Message from the Chairman Looking back at FY2019, we were, up until January 2020, enjoying attendance levels comparable to FY2018 when we were celebrating Tokyo Disneyland’s 35th anniversary. I was encouraged by this and saw it as a clear sign that our multi-year effort on improving the Rebirth as a Theme Park experiential value was contributing to higher attendance and better satisfaction. The situation, however, took a drastic turn for the worst with the COVID-19 pandemic, and we experienced an extended temporary closure of the Parks, the likes of which we had “Second Establishment” never seen before. I believe the OLC Group’s business is predicated on people’s peace of mind. Given the significant threat posed by this battle against the invisible enemy, and how the world today is more uncertain than ever, we must be reborn with a new organization and management structure that will be able to adapt flexibly no matter what circumstances we find ourselves facing. Toshio Kagami Although we will be implementing organizational and management reforms, the value that Tokyo Disney Resort creates will never Representative Director, change. During our temporary closure, we heard from our stakeholders, including a lot of Guests, that they were anxiously waiting for the Chairman and CEO Parks to reopen, which made me realize once again that our company is supported by and lives alongside all of you, and our officers and employees worked together as one team to prepare for reopening to meet people’s expectations. Every one of the 123 days of park closure was spent examining ways to prioritize the health and safety of our Guests of Tokyo Disney Resort, and we went through days and days of trial and error with the strong conviction that we must preserve where dreams come true. In the long term, we believe plans to invest in physical assets that will contribute to Tokyo Disney Resort’s future growth are important, and we made the decision to continue with large-scale projects that have already been announced for FY2021 and beyond, such as the new Disney Hotel themed to the Disney and Pixar Toy Story film series, and Tokyo DisneySea’s “Fantasy Springs,” and so forth. On the other hand, on the more intangible front, such as how we deliver value, we must be flexible in finding the best way forward instead of insisting that we stick to how we have always done things in the past. While it may be difficult for us to predict when the COVID-19 pandemic is going to be over, we are building a new organization and management structure. The OLC group started at an office on the premises that didn't even have a phone, with only three desks, but only a dream. Now that we have reached our 60th anniversary, I recall my feelings from back then. I have always said to our company that the 60th anniversary is the same as the milestone kanreki (60th) birthday for a person, when you are reborn and start again but little did I know that such a pandemic would be occurring this year. It is an extremely difficult task to identify the challenges and find solutions in this world when the right answer is unclear, but we have a history of endeavoring to achieve unprecedented goals. Fishery compensation negotiations to reclaim land off the shores of Urayasu, inviting Disneyland to this location, opening Tokyo Disneyland, opening the second Park Tokyo DisneySea, and the continual growth of the Tokyo Disney Resort until today have involved overcoming many difficulties and challenges. The DNA of our predecessors has been passed on to our current officers and employees. My role is to guide all employees to think freely and be fresh in their mindset as they tackle change, and I will keep a long-term perspective looking at the past, present, and future as I lead the way. In keeping a broad perspective, anticipating opportunities and risks is also important from an ESG standpoint; it is even more important in this uncertain world to build hypotheses on strong beliefs and continue implementation without stopping. Providing deeper value at the Tokyo Disney Resort, which is our core business, is important as we aim to continue long-term growth but we also see the critical importance of pursuing new discoveries and the establishment of Oriental Land Innovations Co., Ltd. is one of our initiatives towards this goal. I believe that the reason our company has been able to continue for 60 years is because our shareholders, investors, and all other stakeholders have believed in and supported our business, and all officers and employees have worked together to respond to this trust. July 11th, 2020 marked the OLC Group’s 60th anniversary. Although there is still no telling when the COVID-19 pandemic is going to be The OLC Group will continue to offer dreams, moving experiences, happiness, and contentment to our audience, will consider this year to brought under control, we are extremely grateful that we have thus been able to celebrate our 60th anniversary, that Tokyo Disney Resort be the first year of our second establishment and will push forward to raise our corporate value. has been able to reopen, and that we have been able to start moving forward once again. None of this would have been possible without your abiding support and understanding as stakeholders, for which I would like to express my deepest gratitude. Our prolonged closure December 2020 caused a lot of concern, but I am truly thankful for the many words of encouragement you sent us. 8 Oriental Land Annual Report 2020 Oriental Land Annual Report 2020 9 Message from the President The COVID-19 pandemic is proving to be the single biggest crisis the OLC Group has faced since Tokyo Disneyland first opened. A temporary four-month park closure resulted in almost zero revenue during that period as we battled an extremely tough business Transforming into a More environment. With the future so uncertain, my major concerns were the safe and secure reopening of our Theme Parks and determining what we should change and what we should not change in our business given the marked shift in people’s lifestyles and values. Robust Corporate Structure by As much as time permits, I habitually make a point of walking around the Theme Parks and talking with Guests. On these occasions, it helps to reaffirm the strong connection Guests have with our Theme Parks. Many Guests were young when we first opened, and they Pushing through Adversity now visit with their children and families. The history of Tokyo Disney Resort is indeed the accumulation of the memories of each of our Guests. We received many letters and messages on social media with words of encouragement when the pandemic forced us to temporarily close our doors. Because of this support, I recognize again that our business is part of “an industry for the heart” needed by many people and that we must never forget the value that our Theme Parks create. Kyoichiro Uenishi It’s true that people’s values and behaviors have changed significantly with the spread of COVID-19, but I also see this as the catalyst for Representative Director, President and COO the OLC Group to transform into a more robust corporate structure. To overcome the pandemic, we need to embrace new ideas and new paths that are not just an extension of past initiatives; We need to make radical changes to the way we do business in order to continue increasing both profitability and our experience value. That means reaffirming our essential nature and boldly staying true to it. To this end, we revised our profit structure and accelerated a specific discussion of how to increase Guest spending, which includes a more effective ticket strategy. This crisis cannot be overcome unless we bring fundamental change not only to our business strategy but also to our personnel, organizational structure, and cost framework. For this reason, given the current conditions and based on a long- term perspective, we formed a project team as an urgent, limited-time initiative to swiftly and rigorously scrutinize and control costs. Instead of retreating from adversity, I have asked all officers and employees to unite more than ever to ride out the difficult times and to stride forward with the focus firmly on the future. I always tell our Cast Members to stand in our Guests’ shoes and think about what they can do to bring improvements to our operations. Walt Disney said, “Disneyland will never be completed. It will continue to grow as long as there is imagination left in the world.” He left us with this beautiful sentiment. That’s exactly why we try to come up with and bring shape to ideas that exceed our Guests’ expectations. It is through trial and error that we continue to evolve, with the attitude and determination of our officers and employees as the source of our long-term sustainable growth. While we must continue checking for changes in consumers’ attitudes going forward, the intrinsic value that the OLC Group offers remains the same. We will never lose sight of our business mission to offer wonderful dreams, moving experiences, delight and contentment. I am confident that if we tackle each of the issues facing us one by one, we will become an even more valuable member of society. At the OLC Group, we celebrated our 60th anniversary in the fiscal year ended March 31, 2020. We would like to express our sincerest gratitude to all stakeholders for supporting us, including Guests and shareholders.