1
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2009

February 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 Tokyo Stock Exchange URL: http://www.olc.co.jp Representative: Yoshiro Fukushima, Representative Director, President and COO Contact: Akiyoshi Yokota, Officer and Director, Finance/Accounting Department
Filing of Securities Report (Shihanki Hokokusho) (scheduled): February 13, 2009


1. Consolidated Results for the Third Quarter of the Fiscal Year Ending March 31, 2009 (April 1, 2008 to December 31, 2008)

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 (%)
Nine months ended December 31, 2008 Nine months ended December 31, 2007
300,464 266,787
—
0.3
42,281 37,285
—
6.9
41,798 34,684
—
8.5
Net income
(¥ million)
Year-on-year
change (%)
Earnings per share
(¥)
Earnings per share (diluted)
(¥)
Nine months ended December 31, 2008 Nine months ended December 31, 2007
23,899 20,707
—
11.9
259.17 217.70
— —

(2)

Consolidated Financial Position

Total assets
(¥ million)
Net assets
(¥ million)
Net worth ratio
(%)
Net assets
per share (¥)
As of December 31, 2008 As of March 31, 2008
661,558 757,542
380,021 388,180
57.4 51.2
4,178.48 4,079.44
(Reference) Equity capital: As of December 31, 2008: ¥379,905 million; As of March 31, 2008: ¥388,036 million
2. Dividends
Dividends per share (¥)

First quarter
Second quarter
Third quarter
Year-end
Full-year
Fiscal year ended March 31, 2008 Fiscal year ending March 31, 2009
— —
30.00 30.00
— —
30.00
————
60.00
————
Fiscal year ending March 31, 2009 (Est.)
————
————
————
35.00
65.00
Note: Revisions to projected dividends during the third quarter of the fiscal year ending March 31, 2009: No
3. Projected Consolidated Results for the Fiscal Year Ending March 31, 2009
(April 1, 2008 to March 31, 2009)
(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, 2009
385,240
12.5
37,200
19.4
35,940
30.6
Net income
(¥ million)
Year-on-year
change (%)
Earnings per share
(¥)
Fiscal year ending March 31, 2009
20,820 41.3
226.56
Note: Revisions to projected consolidated results during the third quarter of the fiscal year ending March 31, 2009: Yes

2
4. Other
(1)

Changes in Major Subsidiaries During the Period (Changes in specified subsidiaries due to changes in the scope of consolidation): No

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

For details, please see “Qualitative Information and Financial Statements, 4. Other” on pages 6-7.
(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: Yes
For details, please see “Qualitative Information and Financial Statements, 4. Other” on pages 6-7.
(4)

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

Number of shares at end of period (including treasury stock): Nine months ended December 31, 2008: 95,122,540 shares; Year ended March 31, 2008: 95,122,540 shares
(b)

Treasury stock at end of period: Nine months ended December 31, 2008: 4,203,009 shares; Year ended March 31, 2008: 2,558 shares
(c)

Average number of shares during the period: Nine months ended December 31, 2008: 92,217,965 shares; Nine months ended December 31, 2007: 95,120,171 shares

Notes: Explanation of Appropriate Use of Projected Results and Other Specified Items 1.

The projected consolidated and nonconsolidated results announced on November 5, 2008 have been revised in this document.
2.

The projected results for the fiscal year contained in this document are based on information currently available to the Company and certain assumptions it considers reasonable. Due to various factors, actual results may differ materially from the forecast. For cautionary remarks and other issues concerning use of the projected results, please see “3. Qualitative Information on Projected Consolidated Results” on page 6.
3.

Effective from the fiscal year ending March 31, 2009, the Company applies the “Accounting Standard for Quarterly Financial Reporting” (ASBJ Statement No. 12) and its Implementation Guidance, “Guidance on Accounting Standard for Quarterly Financial Reporting” (ASBJ Guidance No. 14). Quarterly consolidated financial statements have been prepared in accordance with the “Regulation for Quarterly Consolidated Financial Reporting.”

(Reference) Projected Nonconsolidated Results for the Fiscal Year Ending March 31, 2009
(April 1, 2008 to March 31, 2009)
(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, 2009
314,810 11.4
32,700 22.1
32,080 36.3
Net income
(¥ million)
Year-on-year
change (%)
Earnings per share
(¥)
Fiscal year ending March 31, 2009
18,450 51.4
200.77
Note: Revisions to projected nonconsolidated results during the third quarter of the fiscal year ending March 31, 2009: Yes

3
Qualitative Information and Financial Statements

1. Qualitative Information on Consolidated Operating Results
In the Japanese economy during the nine months ended December 31, 2008, the severe operating environment
continued, as the economy made a clear downturn, with a decline in corporate profits and private capital investment amid the strengthening sense of a drastically slowing global economy as the financial crisis in the United States affected the real economy.
In these conditions, net sales of the OLC Group totaled a record ¥300,464 million, a 12.6 percent increase compared
with the same period of the previous fiscal year, with the strong performance of Tokyo Disney Resort 25th Anniversary, in addition to the opening of Tokyo Disneyland Hotel and Cirque du Soleil Theatre Tokyo.
Operating income was ¥42,281 million, a 13.4 percent increase compared with the previous fiscal year, ordinary income
was ¥41,798 million (up 20.5 percent), and net income was ¥23,899 million (up 15.4 percent). Each income category reached a record level, due to factors including strong performance in the theme park segment, despite an increase in preparation expenses before opening two new facilities and a provision for loss on business liquidation due to withdrawal from a business, which was recorded as an extraordinary loss.
The rate of increase of both consolidated net sales and operating income in the third quarter (October to December),
compared with the same period of the previous fiscal year, was greater than that of the first quarter (April to June) and the second quarter (July to September).

Summary of Results by Segment
(Millions of yen)
Nine months ended
December 31, 2007
Nine months ended
December 31, 2008
Increase
(decrease)

Change from
previous period
(%)

Net Sales
266,787
300,464
33,677
12.6
Theme
Park
Segment
213,843
236,026
22,183
10.4

Hotel Business Segment
25,720
35,051
9,330
36.3

Retail Business Segment
12,768
11,983
(785)
(6.1)

Other Business Segment
14,454
17,403
2,948
20.4
Operating Income (Operating Loss)
37,285
42,281
4,996
13.4
Theme
Park
Segment
31,668
36,923
5,255
16.6

Hotel Business Segment
5,919
5,572
(346)
(5.9)

Retail Business Segment
(78)
33
112
—

Other Business Segment
21
(332)
(353)
—

Eliminations and Corporate
(245)
82
328
—
Ordinary Income
34,684
41,798
7,114
20.5
Net Income
20,707
23,899
3,192
15.4

[Theme Park Segment]: Tokyo Disneyland, Tokyo DisneySea and others
Despite increases in personnel expenses and fixed expenses, net sales and operating income increased as a result of
increases in theme park attendance and net sales per guest due to the strong performance of Tokyo Disney Resort 25th Anniversary.
Net Sales ¥236,026 million (up 10.4% from the same period of the previous fiscal year)
We are conducting a variety of events throughout the year for Tokyo Disney Resort 25th Anniversary, which started on
April 15, not only at the two theme parks, but throughout the entire resort at Disney hotels, IKSPIARI, Disney Resort Line and Tokyo Disney Resort Official Hotels.
At Tokyo Disneyland, a new daytime parade “Jubilation!” began at Tokyo Disneyland in conjunction with the start of
the 25th Anniversary, and in the third quarter we held the popular annual events “Disney’s Halloween” and “Christmas Fantasy.” At Tokyo DisneySea, we held “Bon Fire Dance,” a summer night entertainment program during summer vacation, “Harborside Christmas” in the third quarter, and other events.
As a result, total attendance at the two theme parks surpassed that of the same period of the previous fiscal year to reach
a new record.
In addition, net sales per guest increased compared with the same period of the previous fiscal year. Ticket receipts were
essentially unchanged. Merchandise sales increased due to strong sales of Christmas merchandise, “Duffy” The Disney Bear products sold exclusively at Tokyo DisneySea, and other products in addition to items for the 25th Anniversary. Food and beverage sales increased due to strong sales of popcorn, smoked turkey legs and other one-hand menu items.

4
Operating Income ¥36,923 million (up 16.6%)
Despite an increase in personnel expenses for part-time employees following an hourly wage revision OLC
implemented in March 2008 and an increase in work hours, as well as an increase in fixed expenses including sales promotion expenses in connection with the 25th Anniversary, operating income increased due to the significant increase in net sales.

[Hotel Business Segment]: Tokyo Disneyland Hotel, Tokyo DisneySea Hotel MiraCosta and others
Tokyo Disneyland Hotel opened and performed well. On the other hand, operating income decreased due to an increase
in preparation expenses before opening the hotel.
Net Sales ¥35,051 million (up 36.3%)
We held the grand opening of Tokyo Disneyland Hotel on July 8, 2008. The 705 guest rooms make it the largest in scale
of the Disney hotels, with many four-guest rooms to accommodate families and groups comfortably. The occupancy rate remained strong according to plan.
At Disney hotels, we conducted a variety of programs that included holding events and providing special menus
associated with Tokyo Disney Resort 25th Anniversary. The occupancy rates of Tokyo DisneySea Hotel MiraCosta and Disney Ambassador Hotel were both essentially unchanged from the same period of the previous fiscal year.
At Palm & Fountain Terrace Hotel, we implemented various measures including sales of original packages. As a result,
the occupancy rate surpassed that of the same period of the previous fiscal year.

Operating Income ¥5,572 million (down 5.9%)
Despite an increase in income for the third quarter (October to December), cumulative operating income for the nine
months ended December 31, 2008 decreased due to factors including an increase in preparation expenses before the opening of Tokyo Disneyland Hotel. Excluding preparation costs before opening, Tokyo Disneyland Hotel has been profitable.

[Retail Business Segment]: The Disney Store
Net sales decreased and operating income increased due to factors including efforts to improve the cost of merchandise
ratio, despite a decline in the number of customers in the worsening economy.
Net Sales ¥11,983 million (down 6.1%)
At The Disney Store, we worked to create appealing sales outlets that express Disney’s world view with displays of
Halloween and Christmas merchandise as well as “Ohana Village,” a program featuring Stitch. In addition to store openings centered on shopping malls, including the Koshigaya AEON Lake Town store, during the third quarter, we opened a store at the Sano Premium Outlet as the first permanent outlet store (for a total of 60 stores as of December 31, 2008). As a result, although net sales for the third quarter (October to December) were essentially unchanged from the same period of the previous fiscal year, cumulative net sales for the nine months ended December 31, 2008 decreased due to a decline in the number of customers in the worsening economy.

Operating Income ¥33 million (an improvement of ¥112 million)
Operating income improved due to factors including an improvement in the cost of merchandise ratio and continuing
reductions in fixed expenses from the previous year. [Other Business Segment]: Cirque du Soleil Theatre Tokyo, IKSPIARI and others
Cirque du Soleil Theatre Tokyo opened and performed well. Although net sales increased, operating income decreased
due to factors including an increase in preparation expenses before opening the facility.
Net Sales ¥17,403 million (up 20.4%)
Cirque du Soleil Theatre Tokyo gave tryout performances from August 15, 2008 and held its grand opening on October
1, 2008.
IKSPIARI conducted events linked to Tokyo Disney Resort 25th Anniversary, in addition to introducing new stores and
renovating stores. In addition, fare revenues of the Disney Resort Line increased.
Operating Loss ¥332 million (an increase of ¥353 million)
Despite an increase in net sales for the third quarter (October to December), cumulative operating income for the nine
months ended December 31, 2008 decreased due to factors including an increase in preparation expenses before opening Cirque du Soleil Theatre Tokyo.

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2. Qualitative Information on Consolidated Financial Position
[Assets]
Total assets as of December 31, 2008 were ¥661,558 million (down 12.7 percent compared with the end of the previous
fiscal year).
Current assets were ¥90,366 million (down 50.0 percent), mainly due to decreases in short-term investment securities as
well as cash and deposits following the redemption of the first series of unsecured bonds.
Noncurrent assets were ¥571,192 million (down 1.0 percent) due to factors including a decrease in property, plant and
equipment as depreciation and amortization of Tokyo Disney Resort facilities continued, despite an increase in long-term prepaid expenses. [Liabilities]
Total liabilities as of December 31, 2008 were ¥281,536 million (down 23.8 percent compared with the end of the
previous fiscal year).
Current liabilities were ¥109,513 million (down 35.5 percent) due to factors including the redemption of the first series
of unsecured bonds (¥100,000 million).
Noncurrent liabilities were ¥172,022 million (down 13.8 percent) due to factors including the transfer of the sixth series
of unsecured bonds due May 2009 (¥20,000 million) to current liabilities. [Net Assets]
Total net assets as of December 31, 2008 were ¥380,021 million (down 2.1 percent compared with the end of the
previous fiscal year) due to factors including the repurchase of 4.2 million shares of the Company’s stock (4.42 percent of outstanding shares). The net worth ratio was 57.4 percent (up 6.2 percentage points).