• The following diagram shows the organization of Oriental Land Group's operations.

• In the fiscal year ended March 31, 2006, consolidated revenues rose 0.5% from the previous fiscal year, while operating income fell 11.4%. Although the rise in revenues from the Other Business Segment offset the decline in revenues from the Theme Park and Retail Business Segments, operating income was dragged down by factors including increases in operating expenses for the Palm & Fountain Terrace Hotel and personnel expenses in the Theme Park Segment.
• While we made steady progress in bond redemption and debt repayment, the outstanding balance of interest-bearing debt at the end of the fiscal year rose 31.9% compared with the previous fiscal year, as we procured capital reserves to buy back shares, which led to an increase in long-term debt, and issued bonds. While property and equipment decreased due to depreciation and amortization of Tokyo Disney Resort facilities, total assets at the end of the fiscal year rose 8.9% from the previous fiscal year, as we temporarily invested funds raised through the issuance of unsecured bonds in marketable securities and other assets. Total stockholders' equity decreased year-on-year, despite an increase in earned surplus, due to factors including a decrease resulting from the share buyback. The stockholders' equity ratio was 52.3%, down 6.7 percentage points compared with the end of the previous fiscal year.