In our initial plan, we had expected year-on-year increases in revenues and income for the full fiscal year ending March 31, 2006. However, both revenues and income for the interim period decreased compared with the same period in the previous fiscal year due to the decline in theme park attendance caused mainly by Expo 2005 Aichi Japan.
Based on the results of the interim period under review, we have revised our forecast on business performance for the year ending March 31, 2006, to the figures shown in the table.
The reasons for these revisions can best be explained through comparison with the actual results of the previous fiscal year.
Revenues are expected to increase year-on-year, due to such factors as the full-year operation of the Palm & Fountain Terrace Hotel, which opened in February 2005. Especially in our theme park business, we expect to achieve record attendance for the latter half of the fiscal year through the addition of special events for the winter season, and we expect to attain full-year results that are essentially in line with the previous fiscal year after accounting for the decreases in the interim period.
Operating income, however, is expected to decrease under the impact of such factors as increased operating expenses including expenses related to the full-year operation of the Palm & Fountain Terrace Hotel and personnel costs due to changes in the personnel system for part-time employees: although revenues are projected to increase.
With regard to our medium-term targets announced in May 2004, calling for consolidated revenues of ¥360 billion or above and consolidated operating income of ¥45 billion or above by the fiscal year ending March 31, 2007, considering the trends in results from the previous fiscal year, a divergence has occurred from the time the targets were originally set, and consequently we are now considering the revision of those targets.

We are implementing the following actions toward achieving our full-year business performance.

Theme Parks
At Tokyo DisneySea, we will offer new and thrilling experiences at "Raging Spirits," a new attraction introduced in July. We will expand the scope of special events and limited-offer special programs that have proven highly popular at the two theme parks, Tokyo Disneyland and Tokyo DisneySea, then scheduled at the beginning of the fiscal year. In addition, we will aggressively pursue other promotional measures designed to attract as many guests as possible to the theme parks.

Disney Hotels
To enable our overnight guests to enjoy the Tokyo Disney Resort, we will launch the "Disney Hotels Happy Coupon Campaign"* targeting guests staying at the two Disney hotels starting in January 2006. As a finale to the fifth anniversary events at the Disney Ambassador Hotel, we will offer "Be a Disney Princess," to create the experience of royalty for all our female guests. We will provide attractive programs that are exclusive to the Disney hotels.

* "Disney Hotels Happy Coupon Campaign": We will provide guests with coupons entitling them to benefits including shopping discounts and presents from Disney hotels' restaurants and shops, shops inside the theme parks, the Disney shop "Bon Voyage" near Maihama Station, and the Disney Store located inside the Tokyo Disney Resort.