January 2020January, 2020 Oriental Land Co., Ltd. · January 2020January, 2020 Oriental Land Co., Ltd. This material has been specifically prepared for institutional investors who

January 2020January, 2020Oriental 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.

C t t

I. Business OutlineI-I Theme Park Business

Contents

I-I. Theme Park BusinessI-II. Hotel BusinessI-III. Overview

II Progress of 2020 Medium Term PlanII. Progress of 2020 Medium-Term PlanIII. Large-Scale Investment PlansIV. Policy for Long-Term Growth

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

Cautionary Statement

that are not based on historical fact represent the assumptions and expectations of Oriental Land in light of the informationavailable 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.e e a a e da ce gu es a e bee ou ded a c a gu es a e bee u ca ed

All rights reserved.

I. Business Outline

Corporate Profile

Corporate Data Stock Information

Stock Listing Tokyo Stock Exchange,Established July 11, 1960

Total Assets [consolidated] ¥1,051.4 billion

Stock ListingCode No.

y gFirst Section4661

Investment Unit 100 shares[consolidated]

Shareholders’ Equity

[consolidated]¥803.2 billion

Investment Unit 100 shares

Stock Price ¥14,380

Bond Ratings JCR : AA [Stable]R&I : AA- [Stable]

Aggregate Market Price ¥5,229.8 billion

[As of March 31, 2019] [As of January 29, 2020]

Our mission is to create happiness and contentment “We pursue businesses that fill your heart

Corporate Mission Business Domain

[As of March 31, 2019] [ y , ]

Our mission is to create happiness and contentment

by offering wonderful dreams

and moving experiences created with

We pursue businesses that fill your heartwith energy and happiness”

We strive to create new value in a high-value business for enriching and nourishing people’s hearts and

original, imaginative ideasfor enriching and nourishing people s hearts andappealing to abundant humanity and happiness

I. Business Outline

History and Business Description

Disney Hotels [under direct management]

Shops and RestaurantsCinema complex etc

History Tokyo Disney Resort1960 Oriental Land Co., Ltd. [OLC] was established Monorail service

provided around [under direct management] Cinema complex, etc.

1962OLC and Chiba Prefecture concludedthe Urayasu District Land ReclamationAgreement

1964 Reclamation work began off the coast of Ikspiari

DisneyAmbassador

Hotel

pthe resort

Tokyo DisneylandTokyo DisneySeaHotel MiraCosta

1964 Urayasu [completed in 1975]

1979

OLC and Walt Disney Productions [currently, Disney Enterprises, Inc.] concluded an agreement on the licensing, design,

t ti d ti f T k Di l d

TokyoDisneyland

Hotel

Tokyo DisneySea

construction and operation of Tokyo Disneyland

1983 Tokyo Disneyland opened

1996 Listed on the first section of the TokyoStock Exchange

Tokyo Disney Resort

g

2000 Ikspiari and Disney Ambassador Hotel opened

2001 Disney Resort Line, Tokyo DisneySea, and Tokyo DisneySea Hotel MiraCosta opened

Tokyo BayOfficial Hotels

The first Disney Theme The only “Sea”-themed Disney Theme Park

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 Park outside of the U.S. Disney Theme Parkin the world

2016 Tokyo Disney Celebration Hotel opened

Managing and operating a large scale theme resort offering versatile entertainment facilities 5

I. Business Outline

Vast Land Holdings

1. Prime Locations2046 at maximum (45 years since Tokyo DinseySea opened)

2. License Agreement with Disney

Vast Land HoldingsOwn approx. 2,000,000 m2

[approx. 500 acres] of land easily accessible from central Tokyo

PeriodDinseySea opened)Note: When facilities open as planned, the agreement period can be extended to 2076 at maximum

Activities Management and operation of Tokyoaccessible from central Tokyo

Huge MarketApprox. 30 million of high income

ActivitiesCovered

Management and operation of TokyoDisney Resort, etc.

Consideration Payment of royalties fees based on net sales [yen basis]

households living within 50km [30 miles] radius

Ibaraki 3. Intangibles: Human Resources with

Only OLC operates Disney Theme Parks in Japan

Relationship No capital or personnel relationship

Raise the level ofE l S ti f ti

Raise the level ofG t S ti f ti

Tokyo

SaitamaIbaraki 3. Intangibles: Human Resources with

Magnificent Hospitality

Employee SatisfactionGuest Satisfaction

Diverse measures and education/training programs are implemented with as much focus on

y

ChibaKanagawa

Establish stable earnings base by implementing structural/non-structural strategies that capitalize on the advantageous location 6

p g pemployee satisfaction as on Guest satisfaction.

I. Business Outline

Unique competitive advantage Business model Value provided

HotelBusinessSegment

New investment

Increasingcorporate value

“CreatingH i ”

(1) Prime Locations(2) License Agreement with

SegmentEnhanced appeal

increases cash flow

Happiness”(2) License Agreement withDisney

(3) Intangibles: HumanResources

ThemePark

SegmentEnhance appeal by making additional investments on an

OtherBusiness

Attract more

G t

investments on an ongoing basis

BusinessSegment

Guests /Increase sales per

Guest

7

Deliver more happiness by making tangible and intangible investments to increase corporate value

I. Business Outline

Net sales and Operating Margin Operating Profit and ProfitConsolidated net sales [¥ billion] Consolidated operating profit [¥ billion]

466.2 465.3477.7 479.2

Operating margin Consolidated profit attributable to owners of parent [¥ billion]

[Revised Forecast]503.8

129.2

525.6

[Forecast]110.6

107.3113.1 110.2

108.8

[Revised Forecast]

90.2

479.2[Forecast]

72.0 73.982.3 81.1

76.223.7% 23.1% 23.7% 23.0%

24.6% 21.6%

[Revised Forecast]

[Revised Forecast] 92.9

[Forecast]

[Forecast]

19.4%[Forecast] 65.3

[Forecast]

3/15 3/16 3/17 3/18 3/19 3/20 3/15 3/16 3/17 3/18 3/19 3/20[FY] [FY]

Forecasts for the full year is revised upward

I. Business Outline

Results for FY ended 3/19

Breakdown by Segment and Content of Segments

Results for FY ended 3/19

Consolidatednet sales:

¥525 6 billion

Consolidatedoperating profit:¥ 129 2 billion

Theme Park Segment

Tokyo DisneylandTokyo DisneySea

¥525.6 billion ¥ 129.2 billion

g

Hotel BusinessTokyo Disneyland HotelTokyo DisneySea Hotel MiraCosta83.2% 83.1% Hotel Business

SegmentDisney Ambassador HotelTokyo Disney Celebration Hotel

and others

Other Business Segment

IkspiariDisney Resort Line

and others 13.8%3 0%

14.9%2 0%

More than 80% comes from the Theme Park Segment

3.0% 2.0%

I-I. Theme Park Business

Tokyo Disney Resort Tokyo Disney ResortTokyo Disney Resort[million people]

Annual Theme Park Attendance

%:year on year

Tokyo DisneySea5th Anniversary


Opening ofTokyo DisneySea

25th Anniversary 35th Anniversary30th Anniversary


%:year on year

Tokyo Disneyland20th Anniversary

Tokyo Disneyland15th Anniversary

[Revised Forecast]

31.50[(3.2)%]27.22

31.30[+13.8%] 30.00

[(0.6)%]

32.56[+8.2%]

Opening ofTokyo Disneyland

[( ) ]

22.05[+27.4%]

25.47[+2.6%]

25.82[+4.2%]

25.35[(0.1)%]

[+7.1%]

17.46[+4.6%]

[FY]

9.93

3/84 3/02 3/04 3/07 3/09 3/12 3/14 3/17 3/193/99 3/20

Theme Park attendance has increased driven by each anniversary event,exceeding 30 million on a stable basis

Note: Attendance figures for FY 3/12 and 3/17 decreased from the previous fiscal years respectively because of the influence of earthquakes3/84


Breakdown of Guests by Region Number and Ratio of Overseas GuestsTravelers visiting Japan [million people]

Overseas9.6%

g p [ p p ]Ratio of overseas Guests coming to our parks among overseas visitors to Japan

31.63

Otherareas in Japan29.6%

Annual Attendance32.56 million people[FYendedMarch2019] 14 67

21.36

24.8229.77

MetropolitanArea

60.8%

[FYendedMarch2019]

[FY]

10.9814.67

9.9%11.1% 10.7% 8.5%

10.3% 9.9%

3/14 3/1 3/16 3/1 3/18 3/19

Metropolitan •Largest number of Guests •Increases in tandem with the

[FY]3/14 3/15 3/16 3/17 3/18 3/19

MetropolitanArea

gaccounting for approx. 60%

Others•Mainly Chubu and Koshinetsu regionsT d t i i

Overseasgrowing number of tourists visiting Japan

•More Guests can be attracted f thi t•Tends to grow in anniversary years

Stable Theme Park attendance expected to continuebased on region-specific Guest attraction strategies

from this category


Net sales per Guest and Breakdown

5 0075,264 5,339 5,352 [Revised

Forecast]10,955 11,257

[RevisedForecast]

11,63011,594 11,815

Ticket •Ticket receipts per Guest

[¥]

11,614

4,660 5,007, Forecast]

5,320Ticket

Receiptsincrease over two years since ticket price revision

•Tend to increase in anniversary

TicketReceipts

4,043 3,964 4,074 3,989 4,122 [RevisedForecast]

3,920Merchandise

•Tend to increase in anniversaryevent years

•Development of contents, such as Duffy & Friends series, lead

2 252 2 286 2 256 2 286 2 341[RevisedForecast]

as Duffy & Friends series, leadto increase in earnings

Food and •Stable net sales maintained

Merchandise

2,252 2,286 2,256 2,286 2,341 Forecast]2,390

[FY]

Beveragesregardless of whether or not events are held

Food andBeverages

3/203/15 3/16 3/17 3/18 3/19

Achieved increase in net sales per Guest based on meticulous pricing strategy


Increase in Theme Park value

Price sensitivity survey resultNote: Take external environment including tax hike into consideration

Ticket price revision policy: Comprehensively consider

6,9007,400

8,200

7,500

Note: Take external environment including tax hike into consideration

Ticket price [¥]Annual Theme Park attendance [million people]

24.82 25.47 25.02 24.77 25.82 25.42 27.22 25.82 25.37 25.3527.50

31.30 31.38 30.19 30.00 30.1032.565,500

5,8006,200 6,400

6,900

[RevisedForecast]

22.0524.82 24.77

[FY]3/203/173/163/153/123/073/02 3/21

April 1, 2016 ¥7,400 Theme Park experience value was increased by opening of new attractions and shows and enhancing services and environment

Ticket price revision in past years

October 1, 2019 ¥7,500 Revision along with consumption tax reform [consumption tax: 8% 10%]

April 1, 2020 ¥8,200The Park experience value increased as a result of opening new facilities, redesigning entertainment programs, and using IT to improve the convenience of Guests

Theme Park attendance remain at a high level even after ticket prices were raised due to pricing strategy based on experience value

convenience of Guests

I-II. Hotel Business

Disney Ambassador Tokyo DisneySea Hotel Tokyo Disney

Disney HotelsDisney Ambassador

HotelTokyo DisneySea Hotel

MiraCosta Tokyo Disneyland Hotel Tokyo DisneyCelebration Hotel

Deluxe-type Deluxe-type Deluxe-type Value-type

504 rooms 502 rooms 706 rooms 702 rooms

O f Di H t l ( b t 2 400 ) hi h k t l f ¥63 3 billi t t l [FY 3/19]Own four Disney Hotels (about 2,400 rooms) which make net sales of ¥63.3 billion as total [FY 3/19]New Disney Hotel based on Toy Story film series is scheduled to launch in FY 3/22New Disney Hotel located inside Tokyo DisneySea is scheduled to launch in FY 3/24

Other Hotels

Own Brighton-brand hotels (about 600 rooms) which make net sales of ¥9 billion as total [FY 3/19]Hyatt Regency Seragaki Island Okinawa opened in August, 2018 (joint project of three companies)

Strengthen Hotel business segment with the growth and expansion of Tokyo Disney Resort

I-II. Hotel Business

Net sales and operating margin for Hotel BusinessNet sales [¥ million]

72,427

69 530

[RevisedForecast]Opening of Tokyo

Disney Celebration Hotel

Operating margin

61 06663,173

66,144 66,447

69,530

[Revised

Disney Celebration Hotel

61,066

21.5% 21.8% 22.1%24.5%

26.5%24.2%

[RevisedForecast]

3/15 3/16 3/17 3/18 3/19 3/20 [FY]

17

Both net sales and operating profit are projected to decrease owing to rebound from Tokyo Disney Resort 35th Anniversary events

I-III. Overview

Single park eraOperating margin: approx. 20%

Burdened with high depreciation and amortization expenses/increase in costs Operating margin: approx. 10%

Operating margin improvesOperating margin: approx. 20%

Operating profit and operating margin

[Revised129 2

24 2 24 6

Consolidated operating profit [¥ billion]Operating margin [%]

Unconsolidated operating profit [¥ billion] 114.4

[Forecast]

[Revised

108.8110.6107.3

113.1110.2

129.2

92.9[Forecast]

53.6

66.9

81.4

18.414.6

21.6

18.620.6

24.2 23.7 23.1 23.7 23.024.6

Opening of Tokyo DisneySea

[RevisedForecast]

19.4[Forecast]

34.5

25.422.1

33.6

38.7 34.5 30.6 34.1 31.140.0 41.911.1 12.0

11.510.4 9.2 9.9 9.1 10.3 11.3

15.138.0

11.5

19.4

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 3/20

Operatingcash flow* 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 87.6 107.5 106.7 109.9 120.6 118.5 128.5

[RevisedForecast]115 5

[FY]

cash flow115.5

Depreciationand

amortization11.6 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 38.2

[RevisedForecast]

39.2Capital

expenditures 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 86.0[RevisedForecast]

expenditures 157.4Note: The results before 3/99 are unconsolidated *Operating cash flow=Profit attributable to owners of parent + Depreciation and amortization

Operating margin is expected to rise to a higher level after pulling through the phase of high burden of depreciation and amortization expenses 19

I-III. Overview

Q l lid d i fi

Expansion in Maihama Area Leveling of Quarterly Results

Quarterly consolidated operating profit

[¥ billion]

1Q 2Q 3Q 4Q

30 4 31 0 32.0

38.8 37.2

44.8

1Q 2Q 3Q 4Q

22.7 25.0

29.8 30.4 31.0

21.0

16.8

22.5

• Own land that can be used for commercial purposes in Maihama, including parking space and head office area

Promotion of leveling throughout the year

[FY]3/193/17 3/18

Allocate unused land for commercial purposes and level outTheme Park attendance to achieve growth

and head office area

I-III. Overview

ConsolidatedStatement of Income

Nine Months Ended 12/19

[¥ billion]Change[¥ billion]

Nine Months Ended 12/18

[¥ billion]

Change[%] Net sales

On the back of successful special events and the strong performance of Soaring: Fantastic Flight a

Year-on-year comparison

Net Sales 399.6 390.2 (9.4) (2.4)

Theme Park Segment 332.8 324.1 (8.6) (2.6)

H t l B i

strong performance of Soaring: Fantastic Flight, anew attraction, Theme Park attendance was sustained at roughly the same level as the previous fiscal year, when the Tokyo Disney Resort 35th anniversary events were rolled out. However, net

Hotel BusinessSegment 55.1 53.5 (1.6) (2.9)

Other Business Segment 11.7 12.5 0.8 7.3

sales decreased due to a slight year-on-year fall in net sales per Guest for the Theme Park Segment.

Operating profitOperating profit decreased owing to an increase in

l i dditi t d li i tOperating Profit 106.7 101.0 (5.7) (5.3)

Theme Park Segment 89.3 83.5 (5.8) (6.5)

Net sales

personnel expenses in addition to a decline in netsales for the Theme Park Segment.

Comparison with the revised forecasts

Hotel Business Segment 15.0 14.6 (0.3) (2.6)


Net salesAlthough net sales per Guest were roughly as projected in October 2019, net sales exceeded the projection owing to higher-than-expected Theme Park attendance.g

Ordinary Profit 107.3 102.3 (4.9) (4.6)

Profit Attributable toO ners of Parent 74.3 70.9 (3.3) (4.5)

Operating profitOperating profit surpassed the projection announced in October 2019 as net sales were higher than the projected figure and miscellaneous costs were

Operating profit decreased owing to a decline in net sales and an increase in personnel expenses

Owners of Parent ( ) ( ) p j gdeferred in the Theme Park Segment.

I-III. Overview

Net Sales 479.2 503.8 24.6 5.1

Revised Forecast for FY Ending 3/20

[¥ billion]

Change[¥ billion]

ConsolidatedStatements of Income

Forecast forFY Ending 3/20

[¥ billion]

Change[%]

Theme Park Segment 397.5 417.4 19.8 5.0

Hotel Business Segment 65.6 69.5 3.8 5.9

Other Business Segment 16 0 16 9 0 8 5 5Other Business Segment 16.0 16.9 0.8 5.5

Operating Profit 92.9 108.8 15.9 17.2Theme Park Segment 75.9 89.0 13.1 17.3

Hotel Business Segment 14.6 16.8 2.1 14.9


Ordinary Profit 93.8 109.9 16.0 17.1Profit Attributable to Owners of Parent 65.3 76.2 10.9 16.8

Attendance [million people] 30.00 31.50 1.50 5.0N t S l G t [¥] 11 640 11 630 (10) (0 1)Net Sales per Guest [¥] 11,640 11,630 (10) (0.1)

Ticket Receipts 5,310 5,320 10 0.2

Merchandise 4,000 3,920 (80) (2.0)

Forecasts for the full year is revised upward

Food and Beverages 2,330 2,390 60 2.6

II. Progress of 2020 Medium-Term Plan

Strengthen business foundation toward long-term sustainable growth

To consistently provide a highly satisfying Theme Park experience

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

1 Core Business Strategy

• Strengthen structural aspects to provide “novelty” and “comfort”• Strengthen non-structural aspects (human resources capacity)

on a long-term sustainable basisg

2 Financial Policy • Allocate operating cash flow to growth investment and aim to enhance corporate valuee a ce co po ate a ue

Note: Operating cash flow = Profit attributable to owners of parent + Depreciation and amortization expenses

24


Background

External environment Internal environmentExternal environment Internal environment

• Declining birth rate and aging population• Increase in inbound tourists • Increasing Theme Park attendance at a

f t th t d• Reduction in labor force

faster-than-expected pace

Strategies

Strengthen structural aspects

“novelty” “comfort”

Strengthen non-structural aspects (human resources capacity)

on a long-term sustainable basisnovelty comfort on a long-term sustainable basis

Enhance satisfaction and capacity to attract Guests on the basis of strategies

25


Theme Park attendance and operating cash flowTheme park attendance [million people] Operating cash flow [¥ billion]Theme Park attendance

120.6 118.5128.5

120.0

130.0

140.0

32.00

33.00

Theme park attendance [million people] Operating cash flow [¥ billion]Theme Park attendance

32.5680.0

90.0

100.0

110.0

29.00

30.00

31.00

[FY]

30.00 30.10

50.0

60.0

70.0

27.00

28.00

2016 2017 2018

Period covered by 2020 Medium-Term Plan

Core business strategies

[FY]Note: Operating cash flow = Profit attributable to owners of parent + Depreciation and amortization expenses

2016 2017 2018

Strengthen structural aspects

• Strengthen “novelty” and “comfort” by introducing new products• Utilize digital technology to improve convenience of Guest using official apps, etc.• Strengthen acceptance mechanism for overseas Guests, and marketing

Strengthen non-structural aspects (human

resources capacity)

• Reached the highest number of Cast Members; will continue to strengthen hospitality skills

26


Measures introduced in FY2018

“Novelty” • Added characters featured in Disney films

“it’s a small world”

“Comfort” • Expanded indoor queuing spaces

Tokyo DisneyR t 35th “N lt ” • Development of new daytime parade ”Dreaming Up!”Resort 35th

Anniversary events“Novelty” p y p g p

• New challenges such as “Celebration Street”

Produce Diningopportunities “Comfort” • Refurbished restaurants to enhance dining

environment

Steady progress made toward achieving highly satisfying Park experience27


Utilization of Digital Technology

• Released “Tokyo Disney Resort App” as an official app for smartphones [Jul. 2018]• Started electronic payment service [Nov. 2018]• Started offering Disney FASTPASS tickets through Tokyo Disney Resort App [Jul. 2019]

Digital Guide Map Tokyo Disney Resort Shopping Disney FASTPASS tickets

A l i l d f ti f P k ti k t h i h l tt i t t ti t

Continue enhancing convenience for Guestsby leveraging Digital Technology©Disney

Apps also include functions of Park ticket purchasing, show lotteries, restaurant reservation, etc.

28


Overseas GuestsNumber of Inbound Travelers and N b /R ti f O G tRatio of Guests among the Travelers

31.63

Travelers visiting Japan [million people]Ratio of overseas Guests coming to our parksamong overseas visitors to Japan 2.95

3.13

Number/Ratio of Overseas GuestsNumber of overseas Guests [million people]Ratio of overseas Guests

21.36

24.82

29.77

1.571.81

2.55

10.98

14.67

11.1% 10.7% 8.5% 10.3% 9.9% 9.9%

1.22

3.9% 5.0% 6.0%8.5%

9.8% 9.6%

A t I d C t M b ’ i ti t l d P k i f ti t l

2013 2014 2015 2016 2017 2018Source: Prepared by the OLC Group based on the materials created by Japan National Tourist Organization (JNTO)

2013 2014 2015 2016 2017 2018 [FY][FY]

Acceptance mechanism

• Improved Cast Members’ communication tools and Park information tools• Introduced new training programs to promote understanding of foreign culture

Marketing • Implemented marketing activities tailored to each countryE h l h l

Strengthen acceptance mechanism and marketing

g • Enhance sales channel

29


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

C t

Rectify uneven distribution of

workforce among

• Changed recruitment marketing method• Change job-specific wages and shift allowances • Introduced housing assistance program for new Cast Members

Create a comfortableworkplace

environment

job types and time slots

residing in remote areas• Enforced recruitment system

Addressing • Addressed diversified work styles by using a new schedule Addressingtransformations in

workstyles

management system• New Employment Category to be Introduced called

“Theme Park operations employee”

E t d i t i i f ll l

Promote a tangiblesenseof

Improvement of hospitality

• Executed a new service training program for all employees• Harnessed Tokyo Disney Resort 35th anniversary events as an

opportunity to improve Cast Members’ workplace environment with the aim of enhancing their hospitality skills

tangiblesenseofpersonal growth

Strengthen career support

• Opened “OLC Career College” to support Cast Members’ career development; Expanded its program offerings

With a record high number of Cast Members, we aim at further enhancing hospitalityNote: Red sentence represent the measurement which progressed in FY2018 30


“Nemo & Friends SeaRider”

Major new products

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 on April 15, 2018 [Investment amount Approx. ¥2.4 billion]

New nighttime spectacular“Celebrate! Tokyo Disneyland”

“Soaring: Fantastic Flight”Opened on July 23, 2019[Investment amount Approx. ¥18.0 billion]

y yStarted from July 10, 2018 - April 26, 2019

New at Tokyo Disneyland

New at Tokyo DisneySea

Tokyo Disneyland Large-scale investment“Enchanted Tale of Beauty and the Beast”“Fantasyland Forest Theatre”“Th H Rid ith B ”

Tokyo Disney Resort35th anniversary

DisneySea “The Happy Ride with Baymax”“Minnie’s Style Studio”, etc.

Scheduled to open on April 15, 2020[Investment amount Approx. ¥75.0 billion]

Introduce products to strengthen “novelty” and “comfort”

35th anniversary

Note: Plans announced as of January 29, 2020 31


Theme Park Projects Time of introduction/I t t l

Large scale investment projects

Theme Park Projects Investment value

Tokyo DisneySea Major attraction “Soaring: Fantastic Flight”July 23, 2019

Approx. ¥18.0 billion

“N lt ” • Introduce Soarin’, a popular attraction at Disney Theme Parks

Effect“Novelty” Introduce Soarin , a popular attraction at Disney Theme Parks

abroad, adding scenes exclusive to Tokyo DisneySea

“Comfort” • Allow more Guests to experience attractions• Balance out Guests’ retention time within the ParkBalance out Guests retention time within the Park

First large scale investment project opened©Disney 32


Improve service facilities

Tokyo Disneyland Main Entrance

• Scheduled to open in Apr. 2020 [west side opened in May, 2019]

Tokyo Disneyland Main Entrance

• Latest face authentication system for Annual Passport holders• Gate style replacement for more smooth entering• Ticket vending machines offered in several languages

Multi-story parking lot

• Started operating in Jul. 2019• Increased parking space near Tokyo Disneyland Main Entrance• Improved Guest guidance efficiency

Renovate large service facilities to enhance Guest “comfort”©Disney 33


Large scale investment projects

Theme Park Projects Time of introduction/Theme Park Projects Investment value

Tokyo Disneyland• Major Attraction “Enchanted Tale of Beauty and the Beast”• Indoor theater “Fantasyland Forest Theatre”• Attraction “The Happy Ride with Baymax”

April 15, 2020

• Attraction The Happy Ride with Baymax• Attraction “Minnie’s Style Studio”, etc. ¥75.0 billion level

• Beauty and the Beast and other attractions unique to Japan

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

©Disney Note: These concept images are subject to change

Introduce an all weather type theater and an indoor restaurant

Large-scale development launched as plannedwith steady progress made toward opening

34


Goal for Medium-Term Plan

Th P k tt d [ illi l ] O ti h fl [¥ billi ]

128.5140.034.00

Theme Park attendance [million people] Operating cash flow [¥ billion]

Record high

118.5 115.5

110.0

120.0

130.0

32.00

33.00

32 5690.0

100.0

110.0

30.00

31.00

30.10

32.5631.50

70.0

80.0

28.00

29.00

[FY]50.0

60.0

27.00

2017[Actual results] 2018[Actual results] 2019[Forecast] 20202017[Actual Result]

2018[Actual Result]

2019[Revised Forecast]

2020

Aim for record high Theme Park attendance andoperating cash flow at FY ending March 2021

Note: Operating cash flow = Profit attributable to owners of parent + Depreciation and amortization expenses

35


Allocate operating cash flow to growth investmentwith the aim of enhancing corporate value Policy:

35 35 37.5 40 42 44

Cash dividends

Annual cash dividends per share

[Forecast]

13.75 15 17.525 25 25

30 30Annual cash dividends [yen]

[Policy]Aim at steady payout of cash dividends

Note: Dividend amounts up to 3/15 are evaluated retrospectively for descriptive purposes[FY]

Share Repurchase

Tender Offer Period Number of Shares to be Repurchased

Percentage of Shares Issued and Outstanding

Total Value of Shares to be Repurchased

Scheduled to repurchase shares by tender offer

ROE

be Repurchased Outstanding Repurchased

From January 31, 2020 to March 2, 2020 1,500,100 shares (Maximum)

0.41%(rounded to the third decimal place)

¥20,746,383,000(Maximum)

Enhance shareholder returnsROE for FY ending March 2020 is expected to be 9.3%

36

III. Large-Scale Investment Plans

Notes: 1) The new themed port will be connected to other areas of the Parkthrough a pathway between Arabian Coast and Lost River Deltathrough a pathway between Arabian Coast and Lost River Delta

2) The image above represents the current concept and is subject to change

Consists of three areas, four attractions and a hotel


Location Guest parking area diverted to area used to expand Tokyo DisneySea

Area About 100,000 m2 [about 140,000 m2 including backstage area]

OpeningFY 3/24 [scheduled]Note : Due to extension of the term for determining specifications in some facilities scheduled time ofOpening Note : Due to extension of the term for determining specifications in some facilities, scheduled time ofintroduction has been changed from FY 3/23 to FY 3/24

Theme Magical springs that lead to a world of Disney fantasy

Themes of the three areas Frozen Tangled Peter pan

Number of facilities

1 attraction1 restaurant

1 attraction1 restaurant

2 attractions1 restaurant

Conceptimages

Note: This information is subject to change

g

©Disney


Through newly created “experience value,”

Large-ScaleExpansion Project Boost-up effect on net sales by ¥50 billion

Investment effect: net salesExpansion Project Boost up effect on net sales by ¥50 billion

annually

About ¥250 billion Expected to reach the range of Investment Amount Consolidated net sales

About ¥250 billion mid-¥500 billion to the high-¥500 billion

Ongoing investment will be continued toward further growth


Tokyo Disneyland

Tokyo Disneyland

Tokyo DisneySea

Soaring: Fantastic FlightJuly 23 2019, Approx. ¥18

Tokyo DisneylandLarge-Scale Renovation

April 15 2020, Approx. ¥75 billion

billion

Tokyo Tokyo DisneySeaDisneySea LargeLarge--Scale Expansion Scale Expansion Project Development SiteProject Development SiteProject Development SiteProject Development Site

FY 3/24, Approx. ¥250 billion

New Disney Hotel Inspired by Toy Story Film Series Development Site

FY 3/22, Approx. Approx. ¥¥31.5 billion31.5 billion

41©Disney/Pixar

The investment amount of each year after FY 3/21 will be around 100 billion to 150 billion

IV. Policy for Long-Term Growth

<Tokyo Disneyland>The new plans will apply to all seven themed lands, including Fantasyland. An area-based development for each themed land is

Tokyo Disney

intended to leave a lasting impact on the park<Tokyo DisneySea>To achieve a significant breakthrough, the expansion of the existing site

d tili ti f d l t ill t i t ithTokyo DisneyResort 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><Hotels within Tokyo Disney Resort>To add more value to Tokyo Disney Resort as a whole, improve the environment as a resort, including making more guest rooms, and increase value of the stayy

Ne B siness Plans for the new business aimed at growing it into single business

Further boost the level of net sales with continued large-scale investment

New Business g g gsegment 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 plansby taking the internal/external environment into consideration

ＯｒｉｅｎｔａｌＬａｎｄＣｏ., Ｌｔｄ.

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.

Investor Relations Group, Finance/Accounting Department www.olc.co.jp/en

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.

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January 2020January, 2020 Oriental Land Co., Ltd. · January 2020January, 2020 Oriental Land Co., Ltd. This material has been specifically prepared for institutional investors who