October, 2018 Oriental Land Co., Ltd. This material has been specifically prepared for institutional investors who are not familiar with our company, and is not presentation material for the earnings presentation. Contents t I. Business Outline I-I. Theme Park business I-II. Hotel business I-III. Overview II. Progress of 2020 Medium-Term Plan III. Tokyo DisneySea Large-Scale Expansion Project Cautionary Statement This document includes statements about Oriental Land s plans, estimates, strategies and beliefs. The statements made that are not based on historical fact represent the assumptions and expectations of Oriental Land in light of the information available to it as of the date when this document was prepared, and should be considered as forward-looking. Oriental Land uses a variety of business measures to constantly strive to increase its net sales and management efficiency. However, Oriental Land recognizes that there are certain risks and uncertainties that should be considered which could cause actual performance results to differ from those discussed in the forward-looking statements. Potential risks could include, but are not limited to, weather, general economic conditions, and consumer preferences. Therefore, there is no firm assurance that the forward-looking statements in this document will prove to be accurate. Theme Park attendance figures have been rounded. Financial figures have been truncated. All rights reserved.
Corporate Profile I. Business Outline Corporate Data Stock Information Established July 11, 1960 Total Assets [consolidated] 915.5 billion Stock Listing Code No. Investment Unit Tokyo Stock Exchange, First Section 4661 100 shares Shareholders Equity [consolidated] 721.9 billion Stock Price 10,050 Bond Ratings JCR : AA [Stable] R&I : AA - [Stable] Corporate Mission Aggregate Market Price 3,655 billion [As of March 31, 2018] [As of October 29, 2018] Business Domain Our mission is to create happiness and contentment by offering wonderful dreams and moving experiences created with original, imaginative ideas We pursue businesses that fill your heart with energy and happiness We strive to create new value in a high-value business for enriching and nourishing people s hearts and appealing to abundant humanity and happiness
History and Business Description I. Business Outline History Tokyo Disney Resort 1960 Oriental Land Co., Ltd. [OLC] was established Disney Hotels Shops and Restaurants Monorail service [under direct management] Cinema complex, etc provided around OLC and Chiba Prefecture concluded the resort 1962 the Urayasu District Land Reclamation Agreement Disney Ikspiari Ambassador Hotel Reclamation work began off the coast of 1964 Urayasu [completed in 1975] 1979 OLC and Walt Disney Productions [currently, Disney Enterprises, Inc.] concluded an agreement on the licensing, design, construction ti and operation of Tokyo Disneyland 1983 Tokyo Disneyland opened 1996 Listed on the first section of the Tokyo Stock Exchange 2000 Ikspiari and Disney Ambassador Hotel opened 2001 Disney Resort Line, Tokyo DisneySea, and Tokyo DisneySea Hotel MiraCosta opened 2008 Tokyo Disneyland Hotel opened 2013 Milial Resort Hotels Co., Ltd. (MRH) acquired all stocks of Brighton Corporation Co., Ltd. 2016 Tokyo Disney Celebration Hotel opened Tokyo Disneyland Hotel Tokyo Disneyland Tokyo Disney Resort Official Hotels The first Disney Theme Park outside of the U.S. Tokyo DisneySea Hotel MiraCosta Tokyo DisneySea Tokyo Bay The only Sea -themed Disney Theme Park in the World Managing and operating a large scale theme resort offering versatile entertainment facilities 5 I. Business Outline License Agreements for Tokyo Disney Resort Basic business alliance agreement concluded between Overview Walt Disney Productions (currently Disney Enterprises, Inc.) and OLC in 1979. Period 2046 at maximum (45 years since Tokyo DinseySea opened) Note: When facilities open as planned, the agreement period can be extended to 2076 at maximum. Activities Covered Management and operation of Tokyo Disney Resort, etc. Consideration Payment of royalties fees based on net sales [yen basis] Relationship with The Walt Disney Company Nocapta capital or peso personnel e relationship eato pbetweenee OLC and The Walt Disney Company Only OLC operates Disney Theme Parks in Japan 6
I. Business Outline 1. Prime Locations 2. Tangibles: Ongoing Investment Vast Land Holdings Strengthened appeal Own approx. 2,000,000 m 2 [approx. 500 acres] of land easily accessible from central Tokyo Huge Market Approx. 30 million of high income households living within 50km [30 miles] radius Saitama Tokyo Kanagawa Ibaraki Chiba Investment Higher attendance figures Increased cash flow Making the facilities more appealing through ongoing g investment; Increasing cash flow by attracting more Guests 3. Intangibles: Human Resources with Magnificent Hospitality Raise the level of Guest Satisfaction Raise the level of Employee Satisfaction Diverse measures and education/training programs are implemented with as much focus on employee satisfaction as on Guest satisfaction. Establish stable earnings base by implementing structural/non-structural strategies that capitalize on the advantageous location 7 I. Business Outline Net sales and Operating Margin Consolidated net sales [ billion] Operating margin Operating Profit and Profit Consolidated operating profit [ billion] Consolidated profit attributable to owners of parent [ billion] 473.5 466.2 465.3 477.7 479.2 500.8 114.4 110.6 107.3 113.11 110.2 113.4 82.3 81.1 80.0 24.2% 23.7% 23.1% 23.7% 23.0% 70.5 72.0 73.9 22.7% 3/14 3/15 3/16 3/17 3/18 3/19 [FY] 3/14 3/15 3/16 3/17 3/18 3/19 [FY] Net sales, operating profit and profit have all remained at high levels
I. Business Outline Breakdown by Segment and Content of Segments Results for FY ended 3/18 Consolidated Consolidated net sales: operating profit: 479.2 billion 110.2 billion Theme Park Segment Tokyo Disneyland Tokyo DisneySea 82.6% 83.3% Hotel Business Segment Tokyo Disneyland Hotel Tokyo DisneySea Hotel MiraCosta Disney Ambassador Hotel Tokyo Disney Celebration Hotel and others 13.9% 35% 3.5% 14.8% 1.9% Other Business Segment Ikspiari Disney Resort Line More than 80% comes from the Theme Park Segment and others
I-I. Theme Park Business Annual Theme Park Attendance [million people] Tokyo Disney Resort 25th Anniversary Tokyo Disney Resort 30th Anniversary Tokyo Disney Resort 35th Anniversary Opening of Tokyo DisneySea Tokyo DisneySea 5th Anniversary Tokyo DisneySea 10th Anniversary Tokyo DisneySea 15th Anniversary Opening of Tokyo Disneyland Tokyo Disneyland 15th Anniversary 22.05 [+27.4%] Tokyo Disneyland 20th Anniversary 25.47 [+2.6%] 25.82 [+4.2%] 27.22 [+7.1%] 25.35 [(0.1)%] 31.30 [+13.8%] 30.00 [(0.6)%] 31.00 [+3.0%] 17.46 [YoY +4.6%] 1,603 99.3 1,338 1,746 1,651 1,730 Era of one Theme Park Era of two Theme Parks 3/84 3/02 3/04 3/07 3/09 3/12 3/14 3/17 3/19 [FY] Note: Attendance figures for FY 3/12 and 3/17 decreased from the previous fiscal years respectively because of the influence of earthquakes. Theme Park attendance has increased driven by each anniversary event, exceeding 30 million on a stable basis I-I. Theme Park Business Breakdown of Guests by Region Number and Ratio of Overseas Guests Other areas in Japan 26.6% Overseas 9.8% Annual Attendance 30.10 million people [FYendedMarch 2018] 10.98 Metropolitan Area 63.6% 8.71 8.3% Travelers visiting Japan [million people] p Ratio of overseas Guests coming to our parks among overseas visitors to Japan 29.77 11.1% 14.67 10.7% 21.36 8.5% 24.82 10.3% 9.9% 3/13 3/14 3/15 3/16 3/17 3/18 [FY] Metropolitan Largest number of Guests Increases in tandem with the Area accounting for approx. 60% growing number of tourists Overseas visiting Japan Mainly Chubu and Koshinetsu regions Others More Guests can be attracted Tends to grow in anniversary years from this category Stable Theme Park attendance expected to continue based on region-specific Guest attraction strategies
I-I. Theme Park Business Net sales per Guest and Breakdown [ ] Ticket Receipts Merchandise 11,076 10,955 4,598 4,660 11,830 11,594 11,614 11,257 5,350 5,264 5,339 5007 5,007 Ticket Receipts 4,185 4,043 3,964 4,074 3,989 4,220 Merchandise Ticket receipts per Guest increase over two years since ticket price revision Tend to increase in anniversary event years Development of contents, such as Duffy & Friends series, lead to increase in earnings Food and Beverages 2292 2,292 2,252252 2,286286 2256 2,256 2,286286 2,260260 Food and Beverages Stable net sales maintained regardless of whether or not events are held [FY] 3/14 3/15 3/16 3/17 3/18 3/19 Achieved increase in net sales per Guest based on meticulous pricing strategy I-I. Theme Park Business Ticket price revision policy: Comprehensively consider 5,500 Annual Theme Park attendance [million people] Ticket price [ ] 5,800 Increase in Theme Park value Price sensitivity survey result Note: Take external environment including tax hike into consideration 6,200 6,400 27.22 27.50 24.82 25.47 25.02 24.77 25.82 25.42 25.82 25.37 25.35 22.05 6,900 7,400 31.30 31.38 30.19 30.00 30.10 31.00 3/02 3/07 3/12 3/15 3/16 3/17 Ticket price revision in past five years April 1, 2014 6,400 Revision along with consumption tax reform [consumption tax: 5% 8%] April 1, 2015 6,900 April 1, 2016 7,400 Theme Park experience value was increased by introducing i new attractions ti and entertainment such as Happiness is Here and Once Upon a Time and restructuring of a show viewing area, etc. Theme Park experience value was increased by opening of new attractions and shows and enhancing services and environment Theme Park attendance increased even after ticket prices were raised due to pricing strategy based on experience value [FY]
I-II. Hotel Business Disney Hotels Disney Ambassador Tk Tokyo DisneySea Tk Tokyo Disneyland Tk Tokyo Disney Hotel Hotel MiraCosta Hotel Celebration Hotel Deluxe-type Deluxe-type Deluxe-type Value-type 504 rooms 502 rooms 706 rooms 702 rooms Own four Disney Hotels (about 2,400 rooms) which make net sales of 57.2 billion as total Other Hotels Own Brighton-brand hotels (about 700 rooms) which make net sales of 9.2 billion as total Hyatt Regency Seragaki Island, Okinawa opens in August, 2018 (joint project of three companies) A new Disney Hotel located inside Tokyo DisneySea is scheduled to launch in FY 3/23 Expanding scale through diverse measures including proprietary development, M&A, and business alliance
I-II. Hotel Business Net sales and operating margin for Hotel Business Net sales [ million] Operating margin 64,933 61,066 63,173 Opening of Tokyo Disney Celebration Hotel 66,144 66,447 67,840 24.5% 24.5% 24.5% 21.5% 21.8% 22.1% 3/14 3/15 3/16 3/17 3/18 3/19 [FY] Net sales have increased steadily and high operating margin has been maintained 17
I-III. Overview Operating profit and operating margin Single park era Operating margin: approx. 20% Consolidated operating profit [ billion] Operating margin [%] Burdened with high depreciation and amortization expenses /increase in costs Operating margin: approx. 10% Unconsolidated operating profit [ billion] Opening of Tokyo DisneySea 66.9 18.4 16.8 20.6 14.6 53.6 11.1 12.0 18.6 38.0 38.7 40.0 41.9 34.5 30.6 29.5 34.5 34.1 15.1 31.1 33.6 11.5 11.5 10.4 25.4 9.2 9.9 10.3 11.3 9.1 22.1 81.4 Operating margin improves Operating margin: approx. 20% 114.44 113.11 113.4 110.6 110.2 107.3 24.2 23.7 23.1 23.7 23.0 22.7 Operating cash flow* Depreciation and amortization [FY] 3/98 3/99 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 25.5 26.7 22.2 23.1 50.6 66.8 64.5 61.7 59.0 59.2 58.3 67.8 72.1 62.8 71.9 87.6 107.5 106.7 109.9 120.6 118.5 118.1 11.2 11.6 12.4 18.4 37.9 47.9 45.9 44.5 43.3 42.9 43.6 49.7 46.6 39.9 39.8 36.1 36.9 34.6 35.9 38.2 37.3 [ billion] 38.1 Capital expenditures 44.1 59.8 130.4 182.2 109.7 14.8 29.2 46.8 43.1 54.8 52.6 40.1 19.4 27.9 23.2 28.7 20.3 37.0 39.7 50.9 59.8 100.3 Note: The results before 3/99 are unconsolidated. *Operating cash flow=profit attributable to owners of parent + Depreciation and amortization Operating profit grew remarkably, and operating margin stands at the highest level 19 I-III. Overview Expansion in Maihama Area Leveling of Quarterly Results Quarterly consolidated d operating profit 1Q 2Q 3Q 4Q 40.00 38.8 37.2 29.5 30.4 31.0 22.5 22.7 15.2 21.0 25.0 16.8 3/16 3/17 3/18 [FY] Own land that can be used for commercial purposes in Maihama, including parking space and head office area Room for growth in 1Q and 4Q Allocate unused land for commercial purposes and level out Theme Park attendance to achieve growth
I-III. Overview Consolidated Statement of Income First Half of FY 3/18 [ billion] Change [ billion] Change Net Sales 232.5 250.6 18.1 7.8% Theme Park Segment Hotel Business Segment Other Business Segment 191.9 207.9 15.9 8.3% 32.0 35.1 3.1 9.9% 8.6 7.6 (0.9) (11.6)% Operating Profit 56.1 61.8 5.7 10.2% Theme Park Segment Hotel Business Segment Other Business Segment 47.1 51.4 4.2 9.0% 7.6 9.0 1.3 18.2% Year-on-year comparison Net sales Increased due to a rise in Theme Park attendance and net sales per Guest in the Theme Park Segment on the back of successful Tokyo Disney Resort 35th Anniversary events. Operating profit Increased due to an increase in net sales, offsetting the rise in expenses related to Tokyo Disney Resort 35th Anniversary events and personnel expenses. Comparison with the forecasts 1.2 1.3 0.0 6.4% Net sales and operating profit Ordinary Profit 57.1 62.6 5.4 9.5% Profit Attributable to Owners of Parent 42.4 43.3 0.8 2.1% Although net sales per Guest stayed as it was estimated, both net sales and operating profit exceeded the forecasts by surpassing the projected Theme Park attendance. Net sales and all the profits created new records thanks to the success of Tokyo Disney Resort 35th Anniversary events I-III. Overview Consolidated Statements of Income Results for FY Ended 3/18 [ billion] Forecast for FY Ending 3/19 [ billion] Change [ billion] Change Net Sales 479.2 500.8 21.5 4.5% Theme Park Segment 395.9 417.9 21.9 5.6% Hotel Business Segment 66.4 67.8 1.3 2.1% Other Business Segment 16.8 15.0 (1.8) (10.7)% Operating Profit 110.2 113.4 3.1 2.9% Theme Park Segment 91.6 94.4 2.8 3.1% Hotel Business Segment 16.2 16.6 0.3 2.1% Other Business Segment 2.0 2.2 0.1 7.7% Ordinary Profit 111.6 114.8 3.1 2.8% Profit Attributable to Owners of Parent 81.1 80.0 (1.1) (1.4%) Attendance [million people] 30.10 31.00 0.90 3.0% Net Sales per [ ] 11,614 11,830 216 1.9% Ticket Receipts 5,339 5,350 11 0.2% Merchandise 3,989 4,220 231 5.8% Food and Beverages 2,286286 2260 2,260 (26) (1.1)% 1)% Both net sales and operating profit are expected to increase driven by Tokyo Disney Resort 35th Anniversary events
II. Progress of 2020 Medium-Term Plan Strengthen business foundation toward long-term sustainable growth Targets To consistently provide a highly satisfying Theme Park experience To achieve record high Theme Park attendance and operating cash flow in FY3/21 Strategies Note: Operating cash flow = Profit attributable to owners of parent + depreciation and amortization expenses 1 Core Business Strategy Strengthen structural aspects to provide novelty and comfort Strengthen non-structural aspects (human resources capacity) on a long-term sustainable basis 2 Financial Policy Allocate operating cash flow to growth investment and aim to enhance corporate value
II. Progress of 2020 Medium-Term Plan Background External environment Declining birth rate and aging population Increase in inbound tourists Reduction in labor force Internal environment Increasing Theme Park attendance at a faster-than-expected th t pace Strategies Strengthen structural aspects Strengthen non-structural aspects novelty comfort (human resources capacity) on a long-term sustainable basis Enhance satisfaction and capacity to attract Guests on the basis of strategies II. Progress of 2020 Medium-Term Plan Theme Park attendance and operating cash flow Theme Park attendance [million people] 120.6 118.5 118.11 Operating cash flow [ billion] Record high 30.00 30.10 31.00 Period covered by 2020 Medium-Term Plan 3/17 3/18 3/19 3/20 3/21 [FY] [Actual result] [Actual result] Note: Operating cash flow = Profit attributable to owners of parent + depreciation and amortization expenses Core business strategies Strengthen structural aspects Strengthen nonstructural aspects (human resources capacity) Strengthen novelty and comfort by introducing new products Utilization of IT progressed; e.g., official smartphone app Strengthened measures to accommodate and secure Guests from abroad Launch of large-scale development Promotion of a comfortable workplace environment; measures to promote a tangible sense of personal growth Pages 27-28 Page 29 Page 30 Pages 31-32 Page 33
II. Progress of 2020 Medium-Term Plan Major new products Nemo &Fi &Friends SeaRider Opened on May 12, 2017 [Investment amount Approx. 5.0 billion] it s a small world Opened on April 15, 2018 New daytime parade Dreaming Up! Started from April 15, 2018 [Investment amount Approx. 2.4 billion] New at Tokyo Disneyland New at Tokyo DisneySea New nighttime spectacular Celebrate! Tokyo Disneyland Started from July 10, 2018 - April 26, 2019 Soaring: Fantastic Flight Scheduled to open in FY 3/20 summer [Investment amount Approx. 18.0 billion] Large-scale investment projects Scheduled to open in FY 3/21 spring [Investment amount Approx. 75.0 billion] Tokyo Disney Resort 35th Anniversary Note: Plans announced as of October 29, 2018. Introduce products for strengthening novelty and comfort II. Progress of 2020 Medium-Term Plan Attractions Examples Novelty Comfort it s a small world Added characters featured in Disney films Expanded indoor queuing spaces Nemo & Friends SeaRider Offered the concept depicted in the Disney/Pixar films Others Improved waiting environment by installing a roof at outdoor waiting area Allowed more Guests to experience attraction by making operational changes Refurbished restaurants to improve dining environment Planning to build a multistory parking facility in 2019 and redesign Theme Park entrances in 2020 Promoting introduction of new and remodeled attractions and other facilities
II. Progress of 2020 Medium-Term Plan Utilization of IT Developed Tokyo Disney Resort App as our official smartphone app Start electronic payment service [scheduled to start from Nov. 2018] Purchase park tickets and Vacation Packages Search and purchase merchandise sold within parks Make reservation for Disney Hotels and restaurants inside the Theme Parks Acquire information on waiting time for each attraction and facility Hotel check-in Show ticket lotteries Information and digital guide maps Disney Imagery of app screen Aim at enhancing Guests comfort and experience value II. Progress of 2020 Medium-Term Plan Measures for Guests from Outside Japan Number of Travelers Visiting Japan and Ratio of Guests among the Travelers Travelers visiting Japan [million people] Ratio of overseas Guests coming to our parks among overseas visitors to Japan 29.77 24.82 Number/Ratio of from Outside Japan Number of Guests from outside Japan [million people] Ratio of overseas Guests from outside Japan 2.55 2.95 21.36 8.71 8.3% 10.98 11.1% 14.67 10.7% 85% 8.5% 10.3% 9.9% 0.72 2.6% 1.22 3.9% 1.57 5.0% 181 1.81 6.0% 8.5% 9.8% 3/13 3/14 3/15 3/16 3/17 3/18 [FY] 3/13 3/14 3/15 3/16 3/17 3/18 [FY] Source: Prepared by the OLC Group based on the materials created by Japan National Tourist Organization (JNTO) Official website for Guests from outside Japan offered in multiple languages; language assistance tools introduced Marketing activities tailored to each country Strengthened measures to accommodate and secure Guests from abroad
II. Progress of 2020 Medium-Term Plan Large scale investment projects Theme Park Tokyo DisneySea Projects Major Time of introduction/ Investment value Summer in 2019 Approx. 18.0 billion Effect Novelty Comfort Introduce Soarin, a popular attraction at Disney Theme Parks abroad, adding scenes exclusive to Tokyo DisneySea Allow more Guests to experience attractions Balance out Guests retention time within the park Disney Note: These concept images are subject to change. II. Progress of 2020 Medium-Term Plan Large scale investment projects Theme Park Tokyo Disneyland Projects Beauty and the Beast Area (tentative name) Live Entertainment Theater New attraction themed to the Disney film, Big Hero 6 New Disney Character Greeting Facility Time of introduction/ Investment t value Spring in 2020 75.0 billion level Disney Effect Novelty Beauty and the Beast and other attractions unique to Japan First indoor theater at Tokyo Disneyland Comfort Allow more Guests to experience attractions Introduce an all-weather-type theater and an indoor restaurant Large-scale development launched as planned with steady progress made toward opening Note: These concept images are subject to change. 32
II. Progress of 2020 Medium-Term Plan Strengthen both hospitality skills and operational efficiency by creating a comfortable workplace environment and implementing measures to encourage Cast Members to feel a tangible sense of personal growth Promotion of a comfortable workplace environment Measures to promote a tangible sense of personal growth Rectify uneven distribution of workforce among job types and time slots Addressing transformations in workstyles New concept: Creating happiness Strengthen career support Changed recruitment marketing method Change job-specific wages and shift allowances Allowed flexible workstyles by adopting a new schedule management system Housing assistance for employees with long commute Introduced training programs to promote understanding of the new concept and instill it in Cast Members minds Executed measures to offer Guest service based on the new concept Provided career support mainly through business skills training Introduced training programs to provide further career support Number of Cast Members is on a steady increase; human resources development will be continued II. Progress of 2020 Medium-Term Plan Policy: Allocate operating cash flow to growth investment with the aim of enhancing corporate value Cash Dividends Annual cash dividends per share Annual cash dividends [yen] 25 25 25 17.5 13.75 15 30 30 35 35 37.5 40 40 [Policy] Aim at steady payout of cash dividends 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 [FY] Note: Dividend amounts up to 3/15 are evaluated retrospectively for descriptive purposes. ROE ROE for FY ending 3/19 is expected to reach 10.6% Enhance shareholder returns
III. Tokyo DisneySea Large-Scale Expansion Project
III. Tokyo DisneySea Large-Scale Expansion Project Notes: 1) The new themed port will be connected to other areas of the Park through a pathway between Arabian Coast and Lost River Delta 2) The image above represents the current concept and is subject to change III. Tokyo DisneySea Large-Scale Expansion Project Tokyo DisneySea: New Themed Port Development Project Location o Guest parking area diverted to area used to expand Tokyo DisneySea Area Opening Theme About 100,000 m 2 [about 140,000 m 2 including backstage area] In fiscal year March 2023 [scheduled] Magical springs that lead to a world of Disney fantasy Themes of the three areas Frozen Tangled Peter pan Number of facilities 1 attraction 1 restaurant 1 attraction 1 restaurant 2 attractions 1 restaurant Concept images Note: This information is subject to change.
III. Tokyo DisneySea Large-Scale Expansion Project Tokyo Disney Celebration Hotel Tokyo DisneySea Hotel MiraCosta New Hotel located inside the Park [Guest Rooms: 475, Restaurants: 2, etc.] Disney Ambassador Hotel Tokyo Disneyland Hotel Value-type Deluxe-type Luxury-type III. Tokyo DisneySea Large-Scale Expansion Project Through newly created experience value, Large-Scale Expansion Project Investment effect: net sales Boost-up effect on net sales by 50 billion annually Investment Amount About 250 billion Consolidated net sales Expected to reach the range of mid- 500 billion to the high- 500 billion Ongoing Investment will be continued toward further growth
Tokyo Disney Resort <Tokyo Disneyland> The new plans will apply to all seven themed lands, including Fantasyland. An area-based development for each themed land is intended to leave a lasting impact on the park <Tokyo DisneySea> To achieve a significant breakthrough, the expansion of the existing site and utilization of new development will create an environment with a higher degree of Guest satisfaction from qualitative as well as quantitative standpoint <Hotels within Tokyo Disney Resort> Investigate various ways to add more value to Tokyo Disney Resort as a whole, such as increasing the number of guest rooms at the hotels Further boost the level of net sales with continued large-scale investment New Business Plans for the new business aimed at growing it into single business segment will be considered in ways that are not by specific timeframe Broader investigation for further development Formulate policy from a long-term perspective and realize plans by taking the internal/external environment into consideration 42