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Shunsuke Kuriyama * | Equity Analyst813 6830 3619 | skuriyama@jefferies.com Company DescriptionOriental Land Co.Oriental Land Co. (OLC), Ltd. was established in 1960. Mr. Chiharu Kawasaki, then president of Keisei Electric Railway, and Mr. Hideo Edo, thenpresident of Mitsui Fudosan, took the lead in setting up OLC under a project to reclaim the sea off Urayasu to develop commercial and residentialareas. OLC reached a basic agreement with Walt Disney Company in 1979 and opened Tokyo Disneyland in 1983 and Tokyo DisneySea in 2001.OLC also developed facilities such as hotels, Ikspiari (shopping center), and Disney Resort Line, and formed Tokyo Disney Resort in the Maihamaarea.Company Valuation/RisksOriental Land Co.Price target of ¥3,200 is based on DCF analysis. Our PT is equivalent to FY3/26E P/E of 41.3x and EV /EBITDA 22.6x.Upside risks:ASP growth more than +4% CAGR; new project to accelerate ASP.Downside risks:Natural disasters and competition with otherconsumption categories; decline in loyalty of consumers to the Disney brand.Analyst Certification:I, Shunsuke Kuriyama, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.Registration of non-US analysts:Shunsuke Kuriyama is employed by Jefferies (Japan) Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more withina 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security priceconsistently below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform ratedsecurities with an average security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/orJefferies policies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.NC - Not covered. Jefferies does not cover this company.Restricted - Describes issuers where, in conjunction with Jefferies engagement in certain transactions, company policy or applicable securities regulationsprohibit certain types of communications, including investment recommendations.Monitor - Describes securities whose company fundamentals and financials are being monitored, and for which no financial projections or opinions on theinvestment merits of the company are provided.Valuation MethodologyJefferies' methodology for assigning ratings may include the following: market capitalization, maturity, growth/value, volatility and expected total returnover the next 12 months. The price targets are based on several methodologies, which may include, but are not restricted to, analyses of market risk,Please see important disclosure information on pages 2 - 7 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. June 11, 2025 10:12 A.M.June 11, 2025 10:12 A.M.2 growth rate, revenue stream, discounted cash flow (DCF), EBITDA, EPS, cash flow (CF), f