to an annualized return of 120% on an unlevered basis.





                      Contact: Susan Gordon (212) 702-4309