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Reopening of Tokyo Disney Resort

First of all, we wish to express our heartfelt sympathy to the people who have been infected with COVID-19, and those who have had their day-to-day lives affected by the spreading infection. We would also like to express our respect for everyone making all-out efforts to prevent the spread of COVID-19, including health care workers combatting the virus in the frontline.We pray for the patients’ speedy recovery and for the pandemic to end at the earliest possible timing.

Tokyo Disneyland and Tokyo DisneySea reopened on July 1, given that the government has lifted its request for closure and safety measures have been put in place for Guests and Cast Members in our park operations.We take this opportunity to express our sincere appreciation for the immense encouragement and support extended to us by our shareholders and investors during our temporary closure.

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1. Results for the First Quarter of FY 3/21 / FY3/20

Net sales decreased by ¥114.3 billion to ¥6.1 billion,operating profit decreased by ¥47.5 billion to ¥(15.6) billion,ordinary profit decreased by ¥48.0 billion to ¥(15.2) billion,and profit attributable to owners of parent decreased by ¥47.7 billion to ¥(24.8) billion.

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1. Results for the First Quarter of FY 3/21 / FY3/20 – Breakdown of Decrease in Operating Expenses

Please refer to the lower section of the slide. I would like to explain the breakdown of the year-on-year decrease in operating expenses.

Of the operating expenses, part of the fixed costs was registered as an extraordinary loss, reducing operating loss by ¥19.7 billion.

In addition, operations were reviewed during the temporary closure, resulting in a decrease in operating expenses by ¥7 1 billionoperating expenses by ¥7.1 billion.This was primarily attributable to decrease in personnel expenses for part-time employees, marketing expenses, and special events related costs, etc.

Next, I would like to elaborate, item-by-item, on the operating expenses transferred to extraordinary loss.

A part of the personnel expenses during the temporary closure amounting to ¥7.9 billion was posted as extraordinary loss.as extraordinary loss.As the employment adjustment subsidy to be received from the government as a special measure to address the impact of COVID-19, highly accurate amount to be received is reasonably calculated, and has been deducted from the extraordinary loss.

Miscellaneous costs of ¥3.6 billion, primarily composed of outsourcing, fixed asset tax during the temporary closure, and depreciation and amortization expenses of ¥8.1 billion incurred primarily during the temporary closure were registered as extraordinary loss.

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Furthermore, personnel expenses in costs of food and beverages and disposal of merchandise and raw material, etc. amounting to ¥1.4 billion were also posted as extraordinary loss.

As a result, profit before income taxes fell by approximately ¥69.2 billion year on year.

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II. Response to COVID-19 Pandemic

During our Park closure period, we mostly focused on preparing to reopen our Parks in a condition that would ensure safety and peace of mind.We implemented hands-on training based on role-playing exercises. Cast Members played the roles of Guests and Cast Members, assuming various situations in our Parks until we could be sure that our safety measures for Guests were perfect.By checking our operations from the perspective of Guests, we were able to gain greater confidence in the services we provide.

With regard to our financial position, we could have operated with cash on hand even if the closure had been prolonged.However, in consideration of the unclear outlook, we have concluded a line of credit contract worth ¥200 billion to allow us to procure funds promptly and flexibly when necessary.

To cheer up Guests who felt disappointed by the Park closure, we offered Theme Park goods via our online Tokyo Disney Resort Shopping function from May 26 to June 24online Tokyo Disney Resort Shopping function from May 26 to June 24.In June, we started the phased reopening of Ikspiari and Bon Voyage, the Disney shop outside our Parks.

We paid special leave allowance to part-time Cast Members and show performers for an extended period and started the furlough of employees on May 18.

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II. Response to COVID-19 Pandemic

This slide outlines the major measures taken at our Parks to prevent the spread of COVID-19.

We are taking measures based on the sector-wide guidelines for preventing the spread of COVID-19 at amusement and theme parks, and limiting maximum attendance to 50% of our usual level.In addition, we have shortened our Park operation hours, reduced the number of available attractions to about 80%, the amount of merchandise and number of facilities to about 70%, and the number of restaurants and refreshment facilities to about 40% while also introducing the Fixed Date Ti P t ith th i f i i t i it t i th h lth d f t f G t dTime Passport, with the aim of giving top priority to ensuring the health and safety of Guests and Cast Members.Furthermore, we provide Guests with a complimentary mask holder for storing their mask while dining, which is one example of our fine-tuned service.

Many of our measures were possible thanks to our policy of making greater use of IT such as our official app and electronic money, and we consider this to be the fruit of our steady efforts to execute the 2020 Medium-Term Planthe 2020 Medium Term Plan.

Our first and foremost priority in our Park operations is to protect the safety of our precious Guests.Our hope is to allow Guests to wholeheartedly enjoy our Parks with peace of mind.For the sake of our Guests and the survival of Tokyo Disney Resort, we are operating our Parks with a strong determination to never allow the infection to spread within our Parks.

About a month has passed since we reopened our Parks, but no significant issues have occurred in p p , gour operations so far.

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II. Response to COVID-19 Pandemic

We usually avoid discussing the latest financial operating results to avoid misunderstanding, but today we would like to explain the current situation following the reopening of our Parks to let you know a little bit about our new business environment.Please note that what I am about to tell you concerns the situation immediately after reopening, and does not indicate an outlook on future trends.

For the time being we will operate at a maximum attendance of 50% of the usual level SinceFor the time being, we will operate at a maximum attendance of 50% of the usual level. Since reopening, we have been easing the limit in phases while ensuring safety so as to respond to the high demand, especially among Guests from the Tokyo metropolitan area.

Despite shortened Park operation hours and closure of some stores, our overall net sales per Guest have increased year on year, primarily due to temporary factors, including the strong sales of event-related merchandise that could not be sold during the closure, sales on merchandise related to Olu Mel, the new character in the Duffy and Friends range introduced at Tokyo DisneySea upon reopening, and strong demand for table service at restaurants and refreshment facilities.Net sales per Guest are especially susceptible to change due to factors shown here, so we believe the trend may change in the coming days.

At Disney Hotels, net sales have decreased as a result of limiting hotel room sales in line with the number of Park tickets sold.

A di l tt d d th b f i ht Di H t l t h d li d l di tAccordingly, attendance and the number of overnight Disney Hotel guests have declined, leading to an operating loss despite an increase in net sales per Guest at our Theme Parks.

We are facing a challenging business environment. Situations are changing by the day, so we are discussing measures to restore our financial performance.

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Ⅱ. Response to COVID-19 Pandemic

First of all, with regard to Theme Park attendance, we will continue limiting it to give priority to Guests and Cast Members’ safety and peace of mind over making profit and to maintain a high experience value, although we will gradually ease the limit in view of our internal situation and external circumstances.

We will make decisions on the opening date of the Large-Scale Development area of Tokyo Disneyland and the extension of Park operation hours in consideration of the situations at our Parks.

We would like to discuss the year-on-year comparison in the trend of fixed expenses in the fiscal year ending March 2021.

When the Large-Scale Development area of Tokyo Disneyland opens, depreciation and amortization expenses will increase, but personnel expenses will fall due to reduced working hours and increased productivity resulting from reallocations of employees, and other fixed expenses are also expected to decline owing to the suspension of special events and programs to prevent the spread of COVID-19.g p p p g p p

If this state of infection continues longer than we expect, which will prolong the period of low attendance, the most important initiative we should undertake to put our business on a new track is to review our high cost structure.

To this end, we formed the Cost Control Team in June, which aims to create a structure that can generate profit even with limited attendance.

The Team will swiftly and rigorously examine and control our expenses investment and costsThe Team will swiftly and rigorously examine and control our expenses, investment, and costs including personnel expenses in view of our current situation and long-term perspective, while ascertaining the Group-wide earnings level and cash flow.

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Ⅱ. Response to COVID-19 Pandemic

To increase our earnings over the medium and long-term, we intend to proceed with discussions on measures

to increase net sales per Guest. For example, we will continue exploring new ticket strategies including the

adoption of dynamic pricing and ways to create new sources of earnings based on the experience of Guests

within our Parks.

We intend to follow through with our plan to introduce a new entertainment at Tokyo DisneySea in the fiscal

year ending March 2022 and the large-scale investment already announced. These are essential contents thatyear ending March 2022 and the large scale investment already announced. These are essential contents that

will sustain the growth of Tokyo Disney Resort over the medium and long-term after we overcome this crisis,

and it is our belief that they should not be suspended. Meanwhile, we will consider suspending, downsizing,

and postponing less urgent remodeling works.

On June 5, we established a new subsidiary to invest in venture firms. Going forward, we hope to proactively

collaborate with other firms and achieve growth as a company needed by society. With regard to our new

businesses, in addition to the establishment of the new subsidiary, we will continue with our research and study bus esses, add t o to t e estab s e t o t e e subs d a y, e co t ue t ou esea c a d study

concerning new businesses in areas that are expected to grow over the long term and will consider a wide

range of options that will contribute to the OLC Group’s sustained growth.

Forecast for FY 3/21 and updates on 2020 Medium-Term Plan will be announced upon presenting the financial

results for the second quarter.

On the morning of July 1, the day of the reopening of our Parks after four months of closure, I nervously stood

at the Park entrance.at the Park entrance.

Seeing all the Guests entering with smiles on their faces reaffirmed for me that our business is part of “an

industry for the heart,” and needed by many people in society. While feeling glad to be engaged in this

business, I also felt a strong responsibility to restore it. The path ahead is not an easy one, but by proceeding

steadily, we are determined to reinvigorate Tokyo Disney Resort and make it an even more wonderful place

than ever before.13

Ｏｒｉｅｎｔａｌ Ｌａｎｄ Ｃｏ., 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.

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