The basic principle of our strategy at Tokyo Disneyland is to continually propose new forms of enjoyment by replacing attractions and offering special programs.
In the first half of the fiscal year ending March 2005, we introduced to favorable reviews "Buzz Lightyear's Astro Blasters," a "hands-on," three-dimensional shooting attraction and "Holiday Nightmare," a special program for the "Haunted Mansion." We will continue to make various additional investments based on this foundational principle.
The basic approach at Tokyo DisneySea is to enhance the appeal and capacity of the Park through the introduction of new attractions. In this context, we are planning to launch the "Raging Spirits" roller coaster in the summer of 2005, in the fiscal year ending March 2007, the "Tower of Terror" thrilling, paranormic experience. Construction work on both facilities is well underway. They are certainly worth looking forward to.

We decided to introduce the Tokyo Disney Resort Partner Hotels, a new hotel alliance program, to increase guest attendance and the profitability of Tokyo Disney Resort.
Tokyo Disney Resort Partner Hotels will comprise four high-quality hotels located close to Tokyo Disney Resort. Each hotel will offer services only possible for hotels participating in Tokyo Disney Resort hotel alliances, such as selling theme park passports to staying guests and opening shops in the hotel that sell Tokyo Disney Resort merchandise.
As a result, the number of hotels participating in the Tokyo Disney Resort Hotel alliance programs has increased to four.

We are promoting the multi-functionality of Tokyo Disney Resort as a step toward developing it into a "Destination Resort." Over the next several years, we plan significant investments.
Specifically, among other projects, we are looking into construction of a third Disney Hotel, following Disney Ambassador Hotel and Tokyo DisneySea Hotel MiraCosta to correspond with the OLC Group's domain of "Business that Powers Your Heart with Happiness" and offers new ways to enjoy Tokyo Disney Resort. We expect to be able to report on the direction of these plans by the end of June 2005 at the latest.