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

August 4, 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: August 14, 2009 Planned Date for Start of Dividend Payment: — 1. Consolidated Results for the First Quarter of the Fiscal Year Ending March 31, 2010 (April 1, 2009 to June 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 (%)
Three months ended June 30, 2009 Three months ended June 30, 2008
77,138 80,680
(4.4)
—
1,140 4,339
(73.7)
—
881
4,009
(78.0)
—
Net income
(¥ million)
Year-on-year
change (%)
Net income per share
(¥)
Diluted net income per share
(¥)
Three months ended June 30, 2009 Three months ended June 30, 2008
460
2,055
(77.6)
—
5.06
21.67
— —

(2)

Consolidated Financial Position

Total assets
(¥ million)
Net assets
(¥ million)
Shareholders’ equity
ratio (%)
Net assets per share
(¥)
As of June 30, 2009 As of March 31, 2009
615,296 644,991
371,703 373,660
60.4

57.9
4,088.21

4,109.59

(Reference) Shareholders’ equity:
Three months ended June 30, 2009: ¥371,684 million Fiscal year ended 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
— —
Fiscal year ending March 31, 2010 (Est.)
40.00
— 40.00
80.00
Note: Revisions to the projected dividend for the first 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 cumulative second quarter or fiscal year, as applicable.)


Net sales
(¥ million)
Year-on-year
change (%)
Operating
income
(¥ million)
Year-on-year
change (%)
Ordinary
income
(¥ million)
Year-on-year
change (%)
Cumulative second quarter ending September 30, 2009 Fiscal year ending March 31, 2010

179,280 370,080

(1.0) (4.9)

14,160 34,140

(13.5) (14.9)

13,560 32,650
(14.6) (15.9)
Net income
(¥ million)
Year-on-year
change (%)
Net income per share
(¥)
Cumulative second quarter ending September 30, 2009 Fiscal year ending March 31, 2010

8,990
20,690

2.1
14.4

98.88
227.57
Note: Changes in the three months ended June 30, 2009 to projected consolidated results: None

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)

Three months ended June 30, 2009:
90,922,540 shares

Year ended March 31, 2009:
95,122,540 shares
(b)

Number of treasury stock at end of period

Three months ended June 30, 2009:
6,326 shares

Year ended March 31, 2009:
4,203,176 shares
(c)

Average number of shares outstanding (quarterly consolidated cumulative period)

Three months ended June 30, 2009:
90,918,799 shares

Three months ended June 30, 2008:
94,843,016 shares

* Explanation on the Appropriate Usage of Performance Projections and Other Specific Matters 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 “3. Qualitative Information on Projections for Consolidated Business Results” on page 5.

3
Qualitative Information, Financial Statements and Other Data
1. Qualitative Information on Consolidated Operating Results

The severe operating conditions continued during the three months ended June 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 and operating income for the OLC Group decreased due to factors that included the fact that it
was the year after Tokyo Disney Resort 25th Anniversary, bad weather and the outbreak of novel influenza. Net sales was ¥77,138 million, a 4.4% decrease compared with the same period of the previous fiscal year, while operating income stood at ¥1,140 million, down 73.7%. Summary of Results by Segment
(Millions of yen)
Three months
ended
June 30, 2008
Three months
ended
June 30, 2009

Increase
(decrease)

Change from
previous period
(%)

Net Sales
80,680
77,138
(3,541) (4.4)
Theme
Park
Segment
64,891
58,849
(6,042) (9.3)

Hotel Business Segment
7,899
9,512
1,613 20.4

Retail Business Segment
3,460
3,340
(120) (3.5)

Other Business Segment
4,429
5,435
1,006 22.7
Operating Income (Operating Loss)
4,339
1,140
(3,198) (73.7)
Theme
Park
Segment
4,837
850
(3,987) (82.4)

Hotel Business Segment
304
662
358 117.8

Retail Business Segment
(343)
(187)
156
－

Other Business Segment
(394)
(238)
156
－

Elimination and Corporate
(65)
52
117
－
Ordinary Income
4,009
881
(3,127) (78.0)
Net Income
2,055
460
(1,595) (77.6)

[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 ¥58,849 million (down 9.3% from the same period of the previous fiscal year)
At Tokyo Disneyland, we opened “Monsters Inc. ‘Ride & Go Seek!’” a new attraction based on film “Monsters Inc.” on April 15.
The attraction has been very popular, especially among the families. At Tokyo DisneySea, we held the “Tokyo DisneySea Spring Carnival,” a special event full of spring-themed elements for the second straight year.
Total attendance at the two theme parks, however, fell below the level of the same period of the previous fiscal year, which
reflected the influence of bad weather, especially during the weekends and long holidays, cancellations by group guests and a decrease in the number of overseas travelers visiting Japan due to the outbreak of novel influenza A (H1N1), among other factors, in addition to the fact that it was the year after the 25th Anniversary.
In addition, net sales per guest at theme parks remained strong with the amount of sales essentially unchanged from the same
period of the previous fiscal year. Ticket receipts were essentially unchanged from the previous fiscal year. While the sale of “Duffy” products sold exclusively at Tokyo DisneySea remained strong, merchandise sales were below those of the same period of the previous fiscal year due to the fact that it was the year after the 25th Anniversary, among other factors. Food and beverage sales increased due to factors including strong wagon sales.

On the other hand, net sales per guest remained strong with the amount of sales essentially unchanged from the
previous first quarter. Looking at the breakdown, ticket receipts were essentially unchanged from the previous first quarter.
Operating Income ¥
850
million (down
82.4
%)

4
Operating income decreased due to factors including disposal expenses related to the 25th Anniversary as well as a decrease in net
sales.

[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 at the Tokyo Disneyland Hotel as well as a decrease in preparation expenses before the opening of the Tokyo Disneyland Hotel.

Net Sales ¥
9,512
million (up
20.4
%)
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 carried out an “Early Entry” program at Tokyo Disneyland and Tokyo DisneySea for limited times. Furthermore, as seen by the “Tokyo DisneySea Hotel MiraCosta Spring Carnival,” each hotel conducted special hotel events and offered special menus that were linked to special events, etc. at theme parks.
However, occupancy rates of Tokyo DisneySea Hotel MiraCosta, Disney Ambassador Hotel, and Palm & Fountain Terrace Hotel
fell below those of the same period of the previous fiscal year due to factors including the influence of novel influenza A (H1N1) in addition to the fact that it was the year after the 25th Anniversary.
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 ¥
662
million (up
117.8
%)
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 an effort to reduce fixed expenses.

Net Sales ¥
3,340
million (down
3.5
%)
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. In addition, we opened stores at Gotemba Premium Outlets and Tsuchiura AEON and closed the Mito EXCEL store in May (a total of 58 stores as of June 30, 2009). However, net sales declined in an environment where the economy further deteriorated.

Operating Loss ¥
187
million (an improvement of ¥
156
million)
Despite a decrease in net sales, operating loss improved as a result of a decrease 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 theater.

Net Sales ¥
5,435
million (up
22.7
%)
At IKSPIARI, the original “Monsters Inc.” was shown at CINEMA IKSPIARI in line with the opening of the new attraction at
Tokyo Disneyland. We also carried out a number of events including “ZED SUMMER FESTA @ IKSPIARI,” an 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.

Operating Loss ¥
238
million (an improvement of ¥
156
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 June 30, 2009 were ¥615,296 million (down 4.6 percent compared with the end of the previous fiscal year). Current assets were ¥67,650 million (down 23.3 percent), 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).

5
Noncurrent assets were ¥547,645 million (down 1.6 percent) due to factors including a decrease in tangible assets as a result of the
continued depreciation and amortization of facilities at Tokyo Disney Resort.

[Liabilities]
Total liabilities as of June 30, 2009 were ¥243,592 million (down 10.2 percent). Current liabilities were ¥104,575 million (down 6.0 percent) due to factors including the redemption of Unsecured Straight Bonds
6th series (¥20,000 million) in May.
Fixed liabilities were ¥139,017 million (down 13.2 percent) 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 June 30, 2009 were ¥371,703 million (down 0.5 percent) due to factors including payment of cash dividends.
Shareholders’ equity ratio stood at 60.4 percent (up 2.5 points). In addition, the Company retired 4.2 million shares of treasury stock (4.42 percent of the total number of shares issued and outstanding) using retained earnings in May.

3. Qualitative Information on Projections for Consolidated Business Results
Results for the first quarter were below our performance projections. However, we are not currently changing our consolidated
cumulative second quarter and full-year projections announced on May 7, 2009, considering the fact that the second quarter and after will fall in a high attendance period for the theme parks, among other factors.
Actual results could differ materially from projections due to the influence of factors, including economic conditions, changes in
customer preferences, weather and disasters. For further information on business risks, please refer to the Company’s “Consolidated Financial Statements for the Fiscal Year Ended March 31, 2009,” released on June 26, 2009.