1
Consolidated Financial Statements for the Interim Period Ended September 30, 2006
These financial statements have been prepared for reference only in accordance with accounting
November 13, 2006

principles and practices generally accepted in Japan.
Oriental Land Co., Ltd.







Stock exchange listing:

Tokyo

1-1 Maihama, Urayasu, Chiba 279-8511, Japan
Code
number: 4661
http://www.olc.co.jp
Board of Directors meeting:
November 13, 2006
Representative: Yoshiro Fukushima, President and Representative Director Use of U.S. accounting standards: No Contact: Akiyoshi Yokota, Director, Finance/Accounting Division Names of parent companies and major stockholders: Keisei Electric Railway Co., Ltd. (Code No. 9009) and 1 other company Voting rights held by parent companies: 22.6%
1.

Results for the Interim Period Ended September 30, 2006 (April 1, 2006 - September 30, 2006)
(1
)
Revenues and Income

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

Revenues
(¥ million)
Year-on-year
change
(%)
Operating
income
(¥ million)
Year-on-year
change
(%)
Ordinary
income
(¥ million)
Year-on-year
change
(%)

Interim period ended Sept. 30, 2006 Interim period ended Sept. 30, 2005
160,551 156,291
2.7
(0.6)
11,828 11,381
3.9
(20.4)
9,884 9,737
1.5
(27.9)
Year ended March 31, 2006
332,885

30,604

26,686
Net
income
(¥ million)
Year-on-year
change
(%)
Earnings per share
(¥)
Earnings per share (diluted)
(¥)
Interim period ended Sept. 30, 2006 Interim period ended Sept. 30, 2005
5,342 5,515
(3.1)
(23.3)
56.17 56.78
— —
Year ended March 31, 2006
15,703

162.73
—
Notes: 1. Equity in earnings of affiliates: Interim period ended Sept. 30, 2006: ¥19 million;
Interim period ended Sept. 30, 2005: ¥35 million; Year ended March 31, 2006: ¥79 million
2. Average number of shares outstanding (consolidated): Interim period ended Sept. 30, 2006: 95,120,517 shares;
Interim period ended Sept. 30, 2005: 97,142,578 shares; Year ended March 31, 2006: 96,134,373 shares
3. Changes in accounting methods: None 4. Year-on-year change for revenues, operating income, ordinary income, and net income represent comparisons with the
previous interim period.

(2) Financial Position

Total assets
(¥ million)
Net assets
(¥ million)
Capital adequacy
ratio (%)
Net assets
per share (¥)
Interim period ended Sept. 30, 2006 Interim period ended Sept. 30, 2005
680,177 644,463
376,946 365,341
55.4 56.7
3,961.59 3,840.83
Year ended March 31, 2006
718,865
375,832
52.3
3,950.49
Note: Number of shares outstanding at end of period (consolidated): Interim period ended Sept. 30, 2006: 95,120,436 shares;
Interim period ended Sept. 30, 2005: 95,120,648 shares; Year ended March 31, 2006: 95,120,589 shares

(3) Cash Flows

Cash flows from
operating activities
(¥ million)
Cash flows from
investing activities
(¥ million)
Cash flows from
financing activities
(¥ million)
Cash and cash
equivalents at end of
period (¥ million)
Interim period ended Sept. 30, 2006 Interim period ended Sept. 30, 2005
24,937 21,785
(24,146) (21,337)
(33,019) (16,299)
52,112 42,725
Year ended March 31, 2006
59,169
(63,587)
30,158
84,328
(4) Scope of consolidation and application of the equity method
Consolidated
subsidiaries:
19
companies
Unconsolidated subsidiaries accounted for by the equity method:
None
Affiliated companies accounted for by the equity method:

4 companies
(5) Changes in scope of consolidation and application of the equity method:
Consolidation: (New)
None
(Eliminated)
None
Equity method:
(New) None

(Eliminated) None

2. Projected Results for the Fiscal Year Ending March 31, 2007 (April 1, 2006 - March 31, 2007)
Revenues
(¥ million)
Ordinary income
(¥ million)
Net income
(¥ million)
Year ending March 31, 2007
341,090
24,140
12,740
Reference: Estimated earnings per share (full year of the fiscal year ending March 31, 2007): ¥133.94 Note: Cautionary Remark Regarding Forward-Looking Statements Statements made in this document with respect to Oriental Land’s plans, strategies, beliefs and other statements that are not historical facts are forward-looking statements based on the assumptions and beliefs of the Company’s management in light of the information currently available to it and involve risks and uncertainties which may affect the Company’s future performance.

Please refer to page 7 for items concerning the projected results.


2
1.

Outline of Oriental Land Group
Our Group includes Oriental Land Co., Ltd. (“The Company”), 19 consolidated subsidiaries, 4 affiliated companies that are accounted for by the equity method and 2 other affiliates, with the main businesses being the management and operation of theme parks and commercial facilities. The main operations of each business segment and the main affiliates and other companies conducting each business during the interim period were as follows:
Segment

Main Operations

Main Companies
1

Theme Parks
Management and operation of theme parks Management and operation of
Tokyo DisneySea Hotel MiraCosta

Oriental Land Co., Ltd. (listed company) Milial Resort Hotels Co., Ltd.
4

Commercial Facilities
Management and operation of IKSPIARI
2

Management and operation of Disney Ambassador HotelManagement of Camp Nepos
3
IKSPIARI Co., Ltd. Milial Resort Hotels Co., Ltd.
4

Oriental Land Co., Ltd. (listed company)

Retail Business
Management and operation of Disney Store Japan

Retail Networks Co., Ltd.

Other Businesses
Management of Palm & Fountain Terrace Hotel Management and operation of monorail Operation of employee cafeterias Management and operation of themed restaurants,
and others
Maihama Resort Line Co., Ltd. Maihama Resort Line Co., Ltd. Bay Food Services Co., Ltd. RC Japan Co., Ltd.
and 14 other companies
Notes: 1. Company names and number of companies listed in the Main Companies column all refer to consolidated
subsidiaries except Oriental Land Co., Ltd.
2. IKSPIARI is a complex that consists of shops, restaurants, a cinema complex, Camp Nepos and other facilities. 3. Camp Nepos is a facility that provides original programs to nurture children’s imaginations. 4. Maihama Resort Hotels Co., Ltd. changed its corporate name to Milial Resort Hotels Co., Ltd. as of July 1,
2006.
2. Management Policies
(1) Corporate Mission and Policies Our corporate mission is to “provide enjoyment and create magic, inspired by imagination and a sense of adventure, and guided by a desire to fulfill dreams.” This mission is intended to offer today’s individuals the dreams that may be dwelling at the bottom of their hearts, refreshing impressions, and enjoyment and real peace of mind that rejuvenate people. In order to realize the above corporate mission, our Group is united and committed to act in compliance with the following six management policies:
1. Management that communicates 2. Providing the public with original, high-quality value 3. Respect for the individuality of employees, and extension of support to maintain high morale 4. Continuous innovation and evolution in management 5. Profitable growth and contribution to society 6. Harmony and coexistence with society
Based on these corporate policies, the Oriental Land Group will work with stockholders to target growth and further development by fully deploying all of our resources. (2) Policy on Distribution of Profit We believe that higher corporate value and stable dividends are important ways of returning profits to our stockholders.

Oriental Land is working to increase cash flow further to enhance corporate value. We will appropriate cash flows provided by operations, primarily from Tokyo Disney Resort, to new businesses for new growth and additional investments in creating a Destination Resort. We also intend to invest in new businesses that will significantly enhance performance. As we do so, we will maintain a basic policy of stable dividends while considering continued increases in annual dividends per share. Based on this policy, the interim dividend for the fiscal year ending March 31, 2007 is ¥25 per share. We also plan to pay a year-end dividend of ¥25 per share. Therefore, cash dividends applicable to the year are scheduled to total ¥50 per share, an increase of ¥5 from the fiscal year ended March 31, 2006.

3
(3) Basic Policy for Reduction of Investment Unit To attract more individual investors and improve the liquidity of our stocks, we changed the investment unit of 1,000 shares to 100 shares when we went public. We will carefully study the possibility of further reduction of the investment unit, considering the composition and number of our stockholders and other factors. (4) Medium- and Long-term Strategies and Issues Looking at future economic conditions, a continuation of the current solid growth in private domestic demand is expected to drive economic expansion. In addition, with signs of improvement in price trends as well as a healthy employment and income environment, the Japanese economy is widely viewed as being in a self-sustaining recovery led by private-sector demand. However, future trends must be closely monitored. Current factors for concern include weaker corporate earnings amid slowing sales growth and rising personnel costs. Another concern is a slowdown in personal consumption due to system changes in connection with increased tax and social insurance burdens to be implemented by fiscal 2007, which could depress growth in disposable income in household budgets. Moreover, conditions in the amusement park and leisure land industry continue to provide little cause for optimism, considering factors such as instability in consumer spending and the declining birthrate and aging population. Under these conditions, the Oriental Land Group will focus on the following three medium- and long-term strategies aimed at further growth.
(a) Develop Tokyo Disney Resort into a “Destination Resort” (b) Promote businesses outside Maihama area (where Tokyo Disney Resort is located) (c) Strengthen management of Oriental Land Group
We will work to develop Tokyo Disney Resort into a “Destination Resort” by enhancing new facilities and services to make it a destination all guests will wish to visit again and again, whether on day trips to the theme parks, on visits to the movies or restaurants, or on multiple-day trips to enjoy all the resort while staying at hotels. In the theme parks, at Tokyo DisneySea we introduced the new attraction “Tower of Terror” and will take next steps to meet the needs of guests, including increasing capacity. At Tokyo Disneyland, we will provide new appeal with measures including aggressive replacements and renewals of existing facilities. In the year ending March 2010, we plan to introduce a new attraction that will allow guests to experience the world of the Disney Enterprises, Inc./Pixar Animation Studios movie Monsters, Inc. We will also enhance the appeal of the two theme parks by actively taking new measures to respond to our guests’ diverse values. In operations other than the theme parks, in the year ending March 2009, we plan to open the Tokyo Disneyland Hotel, which will be the third Disney hotel after the Disney Ambassador Hotel and Tokyo DisneySea Hotel MiraCosta, and a permanent theater for Cirque du Soleil as a joint project with Cirque du Soleil and The Walt Disney Company. At Disney Stores, we plan to take sweeping improvement measures to counter declining performance. We will differentiate the Disney Store in the market by returning to the basics of the brand business, and will improve and strengthen its quality as a retail business. Through these measures, we will work toward an early recovery in performance. In this way, we will aim for further growth by considering expansion into businesses that offer dreams, moving experiences, enjoyment and contentment, in line with the Oriental Land Group’s business of filling hearts with energy and happiness. Aside from our business strategy, we will also conduct organizational and personnel reforms. We will consider measures for the realization of “Management placing high value on people,” steadily implement internal controls (risk management, compliance, appropriate disclosure of financial information, etc.) throughout the Oriental Land Group, and work to continuously improve our corporate image. In personnel strategy, we will take measures including further strengthening employee training and securing exceptional personnel, based on our employee system aimed at maximizing personnel performance. Through these strategies, we will endeavor to maximize the value of the Oriental Land Group to meet the expectations of our stockholders by generating high cash flow.

4
(5) Information Concerning Parent Companies and/or Major Stockholders A. Names of Parent Companies and/or Major Stockholders
(As of September 30, 2006)
Parent Companies
and Major
Stockholders
Description
Voting Rights
(%)
Stock Market Listing for
Parent Companies and/or
Major Stockholders
Keisei Electric
Railway Co., Ltd.
Disclosed when a publicly listed company is an affiliate of a parent company and/or other major stockholder.
22.58 (2.14) [0.97]
Tokyo Stock Exchange, First Section
Mitsui Fudosan
Co., Ltd.
Disclosed when a publicly listed company is an affiliate of a parent company and/or other major shareholder.
15.98 (0.02) [0.45]
Tokyo Stock Exchange, First Section Osaka Securities Exchange, First Section
Notes: 1. Figures in parentheses in the Voting Rights column indicate percentage of indirect ownership and are included
in the total percentage of voting rights.
2. Figures in brackets in the Voting Rights column indicate percentage of voting rights associated with shares
held in trust accounts, and are in addition to the total percentage of voting rights.
B. Official Name of the Parent Company and/or Major Stockholder that Exerts Material Influence on Oriental
Land Co., Ltd., a Publicly Listed Company

Company Name
Reason for Influence
Keisei Electric
Railway Co., Ltd.
Keisei Electric Railway Co., Ltd. is the major stockholder of Oriental Land Co., Ltd., controlling 20.43 percent of voting rights.
C. Relationship of Publicly Listed Company with Parent Companies and/or Major Stockholders, including
Position within Corporate Group
i. Business relationships and human and equity relationships with each parent company and/or major stockholder and
their group companies, including position of publicly listed companies within the corporate group

Oriental Land is an affiliated company of Keisei Electric Railway Co., Ltd. and Mitsui Fudosan Co., Ltd. Keisei Electric Railway holds 20.43 percent of voting rights and Mitsui Fudosan holds 15.96 percent of voting rights. The Company recognizes that in conducting its business, maintaining a certain cooperative relationship with the corporate groups of parent companies and/or major stockholders is necessary. In addition, the Company’s two outside directors and three outside corporate auditors consist of two directors and one former director of Keisei Electric Railway Co., Ltd. and two directors of Mitsui Fudosan Co., Ltd.
ii. Restrictions on business due to inclusion in corporate groups of parent companies and/or major stockholders, risks
and benefits, and effect on management and business activities from business relationships and human or equity relationships with the parent companies and/or major stockholders and their group companies There is no effect on management and business activities from the corporate groups of parent companies and/or major stockholders due to the Company’s business relationships and equity relationships. In the Company’s management decision making, the Company conducts decision making and corporate operations independently, and not based on the instructions or approval of the corporate groups of parent companies and/or major stockholders.
iii. Securing a degree of independence from parent companies and/or major stockholders
The Company has a cooperative relationship with the corporate groups of parent companies and/or major stockholders, but the businesses of the corporate groups of parent companies and/or major stockholders are segregated from the Company’s business, and the Company believes that its free business activities are not inhibited by the corporate groups of parent companies and/or major stockholders. In addition, the Company has appointed two directors and two corporate auditors who serve concurrently with the parent companies and/or major stockholders, but these appointments are based on the requests of the Company, and are intended to bring in outside opinions from an objective, independent perspective, and to add vitality to the board of directors and the board of corporate auditors.
D. Transactions with Parent Companies and/or Major Stockholders
Keisei Electric Railway Co., Ltd. contributes to rental for single employee dormitory, and Mitsui Fudosan Co., Ltd. is an official sponsor of Tokyo Disneyland. However, the amount of each of these related party transactions is not reported, because it is not material.

5
3. Corporate Results and Financial Position
(1) Overview of Business Results A. Summary of Consolidated Results for the Interim Period Ended September 30, 2006
（
Millions of yen)
(Consolidated)
Interim period
ended Sept. 30, 2006
Interim period
ended Sept. 30 2005
Increase
(decrease)
Change from
previous period (%)
Revenues 160,551
156,291 4,259
2.7
Operating Income
11,828
11,381
446
3.9
Ordinary Income
9,884
9,737
146
1.5
Net Income
5,342
5,515
(172)
(3.1)
In the Theme Park Segment, the Group’s core business, we held the Tokyo DisneySea 5th Anniversary and introduced the new attraction “Tower of Terror,” in addition to actively conducting special events at the two theme parks. Total attendance for the interim period of this year was 12,044 thousand, up 3.3 percent from the same period of the previous fiscal year. In the Retail Business Segment, however, declining sales at Disney Stores continued from the previous fiscal year. As a result, on a consolidated basis, revenues for the interim period were ¥160,551 million (up 2.7 percent compared with the same period of the previous fiscal year), operating income was ¥11,828 million (up 3.9 percent), ordinary income was ¥9,884 million (up 1.5 percent) and net income was ¥5,342 million (down 3.1 percent)

B. Income Analysis
[Revenues] Sales in the Retail Business Segment were lower than in the same period of the previous fiscal year due to factors including a decline in sales at Disney Stores. However, in the Theme Park Segment, total attendance and revenues per guest increased over the same period in the previous year, and revenues from room charges and banquet fees increased at the Tokyo DisneySea Hotel MiraCosta. In the Commercial Facilities Segment, Cinema IKSPIARI contributed to results for the full period. As a result, revenues totaled ¥160,551 million (up 2.7 percent compared with the same period of the previous fiscal year. [Operating Income] Cost of revenues was ¥132,697 million (up 2.8 percent compared with the same period of the previous fiscal year), due to the higher cost of merchandise in conjunction with the increase in revenues and an increase in business consignment and other expenses in connection with the relocation of the call center. As a result of the above, operating income was ¥11,828 million (up 3.9 percent). [Ordinary Income] Nonoperating expenses were ¥2,815 million (up 16.0 percent compared with the same period of the previous fiscal year), due to factors including an increase in interest expense on the 7th and 8th series of unsecured bonds issued in March 2006. As a result of the above, ordinary income was ¥9,884 million (up 1.5 percent). [Net Income] Net income was ¥5,342 million (down 3.1 percent compared with the same period of the previous fiscal year) due to factors including an extraordinary loss on revaluation of investment securities.