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Summary of Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2006

February 9, 2006
ORIENTAL LAND CO., LTD.
Code number: 4661, Tokyo Stock Exchange, First Section URL: http://www.olc.co.jp Representative: Yoshiro Fukushima, President and Representative Director Contact: Kenjiro Mizushima, Director, Finance/Accounting Division
George Yasuoka, Director, Publicity Division
A. Preparation of Summary of Quarterly Results
1. Use of simplified accounting method: No 2. Changes from accounting methods used in most recent consolidated fiscal year: None 3. Changes in scope of consolidation and application of equity method: Yes (Consolidated: 1 new company)
B. Results for the Nine Months Ended December 31, 2005 (April 1, 2005 to December 31, 2005)
1.

Consolidated Operating Results
Note: Amounts in this quarterly report are presented after rounding off numbers less than one million yen.

Revenues
(¥ million)
Year-on-
year change
(%)
Operating
income
(¥ million)
Year-on-
year change
(%)
Ordinary
income
(¥ million)
Year-on-
year change
(%)
Nine months ended Dec. 31, 2005 Nine months ended Dec. 31, 2004
257,850 256,297
0.6
(3.0)
31,047 34,459
(9.9)
(16.2)
28,277 32,327
(12.5) (14.9)

(Ref.) Year ended Mar. 31, 2005
331,094

34,561

30,836
Net income
(¥ million)
Year-on-
year
change (%)
Earnings
per share (¥)
Earnings per share
(diluted) (¥)
Nine months ended Dec. 31, 2005 Nine months ended Dec. 31, 2004
16,537 18,189
(9.1)
—
171.44 181.68
— —
(Ref.) Year ended Mar. 31, 2005
17,224
—
171.19
—
Notes:

Year-on-year change for revenues, operating income, ordinary income and net income is based on the nine-
month period of the previous fiscal year. The Company has been disclosing quarterly net income since the previous fiscal year, and therefore year-on-year change from years prior to the previous fiscal year is not presented.

Qualitative Information on Progress of Consolidated Operating Results


In the Theme Park Segment, the Oriental Land Group’s core business, we introduced the new attraction “Raging
Spirits” at Tokyo DisneySea and aggressively implemented other new special events at the two theme parks. In addition, we offered “theme resort” appeal through implementation of business initiatives that capitalized on seasonal products and took advantage of the unique features of the two Disney hotels, Ikspiari and other facilities.
However, although total attendance at the two theme parks from October through December increased slightly
compared with the same period of the previous fiscal year, this did not fully offset the decrease in attendance for the first half, and overall attendance for the nine-month period was down slightly from the same period of the previous fiscal year. In the Retail Business Segment, a decline in revenues compared with the same period of the previous fiscal year continued from the first half. Nevertheless, overall revenues totaled ¥257,850 million (up 0.6 percent compared with the same period of the previous fiscal year), in part because the Palm & Fountain Terrace Hotel contributed to results for the entire period.
With regard to expenses, the Palm & Fountain Terrace Hotel generated operating expenses, while in the Theme
Park Segment personnel costs increased due to factors including a change in the personnel system for part-time

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employees and production expenses for entertainment and shows increased due to factors such as the longer running periods and larger scale of special events. As a result, operating income was ¥31,047 million (down 9.9 percent).
Ordinary income was ¥28,277 million (down 12.5 percent) due to factors including the absence of the leveraged-
lease investments income recorded in the same period of the previous fiscal year. Net income for the nine-month period was ¥16,537 million (down 9.1 percent).
[Theme Park Segment]

At Tokyo Disneyland, we conducted “Disney’s Rock Around The Mouse,” an enjoyable taste of America in the
1950s, starting in April. At Tokyo DisneySea, we presented the special event “Aladdin’s Whole New World” from May. In addition, in July we introduced the first new attraction since the park opened: “Raging Spirits,” a roller coaster attraction that takes guests on a thrilling, high-speed ride through the excavation site of a collapsing stone statue of an ancient god. We also welcomed many guests at each park by conducting special events and entertainment based on seasonal themes and the parks’ distinctive features.
However, although total attendance at the two theme parks increased slightly for October through December
compared with the same period of the previous fiscal year, this did not fully offset the decrease in attendance during the first half, and overall attendance for the nine-month period was down slightly from the same period of the previous fiscal year. Revenues per guest, on the other hand, were up slightly as strong sales of merchandise and food and beverages continued from the first half.
At Tokyo DisneySea Hotel MiraCosta, we aggressively implemented services such as offering special menus at
hotel restaurants linked to events at Tokyo DisneySea.
As a result of the above factors, revenues for the Theme Park Segment were ¥215,018 million (down 0.1 percent
compared with the same period of the previous fiscal year).
[Commercial Facilities Segment]

At Ikspiari, we conducted events unique to the facility, including “Find Your Style!”, an event offering distinctive
lifestyle ideas to celebrate the fifth year of operations, and “Piari Christmas.” In September, we also acquired the business rights to and began operation of a cinema complex, “AMC Ikspiari 16.”
At the Disney Ambassador Hotel, we conducted the “Disney Ambassador Hotel ‘Gala’ 5th Anniversary,” a large-
scale event commemorating the fifth year of hotel operations. In addition, at all restaurants in the Disney Ambassador Hotel, we offered distinctive special menus linked to park events.
As a result of the above factors, revenues for the Commercial Facilities Segment were ¥17,240 million (up 1.2
percent compared with the same period of the previous fiscal year).
[Retail Business Segment]

At Disney Stores in Japan, strategic store openings and closings included opening the Machida 109 Store in April,
the Sapporo Pivot Store in August, the Tennoji Mio Store in September, and the Kawaguchi Ario Store in November, in addition to closing one store due to relocation of a store in the same market area. In addition, we introduced “Fantamiliar,” a members’ program that allows real-time understanding of customer needs from guest purchasing histories for use in marketing strategies, at four stores in November.
However, continuing from the first half, sales decreased compared with the same period of the precious fiscal year
due to factors including a decline in the number of store customers.
As a result of the above factors, revenues for the Retail Business Segment were ¥16,333 million (down 9.9 percent
compared with the same period of the previous fiscal year).
[Other Business Segment]

In the hotel business, the Palm & Fountain Terrace Hotel, which opened in February 2005, contributed to results for
the period. In the monorail business, the Disney Resort Line continued to draw many guests visiting Tokyo Disney Resort.
As a result of the above factors, revenues for the Other Business Segment were ¥9,257 million (up 56.0 percent
compared with the same period of the previous fiscal year).

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2.

Consolidated Financial Position


Total assets
(¥ million)
Stockholders’ equity
(¥ million)
Stockholders’ equity
ratio (%)
Stockholders’ equity
per share (¥)
As of Dec. 31, 2005
665,548
374,906
56.3
3,941.38
As of Dec. 31, 2004
650,404 390,068 60.0

3,895.97
(Ref.) As of Mar. 31, 2005
660,224
389,606
59.0
3,890.51

Qualitative Information on Change of Consolidated Financial Position


[Assets]

Total assets at the end of the third quarter (December 31, 2005) were ¥665,548 million (up 9.2 percent compared
with the end of the previous fiscal year).
Current assets were ¥97,888 million (up 9.2 percent) due to factors including an increase in marketable securities in
connection with an increase in operating assets.
Fixed assets were ¥567,655 million (down 0.5 percent) because of factors including a decrease in property and
equipment due to depreciation of Tokyo Disney Resort facilities.
[Liabilities]

Total liabilities at the end of the third quarter were ¥290,533 million (up 7.4 percent compared with the end of the
previous fiscal year).
Current liabilities were ¥94,824 million (up 25.2 percent). Although the company redeemed the fifth series of
unsecured bonds (¥10,000 million), the second series of unsecured bonds (¥30,000 million) was reclassified from long-term liabilities to current liabilities.
Long-term liabilities were ¥195,708 million (up 0.5 percent) despite the reclassification of the second series of
unsecured bonds to current liabilities, due to factors including an increase in long-term debt (¥31,000 million) to fund the share buyback in June.
[Stockholders’ Equity]
Total stockholders’ equity at the end of the third quarter was ¥374,906 million (down 3.8 percent compared with
the end of the previous fiscal year) due to factors including a decrease in the number of outstanding shares as a result of the share buyback, despite an increase in retained earnings, and the stockholders’ equity ratio was 56.3 percent (down 2.7 percentage points).
C. Projected Consolidated Results for the Fiscal Year Ending March 31, 2006 (April 1, 2005 to
March 31, 2006)
Revenues

(¥ million)
Operating income
(¥ million)
Ordinary income
(¥ million)
Net income
(¥ million)
Year ending March 31, 2006
334,700
28,900
25,000
14,400
Reference: Estimated earnings per share (full year): ¥150.49

Qualitative Information on Projected Consolidated Results


As a percentage of projected results for the fiscal year, operating income for the nine months ended December 31,
2005 was 107.4 percent, ordinary income was 113.1 percent and net income was 114.8 percent. These figures result from the fact that the total attendance at the two theme parks in the fourth quarter is relatively low compared with other quarters, due to annual seasonal factors, and maintenance of attractions is concentrated in this period, when operating hours are shorter. Because of these and other factors, low revenues and high fixed costs in the fourth quarter are a characteristic of the Company’s theme park business.
The projected results above are unchanged from the figures announced on November 8, 2005. Note: The above projections were made based on information available to the Company at the time of release of
this material. Actual results may differ from the projected figures depending on various factors.

D. Summary Consolidated Financial Statement
1. Consolidated Balance Sheets (Summary)
（
Millions of Yen）
Itemｓ
Amount
%
Amount
%
Amount
%
Amount
%
％
％
％
％
1. Cash and time deposits
41,987
45,866
47,678
2. Trade notes and receivables
13,068
12,609
458
11,455
3. Marketable securities
16,798
18,649
10,048
4. Inventories
9,716
9,796
8,099
5. Others
16,318
9,072
7,245
12,335
0
97,888
14.7
95,994
14.8
1,894
2.0
89,616
13.6
(1) Property and equipment
1. Main items
501,311
490,935
10,375
508,621
2. Construction in progress
13,023
12,979
43
12,100
514,334
77.3
503,914
77.5
10,419
2.1
520,721
78.9
(2) Intangible fixed assets
12,218
1.8
11,663
1.8
554
4.8
11,615
1.7
(3) Investments and other assets
1. Others
41,289
38,912
2,377
38,439
31
41,102
6.2
38,693
5.9
2,408
6.2
38,258
5.8
567,655
85.3
554,272
85.2
13,382
2.4
570,594
86.4
Ⅲ．
4
0.0
137
0.0
13
0.0
665,548
100.0
650,404
100.0
15,143
2.3
660,224
100.0
Ⅰ．
1. Notes and accounts payable
14,403
14,973
14,585
2. Current portion of bonds
30,000
10,000
20,000
10,000
－
9,700
5,200
4. Accrued income taxes
7,574
7,383
190
7,280
5. Others
42,846
38,446
4,400
38,666
94,824
14.3
80,503
12.4
14,321
17.8
75,732
11.5
Ⅱ．
1. Bonds
120,000
150,000
150,000
2. Long-term debt
50,000
3,000
47,000
19,000
3. Others
25,708
26,721
25,778
195,708
29.4
179,721
27.6
15,987
8.9
194,778
29.5
290,533
43.7
260,224
40.0
30,309
11.6
270,510
41.0
107
0.0
111
0.0
107
0.0
63,201
9.5
63,201
9.7
－
－
63,201
9.6
111,403
16.7
111,403
17.2
－
－
111,403
16.9
223,273
33.5
211,455
32.5
11,817
5.6
210,725
31.9
7,292
1.1
4,018
0.6
3,274
81.5
4,288
0.6
－
374,906
56.3
390,068
60.0
389,606
59.0
665,548
100.0
650,404
100.0
15,143
2.3
660,224
100.0
3. Current portion of long-term debt
Total current liabilities
Long-term liabilities
Total long-term liabilities
2. Allowance for doubtful receivablesTotal investments and other assets
Total fixed assets
Deferred assets
Total stockholders' equity
Total liabilities, minority interests and stockholders' equity
Ⅳ
. Net unrealized holding gain
on securities
Ⅴ
. Treasury stock
STOCKHOLDERS' EQUITY
Ⅰ
. Common stock
Ⅱ
. Capital Surplus
Ⅲ
. Earned Surplus
LIABILITIES
Current liabilities
Total liabilities
MINORITY INTERESTS
Minority interests
ASSETS
Total assets
Ⅰ
. Current assets
6. Allowance for doubtful receivables
Total current assets
Ⅱ
. Fixed assets
Total property and equipment
As of March 31, 2004
As of December 31, 2005
As of December 31, 2004
Increase (decrease)
from previous period
(3,879)
(1,851)
(79)
(0)
(0)
(1)
(187)
(218)
(181)
(96.9)
(133)
(569)
(9,700)
(30,000)
(1,012)
(3.5)
(3)
(30,263)
(4.5)
(10)
(0.0)
(30,252)
(15,161)
(11)
(0.0)
(3.9)
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2. Consolidated Statements of Income (Summary)
（
Millions of Yen）
Items
Amount
%
Amount
%
Amount
%
Amount
%
％
％
％
％
257,850
100.0
256,297
100.0
1,552
0.6
331,094
100.0
202,263
78.4
198,321
77.4
3,942
2.0
264,989
80.0
55,586
21.6
57,976
22.6
66,105
20.0
24,539
9.6
23,517
9.2
1,021
4.3
31,543
9.6
31,047
12.0
34,459
13.4
34,561
10.4
937
0.4
2,652
1.1
3,014
0.9
3,706
1.4
4,784
1.9
6,740
2.0
28,277
11.0
32,327
12.6
30,836
9.3
－
－
－
－
－
－
578
0.2
153
0.1
645
0.2
966
0.3
28,124
10.9
31,682
12.4
30,447
9.2
10,837
4.2
12,937
5.1
12,909
3.9
749
0.3
549
0.2
199
36.3
312
0.1
0
0.0
5
0.0
1
0.0
16,537
6.4
18,189
7.1
17,224
5.2
April 1, 2004
to December 31, 2004
Increase (decrease)
from previous period
April 1, 2004
to March 31, 2005
Ⅶ
. Extraordinary loss
April 1, 2005
to December 31, 2005
Ⅰ
. Revenues
Ⅱ
. Cost of Revenues
Gross Profit
Ⅲ
. Selling, general and
administrative expenses
Income before income taxesIncome, residential and enterprises taxes
Adjustment for income taxes
Operating income
Ordinary income
Ⅵ
. Extraordinary income
Minority gain
Net income
(4.1)
(9.9)
(64.7)
(22.5)
Ⅳ
. Nonoperating income
Ⅴ
. Nonoperating expenses
(2,389)
(12.5)
(76.2)
(3,411)
(1,715)
(1,077)
(4,049)
(491)
(4)
(97.6)
(9.1)
(3,557)
(11.2)
(16.2)
(2,100)
(1,652)
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