1
Consolidated Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2010

November 5, 2009
These financial statements have been prepared for reference only in accordance with accounting principles and practices generally accepted in Japan.

Oriental Land Co., Ltd.
Code number: 4661, First Section of the Tokyo Stock Exchange URL: http://www.olc.co.jp Representative: Kyoichiro Uenishi, Representative Director and President Contact: Akiyoshi Yokota, Executive Director and Officer, Director of Finance/Accounting Department

Planned Date for Submission of the Quarterly Report: November 13, 2009 Planned Date for Start of Dividend Payment: December 3, 2009 1. Consolidated Results for the Second Quarter of the Fiscal Year Ending March 31, 2010 (April 1, 2009 to September 30, 2009)

Note: All amounts are rounded down to the nearest million yen.
(1)

Consolidated Operating Results (Cumulative total)
(Percentages represent change compared with the same period of the previous fiscal year.)

Net sales
(¥ million)
Year-on-year
change (%)
Operating
income
(¥ million)
Year-on-year
change (%)
Ordinary
income
(¥ million)
Year-on-year
change (%)
Six months ended September 30,
2009
Six months ended September 30,
2008
174,619

181,077
(3.6)

—
15,878

16,362
(3.0)

—
15,483

15,884
(2.5)

—
Net income
(¥ million)
Year-on-year
change (%)
Net income per share
(¥)
Diluted net income per share
(¥)
Six months ended September 30,
2009
Six months ended September 30,
2008
9,566

8,806
8.6

—
105.23

94.82
—

—

(2)

Consolidated Financial Position

Total assets
(¥ million)
Net assets
(¥ million)
Shareholders’ equity
ratio (%)
Net assets per share
(¥)
As of September 30, 2009 As of March 31, 2009
615,558 644,991
379,978 373,660
61.7

57.9
4,179.23

4,109.59

(Reference) Shareholders’ equity:
As of September 30, 2009: ¥379,959 million As of March 31, 2009: ¥373,641 million
2. Dividends
Dividend per share (¥)

First quarter-end
Second quarter-end
Third quarter-end
Year-end
Annual
30.00 —
40.00 70.00
Fiscal year ended March 31, 2009 Fiscal year ending March 31, 2010
— —
40.00
Fiscal year ending March 31, 2010 (Est.)

— 40.00
80.00
Note: Revisions to the projected dividend at the end of the second quarter of the fiscal year ending March 31, 2010: No
3. Projected Consolidated Results for the Fiscal Year Ending March 31, 2010
(April 1, 2009 to March 31, 2010)
(Percentages represent change compared with the previous fiscal year.)


Net sales
(¥ million)
Year-on-year
change (%)
Operating
income
(¥ million)
Year-on-year
change (%)
Ordinary
income
(¥ million)
Year-on-year
change (%)
Fiscal year ending March 31, 2010
364,590
(6.3)
34,140
(14.9)
32,650
(15.9)
Net income
(¥ million)
Year-on-year
change (%)
Net income per share
(¥)
Fiscal year ending March 31, 2010
20,690
14.4
227.57
Note: Changes at the end of the second quarter of the fiscal year ending March 31, 2010 to projected consolidated results: Yes.

2
4. Other
(1)

Changes in Major Subsidiaries during the Period (Changes in specified subsidiaries due to changes in the scope of consolidation): None
New:
—
companies (Company name: )

Eliminated:
—
companies (Company name: )

(2)

Use of Simplified Accounting Methods or Special Accounting Methods for Preparation of Quarterly Financial Statements: Yes
(3)

Changes in Consolidated Accounting Rules, Procedures, Presentation Method, etc. for the Quarterly Consolidated Financial Statements (Presented in changes to important items basic to the preparation of quarterly financial statements): (a)

Changes in consolidated accounting methods: Yes
(b)

Changes other than (a) above: None

(4)

Number of Shares Issued and Outstanding (Common stock) (a)

Number of shares issued at end of period (including treasury stock) As of September 30, 2009:

90,922,540 shares

As of March 31, 2009:
95,122,540 shares
(b)

Number of treasury stock at end of period As of September 30, 2009:
6,410 shares

As of March 31, 2009:
4,203,176 shares
(c)

Average number of shares outstanding (quarterly consolidated cumulative period)

Three months ended September 30, 2009:
90,917,476 shares

Three months ended September 30, 2008:
92,870,674 shares

* Explanation on the Appropriate Usage of Performance Projections and Other Specific Matters 1. The projections for consolidated business results announced in May 7, 2009 have been amended in this material. 2. The projections for consolidated business results included in this material are based on currently available information and certain assumptions that are judged reasonable by the Company. Due to various factors, cases may occur where the actual results of future business operations differ materially from the projections. With regard to the cautions, etc. regarding the use of these projections, please see “Qualitative Information on Projections for Consolidated Business Results” on page 5.

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Qualitative Information, Financial Statements and Other Data
1. Qualitative Information on Consolidated Operating Results
The severe operating conditions continued during the six months ended September 30, 2009, as the Japanese
economy felt the effects of the global economic downturn triggered by the U.S. financial crisis, which led to a decline in consumer prices, etc. reflecting slack consumer spending due to the deterioration of employment conditions and decreased income. In addition, the numbers of domestic travelers and overseas travelers visiting Japan decreased mainly as a result of an outbreak of novel influenza A (H1N1).
Under these circumstances, net sales, operating income and ordinary income for the OLC Group decreased due to
a number of factors, including that it was the year after Tokyo Disney Resort 25th Anniversary among others. Net sales stood at ¥174,619 million, a 3.6% decrease compared with the same period of the previous fiscal year, while operating income and ordinary income was ¥15,878 million (down 3.0%) and ¥15,483 million (down 2.5%) respectively. On the other hand, net income increased to ¥9,566 million (up 8.6%) due to a decrease in extraordinary loss.

Summary of Results by Segment
(Millions of yen)
Six months
ended
September 30,
2008
Six months
ended
September 30,
2009
Increase
(decrease)
Change from
previous period
(%)
Net Sales
181,077
174,619
(6,458)
(3.6)
Theme
Park
Segment
142,546
133,755
(8,790)
(6.2)

Hotel Business Segment
21,082
22,029
946
4.5

Retail Business Segment
7,316
7,049
(267)
(3.7)

Other Business Segment
10,131
11,785
1,654
16.3
Operating Income (Operating Loss)
16,362
15,878
(484)
(3.0)
Theme
Park
Segment
15,664
12,269
(3,394)
(21.7)

Hotel Business Segment
1,861
3,714
1,852
99.5

Retail Business Segment
(423)
(119)
303
－

Other Business Segment
(778)
(155)
622
－

Elimination and Corporate
37
170
132
349.1
Ordinary Income
15,884
15,483
(400) (2.5)
Net Income
8,806
9,566
760
8.6

[Theme Park Segment] Tokyo Disneyland, Tokyo DisneySea and others Net sales and operating income decreased as theme park attendance fell below the level of the same period of the previous fiscal year due to factors including the fact that it was the year after Tokyo Disney Resort 25th Anniversary.
Net Sales ¥133,755 million (down 6.2% from the same period of the previous fiscal year)
At Tokyo Disneyland, we opened a new attraction “Monsters, Inc. ‘Ride & Go Seek!’” in April, and this has
proved extremely popular, especially among families. In addition, we held “Club Monsters, Inc. ‘It’s Laughter We’re After’” a summer night-time entertainment program during the summer. At Tokyo DisneySea, we carried out events and programs including the “Tokyo DisneySea Spring Carnival,” for the second straight year and “Bon Fire Dance” in addition to others. Furthermore, starting in September, we held a special event under the Halloween theme at Tokyo DisneySea, the first time for such an event in this park.
Total attendance at the two theme parks during the period decreased to 12.301 million people (down 5.7%) due to
reasons including the fact that it was the year after Tokyo Disney Resort 25th Anniversary, among other factors. Nevertheless, the attendance for this period recorded the third largest, following those of the years of the 25th Anniversary and 20th Anniversary.
In addition, net sales per guest at theme parks stood at ¥9,473 (down 0.7%), maintaining the same level as the
previous fiscal year when net sales per guest were strong due to the 25th Anniversary. Ticket receipts per guest were ¥4,108 (down 0.8%). While sales of “Duffy” products sold exclusively at Tokyo DisneySea remained strong, merchandise sales declined to ¥3,195 per guest (down 2.2%) due to the fact that it was the year after the 25th Anniversary, among other factors. Food and beverage sales increased to ¥2,170 per guest (up 1.8%) due to factors including strong wagon sales.
Owing to the factors described above, net sales for the theme park segment decreased as a whole.

4

Operating Income ¥12,269 million (down 21.7%)
Operating income decreased due to factors including a decrease in net sales despite that fact that there was a
decrease in cost of merchandise ratio and in depreciation and amortization and others.

[Hotel Business Segment] Tokyo Disneyland Hotel, Tokyo DisneySea Hotel MiraCosta and others
Net sales and operating income increased as a result of factors including a full-year of operation of Tokyo Disneyland Hotel as well as a decrease in preparation expenses before the opening of Tokyo Disneyland Hotel.

Net Sales ¥22,029 million (up 4.5%)
As a common measure for hotel guests, we have been selling the “Tokyo Disney Resort Multi-day Passport
Special” at the three Disney hotels for a year starting on April 1, 2009. In addition, we have been carrying out the “Tokyo Disneyland ‘Happy 15’ Entry” program which allows hotel guests to enter Tokyo Disneyland 15 minutes earlier during the period from September 1, 2009 to March 31, 2010.
However, occupancy rates of each hotel fell below those of the same period of the previous fiscal year due to a
number of reasons, including external factors such as novel influenza A (H1N1) as well as the fact that it was the year after the 25th Anniversary. Occupancy rates at Tokyo Disneyland Hotel and Tokyo DisneySea Hotel MiraCosta during the period were approximately 80% and 85%, respectively. The figures were approximately 70% at both Disney Ambassador Hotel and Palm & Fountain Terrace Hotel.
On the other hand, overall net sales increased as a result of a full-year of operation of Tokyo Disneyland Hotel
which was opened to the public on July 8, 2008.

Operating Income ¥3,714 million (up 99.5%)
Operating income increased due to factors including a decrease in preparation expenses before the opening of
Tokyo Disneyland Hotel in addition to an increase in net sales.

[Retail Business Segment] The Disney Store
Despite a decrease in net sales, operating income increased as a result of factors including efforts to reduce fixed expenses.
Net Sales ¥7,049 million (down 3.7%)
At the Disney Store, we created appealing sales outlets which reflected seasonal demands with “The Resort,” a
program featuring a wide variety of items which could be useful at resorts and tourist destinations as well as the rollout of Halloween-themed products from September. However, net sales declined in amid a further decline in the economic environment.
Regarding the number of stores, we opened stores at Gotemba Premium Outlets and Tsuchiura AEON and closed
four stores, resulting in a total of 55 stores as of September 30, 2009.

Operating Loss ¥119 million (an improvement of ¥303 million)
Despite a decrease in net sales, operating loss improved as a result of a reduction in fixed expenses, including
store personnel expenses.

[Other Business Segment] Ikspiari, Cirque du Soleil Theatre Tokyo and others Net sales and operating income increased due to factors including full-year operation of Cirque du Soleil Theatre Tokyo and a decrease in preparation expenses before the opening of the theatre.
Net Sales ¥11,785 million (up 16.3%)
Ikspiari showed “Monsters Inc.” again at Cinema Ikspiari in line with the opening of the new attraction at Tokyo
Disneyland. The company also carried out its “ZED SUMMER FESTA @ IKSPIARI” event linked to Cirque du Soleil Theatre Tokyo.
In addition, overall net sales increased as a result of a full-year operation of Cirque du Soleil Theatre Tokyo
which was opened to the public on October 1, 2008.

5
Operating Loss ¥155 million (an improvement of ¥622 million)
Operating loss improved due to factors including a decrease in preparation expenses before the opening of Cirque
du Soleil Theatre Tokyo.

2. Qualitative Information on Consolidated Financial Position
[Assets]
Total assets as of September 30, 2009 were ¥615,558 million (down 4.6 % compared with the end of the previous
fiscal year).
Current assets were ¥74,184 million (down 15.9 %), due to factors including a decrease in short-term investment
securities as a result of the redemption of the Unsecured Straight Bonds 6th series (¥20,000 million).
Noncurrent assets were ¥541,373 million (down 2.8 %) due to factors including a decrease in property, plant and
equipment as a result of the continued depreciation and amortization of facilities at Tokyo Disney Resort. [Liabilities]
Total liabilities as of September 30, 2009 were ¥235,579 million (down 13.2 %).

Current liabilities were ¥96,848 million (down 12.9 %) due to factors including the redemption of Unsecured
Straight Bonds 6th series (¥20,000 million) in May.
Fixed liabilities were ¥138,731 million (down 13.4 %) as a result of factors including a transfer of the current
portion of long-term borrowings from fixed liabilities to current liabilities. [Net Assets]
Total net assets as of September 30, 2009 were ¥379,978 million (up 1.7 %) due to factors including an increase
in net income. Shareholders’ equity ratio stood at 61.7 % (up 3.8 points). In addition, the Company retired 4.2 million shares of treasury stock (4.42 % of the total number of shares issued and outstanding) using retained earnings in May.
3. Qualitative Information on Projections for Consolidated Business Results
Projections for Full-year Business Results by Segment
(Millions of yen)
Projections
at the
beginning of
period
Revised
projections
Increase
(decrease)
Change from
previous
period (%)
Results for
the fiscal
year ended
March 31,
2009
Net Sales
370,080
364,590
(5,490)
(1.5)
389,242
Theme
Park
Segment
277,640
279,910
2,270
0.8
302,412

Hotel Business Segment
49,490
44,030
(5,460)
(11.0)
45,917

Retail Business Segment
16,680
15,970
(710)
(4.3)
16,225

Other Business Segment
26,270
24,680
(1,590)
(6.1)
24,687
Operating Income (Operating Loss)
34,140
34,140
－
－
40,096
Theme
Park
Segment
23,450
26,750
3,300
14.1
34,545

Hotel Business Segment
9,940
7,030
(2,910)
(29.3)
6,224

Retail Business Segment
280
430
150
53.6
4

Other Business Segment
380
(90)
(470)
－
(880)

Elimination and Corporate
90
20
(70)
(77.8)
202
Ordinary Income
32,650
32,650
－
－
38,824
Net Income
20,690
20,690
－
－
18,089
Compared with the projections at the beginning of period announced on May 7, 2009, the actual results of the six
months ended September 30, 2009 were decrease in net sales but increase in operating income on a consolidated basis, due to factors including the fact that operating income rose in the theme park segment while it declined in the hotel business segment. Operating income fell in the three months ended June 30, but rose in the following three months ended in September 30, resulting in overall increase for the six months.