We will actively invest in the two theme parks to enhance guest attendance and satisfaction. At Tokyo Disneyland, we will continually provide new appeal and propose ways to enhance enjoyment by proactively renewing existing facilities. For example, we will renovate existing facilities into completely new attractions, such as "Buzz Lightyear's Astro Blasters," and will offer a special version of "Haunted Mansion," one of our popular attractions, for a limited period in Autumn 2004. At Tokyo DisneySea, we will successively introduce new large-scale attractions---"Raging Spirits" in fiscal 2006 and "Tower of Terror" in fiscal 2007---to further raise the park's appeal and capacity.

We will further improve the theme parks and promote multi-functionality of the Resort to develop Tokyo Disney Resort into a "destination resort." Specifically, we are considering construction of a third Disney hotel following Disney Ambassador Hotel and Tokyo DisneySea Hotel MiraCosta, to enhance the functions of a long-stay resort. We are actively engaged in R&D activities, including a plan to introduce facilities that enrich the multi-functionality of Tokyo Disney Resort and generate an appealing quality that guests can only experience at the Resort. Sufficient land for new facility development can be secured through efficient use of the plentiful space currently being used for our parking facilities.

Through these strategies, we will develop Tokyo Disney Resort into a "destination resort" that provides the full range of leisure activities.