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Consolidated Financial Statements for the Fiscal Year Ended March 31, 2006

May 9, 2006
These financial statements have been prepared for reference only in accordance with accounting 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:
May 9, 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. and 1 other company (Code No. 9009) Voting rights held by parent companies: 22.6%
1. Results for the Fiscal Year Ended March 31, 2006 (April 1, 2005 – March 31, 2006)
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)
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
(%)

Fiscal 2006 Fiscal 2005
332,885 331,094
0.5
(1.6)
30,604 34,561
(11.4) (10.8)
26,686 30,836
(13.5) (10.3)

Net
income
(¥ million)
Year-on-year
change
(%)
Earnings per
share
(¥)
Earnings per
share (diluted)
(¥)
Return on
equity
(%)
Ordinary
income/total
assets (%)
Ordinary
income/total
revenues (%)
Fiscal 2006 Fiscal 2005
15,703 17,224
(8.8) (7.0)
162.73 171.19
— —
4.1 4.5
3.9 4.7
8.0 9.3
Notes: 1. Equity in earnings of affiliates: ¥79 million (Fiscal 2005: loss of ¥429 million) 2. Average number of shares outstanding (consolidated): 96,134,373 shares (Fiscal 2005: 100,121,101 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 fiscal year.

(2) Financial Position

Total assets
(¥ million)
Stockholders’ equity
(¥ million)
Stockholders’ equity
/total assets (%)
Stockholders’ equity
per share (¥)
Fiscal 2006 Fiscal 2005
718,865 660,224
375,832 389,606
52.3 59.0
3,950.49 3,890.51
Note: Number of shares outstanding at end of period (consolidated): 95,120,589 shares (Fiscal 2005: 100,120,857 shares)

(3) Cash Flows

Net cash provided by
operating activities
(¥ million)
Net cash used in
investing activities
(¥ million)
Net cash provided by (used
in) financing activities
(¥ million)
Cash and cash
equivalents at end of
period (¥ million)
Fiscal 2006 Fiscal 2005
59,169 59,915
(63,587) (21,110)
30,158
(9,830)
84,328 58,577
(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) 2 companies (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)
Six months ending Sept. 30, 2006 Fiscal 2007 (Full year)
160,740 347,140
7,700
26,970
4,390
15,790
Reference: Estimated earnings per share: Fiscal 2007 (Full year): ¥165.37 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.


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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 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) Maihama Resort Hotels Co., Ltd.
Commercial Facilities

Management and operation of IKSPIARI
2

Management and operation of
Disney Ambassador Hotel
Management of Camp Nepos
3
IKSPIARI Co., Ltd. Maihama Resort Hotels Co., Ltd. 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 fourteen 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.

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

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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 year-end dividend for the year ended March 31, 2006 is ¥25 per share, which, combined with the interim dividend of ¥20 per share, brings total dividends for the year to ¥45 per share, an increase of ¥10 from the year ended March 31, 2005. For the year ending March 31, 2007, we plan to pay total dividends of ¥50 per share, up ¥5 from the fiscal year ended March 31, 2006.
(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, signs of improvement in personal consumption, employment conditions and price trends indicate that the period of deflation may be drawing to a close. However, future trends must be closely monitored. Current factors for concern include the cooling down of the U.S. and other overseas economies, the rise in the price of crude oil and lackluster growth in corporate earnings. In addition, a slowdown in personal consumption due to the reduction of temporary fixed-rate tax cuts, which starts in 2006, is another concern.

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) Expand 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 its appeal as 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 will conduct events to commemorate its 5th year of operations and present “Legend of Mythica,” a new daytime harbor show, beginning in July 2006. Also, we will introduce the new attraction “Tower of Terror” in September. Moreover, we will offer programs celebrating the anniversary throughout the park. 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. Through these activities, we aim to improve the ability of the two theme parks to attract guests by increasing the appeal and capacity of each.

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. In businesses outside the Tokyo Disney Resort, we will consider customer attributes and other factors at Disney Stores, and work to strengthen both development of products that more closely match customer preferences and trends, and our marketing and sales organization. In line with the above, we will consider expansion into “Power Your Heart with Happiness” business domains in

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line with the Oriental Land Group’s corporate philosophy, “Inspired by imagination and a sense of adventure, and guided by a desire to fulfill dreams, provide enjoyment and create magic,” and work to alleviate the concentration of business in the Maihama area as we aim for further growth and expansion. 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.
(5)
Information Concerning Parent Companies and/or Major Stockholders
A. Names of Parent Companies and/or Major Stockholders
(As of March 31, 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

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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.