Oriental Land Report to Shareholders, 'Innovate OLC 2010,' Our New Medium-Term Plan.

Tokyo, Japan, July 30, 2007 - (JCN Newswire) - Oriental Land (TSE: 4661), a major real estate developer and operator of the Tokyo Disney Resort, has issued its Annual Report to Shareholders for the year ended March 31, 2007. In a year characterized by increases in both revenues and operating income, total annual attendance at its two theme parks reached a record 25,816 thousand, up 4.2% over the previous fiscal year, supported by factors including the celebration of the Tokyo DisneySea  5th Anniversary and the opening of a new attraction.

The Tokyo Disney Resort is a large-scale theme resort located near the center of metropolitan Tokyo and comprises two theme parks, two Disney hotels, a commercial complex, the Disney shop, six official hotels and a monorail that links these facilities. The concentration of these facilities, each with its own appeal, offers a complete entertainment selection for playing, staying, eating and shopping.

Yoshiro Fukushima, Representative Director, President and COO, in his annual address to shareholders, presents 'Formulating "Innovate OLC 2010," Our New Medium-Term Plan, Achieving Earnings Growth and Greater Stockholder Returns'.

"Tokyo Disney Resort further increased its appeal during the fiscal year ended March 31, 2007 with the celebration of the Tokyo DisneySea 5th Anniversary and the opening of a new attraction, "Tower of Terror," and attendance at our two theme parks reached an all-time high of 25,816 thousand guests. Efforts to contain costs, together with growth in revenues, resulted in an 11.5 percent increase in operating income compared with the previous fiscal year.

Promoting "Innovate OLC 2010," Our New Medium-Term Plan

However, we expect changes in the OLC Group's operating environment substantially greater than any we have experienced to date, as the service industry will face further diversification of customer values and Japan's structural problems of changes in customer segmentation and employment conditions due to the low birthrate and aging society. Based on our perceptions of this environment, we have formulated a new mediumterm plan, "Innovate OLC 2010," for the period to March 2011. The four years of this plan are positioned as a period for the OLC Group to promote efforts to generate new growth as we work toward our long-term objectives. We will aim for earnings growth by further strengthening our core Tokyo Disney Resort business and to devote our increased free cash flow to making direct returns to stockholders from earnings and establishing the foundation for new growth.

We have set a numerical target of consolidated net income at the 27.0 billion yen level in the fiscal year ending March 2011, and we are aiming for average annual growth in earnings of about 13 percent. During the fiscal year ending March 2008, the first year of the plan, we project a short-term decrease in earnings because it will be the year following the Tokyo DisneySea 5th Anniversary, and also because of increased depreciation expenses associated with the tax code revision. However, because OLC Group will work in concert to implement the management policies of "Innovate OLC 2010" and achieve these targets, we project steady earnings growth over the medium term.

Further Enhancing Stockholder Value

Moreover, the OLC Group has positioned stockholder returns as one of its most important management policies. Under "Innovate OLC 2010," we have set a target consolidated payout ratio of 35 percent or higher from the fiscal year ending March 2008, as we work to provide direct stockholder returns that are higher than ever before. With this policy in mind, we increased total dividends per share for the fiscal year ended March 31, 2007 by 10.00 yen compared with the previous fiscal year to 55.00 yen.

The OLC Group will continue to take a long-term view in deepening the trust and understanding of its stakeholders. By maximizing the resulting cash flow, we aim to raise our corporate value."

- Yoshiro Fukushima, President and COO, OLC Group, July 2007.

For more information, please visit the Oriental Land IR website, http://www.olc.co.jp/en/ir and download the Oriental Land 2007 Annual Report to Shareholders, http://www.olc.co.jp/en/ir/pdf/annual2007e.pdf

About Oriental Land Co., Ltd.

Oriental Land Co., Ltd. was established in 1960 to reclaim land off the coast of Urayasu, Chiba Prefecture, and to construct a large-scale leisure facility with the objective of contributing to the culture, welfare and well-being of the Japanese people. In 1983, Oriental Land opened Tokyo Disneyland in Maihama, Chiba Prefecture, about 10 kilometers from central Tokyo. Since then, we have significantly contributed to the expansion of Japan's amusement and leisure park industry and have maintained our established position in the market and expanded our profit base by maximizing our advantages of superb location, our business alliance with Disney Enterprises, Inc. and our accumulated theme park management expertise. In 2001, we opened Tokyo DisneySea, the world's first Disney theme park based on a mritime concept. To date, the two theme parks have welcomed a cumulative total of more than 400 million guests. For more information, please visit www.olc.co.jp/en.

Source: Oriental Land Co., Ltd.

Contact:

Emi Yokoshima
Investor Relations Group
Finance/Accounting Division
Oriental Land Co., Ltd.
Tel: [phone]
Fax: [phone]
Email: [e-mail]

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