ORIX Corporation First Quarter Consolidated Financial Results for the Three-Month Period Ended June 30, 2020

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ORIX Corporation First Quarter Consolidated Financial Results For the Three-Month Period Ended June 30, 2020

Hitomaro Yano Executive Officer Head of Treasury and Accounting Headquarters

August 4, 2020

(TSE: 8591; NYSE: IX) 1 Company Name Copyright © 2020 ORIX Corporation All rights reserved. Executive Summary （1） Overview 50.0 JPY Bn in net income（- 27.7% YoY）, annualized ROE 6.8% Base profits are stable except for businesses affected by COVID-19, which were announced at the end of FY20.3 Interim dividend forecast of 35 yen and payout ratio of 50% also remains unchanged （2） Segment Performance Enhanced disclosure by expanding segments from 6 to 10. Overseas business has been split into 4 segments Our diverse portfolio has enabled ORIX to be resilient （3） Financial Soundness Maintain A credit rating or higher / secured high liquidity S&P reconfirmed A- rating in July while Moody’s and Fitch both maintained A-. R&I is AA- Excluding bank and life insurance, liquidity is at 1.1 JPY Tn and D/E ratio at 1.6 times Issued straight bonds with total 70 JPY Bn in June, including 3-year bonds at 3bp

（4） Investment Pipelines Rich investment pipeline both in Japan and overseas

✓ 50.0 JPY Bn in net income, down by 27.7% YoY. Annualized ROE at 6.8% ✓ 75.4 JPY Bn in segment profits, down by 29.0% YoY

Net Income* and ROE Reference: ROE in the past five years (JPY Bn)

400.0 11.7% 11.3% 12.1% 11.6% 400.0 15.0%100,000 10.3% 9.6% 13.2% 14.3% 13.7% 90,000 12.5% 10.0% 11.9% 350.0 11.5% 11.4% 350.0 10.0% 6.8% 9.6% 9.6% 80,000 14.4% 6.8%10.00% 300.0 300.0 11.1% 11.9% 12.3% 12.3% 70,000 10.9% 7.8% 9.1% 8.5% 7.8% 250.0 250.0 60,000

200.0 200.0 50,000 -10.0% -10.0%

40,000 -10.00% 150.0 313.1 323.7 302.7 150.0 260.2 273.2 30,000 100.0 100.0

20,000

50.0 50.0 69.2 50.0 10,000 ROE fluctuates quarterly

0.0 -30.0%

0.0 -30.0% 0 -30.00% 16.3 17.3 18.3 19.3 20.3 20.3 Q1 21.3 Q1 16.3 16.316.316.3 16.3 17.3 17.317.317.3 17.3 18.3 18.318.318.3 18.3 19.3 19.319.319.3 19.3 20.3 20.320.320.3 20.3 21.321.3 Net Income ROE (annualized) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Net Income ROE (annualized) *Net Income refers to Net Income Attributable to ORIX Corporation Shareholders

60.5 JPY Bn down by 23％ (-18.5 JPY Bn) FY 21.3 Q1 Base Profits Profits decreased in Real Estate (Facilities Operation), Concession, Aircraft Segment Profits Leasing, Auto, and ORIX USA due to the impact of COVID-19 75.4 JPY Bn Life insurance, banking, and credit profits were firm on the other hand down by 29.0% YoY 15.0 JPY Bn down by 45％ (-12.2 JPY Bn) (-30.8 JPY Bn) Investment Gains* Gain on sales of real estate remained unchanged while PE investment and ORIX USA decreased from the previous fiscal year

（JPY Bn） Segment Profits

*Major investment gains: gains on sales of rental property, gains on sales of subsidiaries and affiliates, gains on sales of investment securities, etc.

✓ Profits declined primarily in Real Estate, Aircraft Leasing, Concession and ORIX USA ✓ Profits in Life Insurance and other businesses were solid

Item Background Impact Amount Occupancy rate declined / temporally closure of various ① Real Estate (Facilities Operation) - 6 JPY Bn operating facilities such as hotels and inns ② Aircraft Leasing Decrease in gain on sales of aircraft, partial impairment loss - 5 JPY Bn Significant decrease in number of passengers (Jan-Mar results ③ Concession - 4 JPY Bn accounted with 3-months lag) ④ Corporate Financial Services and Decrease in rental car sales and gains on sales due to decline - 5 JPY Bn Maintenance Leasing in used car prices, etc. ⑤ ORIX USA Impact of provision for credit losses and impairment loss - 9 JPY Bn

⑥ Other (Life Insurance, etc.) Reversal of liability reserve of Former Hartford Life Insurance +5 JPY Bn

Total ― About -24 JPY Bn

* Above figures are based on segment profits

6 segments 16 units 10 segments 16 units Main Business Corporate Financial Services Corporate Domestic Sales Corporate Financial Yayoi Finance and fee business; leasing and rental of Financial 1 Services and automobiles, electronic measuring instruments Auto Services Yayoi Maintenance Leasing and IT-related equipment; Yayoi Rentec Auto Real estate development, rental and Maintenance RE Investment and Facilities Operation 2 Real Estate management; facility operations; real estate Leasing DAIKYO Rentec asset management PE Investment and PE Investment RE investment and Facilities 3 Private equity investment and concession Operation Concession Concession Real Estate Domestic and overseas renewable energy; DAIKYO Environment and electric power retailing; ESCO services; sales of 4 Environment and Energy Energy solar panels and electricity storage system; Investment Investment and Operation recycling and waste management and Concession 5 Insurance Life Insurance Life insurance Operation Environment and Energy Banking 6 Banking and Credit Banking and consumer finance Life Insurance Credit Aircraft leasing and management; ship-related Retail Banking Aircraft and Ships 7 Aircraft and Ships finance and investment Credit Finance, investment and asset management in ORIX USA Aircraft and Ships 8 ORIX USA the Americas OCU (ORIX Corporation USA) Overseas 9 ORIX Europe ORIX Europe Equity and fixed income asset management Business OCE (ORIX Corporation Europe) Finance and investment businesses in Asia and 10 Asia and Australia Asia and Australia Asia, Australia and other Australia

(JPY Bn) Segment YoY Highlight Segment Profits Profits Corporate Financial Services Down due to decreasing demand for rental car in Auto and price decline in used （） 1 10.2 -5.3 JPY Bn and Maintenance Leasing car market

Decreased significantly due to the temporary closure of all accommodation 2 Real Estate 1.5 -4.0 facilities by the end of May 106.2 PE Investment and PE investment remains solid 3 4.5 -5.8 Concession Concession declined due to a decrease in the number of passengers

15.5 Solid solar power business and accounting for acquisition of wind power business 4 Environment and Energy 8.1 4.4 5.5 contributed to profit increase Non-face-to-face solicitations such as increasing mail order sales made positive 10.3 75.4 5 Insurance 18.0 4.8 3.7 contribution. Reversal of liability reserve of Former Hartford Life also positive 10.2 Profits remains steady due to accumulation of high-quality assets 13.2 1.5 6 Banking and Credit 11.5 2.3 4.5 Credit profits increased 9.2 8.1 Profits of ORIX aircraft-related business were down due to decline in the number 7 Aircraft and Ships 7.3 -3.3 of aircraft in previous FY. Profits at Avolon increased due to one-time profit 10.6 18.0 A large investment gain recorded in previous FY. Finance revenue and services 8 ORIX USA 0.2 -15.5 income remains solid but credit cost increase negative 15.8 11.5 Lower AUM at March year-end hurt profits 9 ORIX Europe 6.7 -1.8 8.6 However, current market condition is contributing to recovery 7.3 0.2 6.7 Investment gains recorded in previous FY and increase in provision for credit 14.0 10 Asia and Australia 7.4 -6.6 7.4 losses contributed negatively 20.3 Q1 21.3 Q1 Total 75.4 -30.8 ー

(JPY Bn) Segment YTD Highlight Segment Assets Assets Corporate Financial Services （JPY Bn） 1 1,743.9 -45.8 Focused selection resulting in gradual reduction of financial assets and Maintenance Leasing

10,883.5 10,906.7 2 Real Estate 816.5 -4.7 ー

PE Investment and 3 332.4 9.9 ー 1,789.7 1,743.9 Concession

821.2 816.5 4 Environment and Energy 482.8 4.0 ー 322.5 332.4 478.8 482.8 5 Insurance 1,664.0 83.8 Investment securities increased 1,580.2 1,664.0 6 Banking and Credit 2,629.5 25.7 Banking increased while Credit decreased in installment loans

Aircraft business assets flat due to reduce number of transactions. 7 Aircraft and Ships 586.1 0.8 2,603.7 2,629.5 FX impact -5.6

8 ORIX USA 1,316.8 -57.2 Installment loans decreased. FX impact -13.7 585.3 586.1 1,374.0 1,316.8 9 ORIX Europe 326.7 8.9 FX impact +4.1 317.8 326.7 10 Asia and Australia 1,008.0 -2.3 Flat due to reduction of new lending. FX impact +22.3 1,010.3 1,008.0 Total 10,906.7 23.1 ー 20.3 21.3 Q1

✓ Liquidity: Excluding bank and life insurance, liquidity is at 1.1 JPY Tn and D/E ratio at 1.6 times ✓ Credit Ratings: S&P reconfirmed A- rating in July while Moody’s and Fitch both maintained A-. R&I is AA-

Liquidity・D/E Ratio Credit Ratings

(JPY Bn) （times）（as of June 30, 2020） 1,200 3.0 1,053.0 Credit Ratings

900 S&P A-（Negative） 1.6 600 1.5 Moody’s A3（Negative）

300 Fitch A-（Negative）

0 0.0 16.3 17.3 18.3 19.3 20.3 20.6 R&I AA-（Stable）

Available Commitment Lines (Left axis) Cash and Cash Equivalents (Left axis) Debt-to-Equity Ratio (Excluding Deposits)(Right axis)

Copyright © 2020 ORIX Corporation All rights reserved. 9 （3）Financial Soundness Funding Structure / Employed Capital Ratio ✓ Funding structure: Diversified funding methods and maintained a high ratio of long-term debt ✓ Employed Capital Ratio: The ratio shows the usage percentage of ORIX shareholders’ equity Continue to pursue growth while controlling risk and return

Breakdown of Funding and Shareholder’s Equity / Trend in Long-term Debt Ratio* Employed Capital Ratio *Excluding deposits (JPY Tn) (JPY Bn) 3,000.0 100% 8 100% 88% 87% 7 2,500.0 85% 85% 85% 80% 6 78% 2,000.0 80%

5 60% 1,500.0 2,897.1 2,993.6 2,935.2 4 2,682.4 2,507.7 40% 2,310.4 3 1,000.0 60% 2 20% 500.0 1

0 0% 0.0 40% 16.3 17.3 18.3 19.3 20.3 20.6 16.3 17.3 18.3 19.3 20.3 20.6 （） Borrowings from Financial Institutions Capital markets Long-Term Shareholders’ Equity Employed Capital Ratio Capital markets（CP） Deposits Long-term Debt Ratio（right axis）

Copyright © 2020 ORIX Corporation All rights reserved. 10 （4）Investment Pipelines ✓ Securing pipelines steadily even during the outbreak of COVID-19 ✓ Select projects carefully that meet the investment criteria, with aim to close several deals within FY21.3 Investment Details Pipeline

Environment and Energy • Renewable energy business companies in Japan and overseas 300 JPY Bn

Asset Management • Roll-up of existing investments (asset management companies) 200 JPY Bn

• Domestic: healthcare industry、roll-up of existing investments PE Investment 250 JPY Bn • Overseas: focus on USA and Asia • Additional investment in existing projects such as hotels and Real Estate complex facilities 250 JPY Bn • Increase value from a long-term perspective

MICE-IR • Promote winning Osaka project 650 JPY Bn

Others • New investments 350 JPY Bn

Total 2.0 JPY Tn

FY21.3 Q1 net income was 50.0 JPY Bn (-27.7% YoY), Annualized ROE 6.8%

Expanded segments from 6 to 10, with a focus on enhancing overseas disclosure

Rich investment pipeline both in Japan and overseas

Maintain A credit rating or higher / secured high liquidity

Copyright © 2020 ORIX Corporation All rights reserved. 14 Corporate Financial Services and *As the figures less than 0.1 JPY Bn are rounded off, the total of individual business unit figures does not necessarily match Segment Performance（1） Maintenance Leasing the segment figures

Segment Profits: 10.2 JPY Bn YoY -5.3 JPY Bn (-34％) Segment Assets: 1,743.9 JPY Bn YTD -45.8 JPY Bn (-3％)

✓ Corporate Financial Services: bargain purchase posted in FY 20.3 ✓ Focused selection resulting in gradual reduction of financial assets ✓ Auto: decreasing demand for rental car and decline in used car market (Currently, there are signs of a recovery from personal demand and the used car market) ✓ Rentec: despite increasing demand, profits declined due to restrained utilization of technology centers

Segment Profits Segment Assets and ROA Yields on loans (JPY Bn) (JPY Bn) 80 2,000 4.0% (JPY Bn) 12.4 128.6 2.3% 2.6% 3.0% 149.3 2.3% 2.3% 2.4% 147.0 2.5% 2.9% 3.0% 60 1,500 11.8 2.0% 2.4% 727.8 30.7 745.2 1.5% 2.0% 740.3 1.0% 40 1,000 1.6% 0.5% 26.1 99.1 361.8 367.8 374.6 97.3 343.6 328.7 0.0% 6.3 96.7 1.0% -0.5% 6.7 500 -1.0% 20 869.0 2.6 802.8 772.3 0.0% 28.9 -1.5% 1.5 18.4 6.3 0.0 -2.0% 1.9 3.9 20.3 Q1 20.3 Q2 20.3 Q3 20.3 Q4 21.3 Q1 4.6 1.7 0 -1.0% 0 3.0 19.3 20.3 21.3 Q1 Installment Loans Yields on Loans 19.3 20.3 20.3 Q1 21.3 Q1 Corporate Financial Services Yayoi Corporate Financial Services Yayoi Auto Rentec Auto Rentec Segment ROA (annualized and after-tax) Yields on loans ＝ finance revenues classified as loan interest ÷ average balance of installment loans

Main business: Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and IT-related equipment; Yayoi

Segment Assets NET* Segment Revenue Nationwide network of （as of March 31, 2020）（FY 20.3） Corporate Financial Services

Other 3% 70 footprints 11% Other Approx. 36% 30% 34% Net Operating Services income 1,500 32% Investment in Leases NET Sales reps Investment in the Leases NET Operating Leases 33% 21% Finance Installment revenues NET Loans

＊NET Segment Revenue = Segment Revenue - Segment Expenses (Before deduction of Selling, General and administrative expenses)

Segment Profits: 1.5 JPY Bn YoY -4.0 JPY Bn (-73％) Segment Assets: 816.5 JPY Bn YTD -4.7 JPY Bn (-1%)

✓ Investment and operation: profits decreased due to the impact of the temporary ✓ Assets remained flat closure of all accommodation facilities by the end of May ✓ AUM in Real Estate Asset Management increased steadily (From June, accommodation facilities reopened with ceiling occupancy rates) ✓ DAIKYO: profits up with an increase in the number of condominiums sales

Segment Profits (JPY Bn) Segment Assets and ROA (JPY Bn) AUM 1,000 20.0%

(JPY Bn) 800 100 209.7 213.4 633.8 204.8 538.0 19.3 425.5 80 600 393.1 392.3 21.2 10.0% 60 400 8.0% 7.0% 639.5 659.7 673.9 681.0 40 603.1 559.7 74.5 554.7 611.5 59.0 200 20 16.3 17.3 18.3 19.3 20.3 7.5 2.6 0.5% 0 0 0.0% -1.1 OAM* ORIA** -2.0 19.3 20.3 21.3 Q1 19.3 20.3 20.3 Q1 21.3 Q1 * ORIX Asset Management Corporation（J-REIT） RE Investment and Facilities Operation RE Investment and Facilities Operation DAIKYO OAM’s figures are at February （） DAIKYO Segment ROA (annualized and after-tax) ** ORIX Real Estate Investment Advisors Corporation Private Real Estate Fund

Main Business：Real estate development, rental and management; facility operations; real estate asset management

Unrealized gains on rental Segment Assets Segment Assets Transition （） properties* as of March 31, 2020 (JPY Bn) (JPY Bn)

2500 30.1% 35.0%90 82.8 30.0%80 73.7 70.1 71.9 1,916.9 23% 2000 25.0%70 Other 20.0% 57.0 39% 60 1500 15.0% Investment 7.5% 50 In Operating 10.0% 11% 40 Leases 1000 821.2 5.0% Investment in 30 Affiliates 0.0% 20 17% 500 -5.0% 10% Property -10.0%10 Inventories under Facility 0 -15.0%0 Operations 10.3 15.3 20.3 16.3 17.3 18.3 19.3 20.3 Real Estate Segmement Assets Ratio to Total Segment Assets *Including rental properties in segments other than the Real Estate segment Not including property under facility operations

Segment Profits: 4.5 JPY Bn YoY -5.8 JPY Bn (-56％) Segment Assets: 332.4JPY Bn YTD 9.9 JPY Bn (+3％)

✓ PE investment: operating profits remained steady ✓ PE investment: 1* new investment in healthcare industry in Japan, no EXIT However, total profits decreased due to the posting of a gain on sales in FY 20.3 ✓ Concession: remained flat ✓ Concession: the number of passengers decreased at Kansai Airports (Jan-Mar results accounted with 3-month lags) *DOJIN IYAKU-KAKO CO., LTD: Producer and seller of prescription and OTC drugs

(JPY Bn) Segment Profits Segment Assets and ROA 50 (JPY Bn) 400 12.0%

40 10.0% 10.0% 19.3 300 60.1 60.0 8.0% 30 49.2

200 6.2% 6.0% 20 272.4 13.0 4.0% 230.8 3.8% 24.8 100 262.4 10 3.2 2.0% 10.1 7.1 4.6 0 -0.1 0 0.0% 19.3 20.3 20.3 Q1 21.3 Q1 19.3 20.3 21.3 Q1 PE Investment Concession PE Investment Concession Segment ROA (annualized and after-tax) Copyright © 2020 ORIX Corporation All rights reserved. 19 PE Investment and Concession

Main Business: (PE Investment) Private equity investment in Japan (Concession) Operation of airports and wastewater treatment plant Major PE Investment in Japan Structure of Concession Operation Initial Company Name Business Investment Japanese Kobayashi Kako Co., Ltd FY 20.3 Producer and seller of generic drugs Government

Wako Pallet Co., Ltd. FY 20.3 Seller and leaser of logistics equipment Consideration Kansai for operating right Owner of Cornes AG CORPORATION FY 19.3 Dairy equipment services Airports Return performance airports guarantee deposit Primagest, Inc. FY 18.3 Information processing service Investment Finance Koike Co., Ltd. FY 17.3 Manufacturer of electronic materials Repayment Lender Fujita Pharmaceutical Co., FY 17.3 Producer of veterinary pharmaceuticals Ltd. Dividends Kyoto Biken Laboratories, （Consortium） FY 17.3 Producer of veterinary animal vaccines Inc. ORIX* VINCI Airports INNOMEDICS Medical Sales of medical equipment and Other Shareholders FY 15.3 40% 20% Instruments, Inc. devices 40% Recycling of precious metals and Net Japan Co., Ltd. FY 15.3 jewelry *Total amount of dividends received to date almost equals to the initial investment after 4 years of operation

Segment Profits: 8.1 JPY Bn YoY +4.4 JPY Bn (+118％) Segment Assets: 482.8 JPY Bn YTD +4.0 JPY Bn (+1%)

✓ Solid performance in the Solar Power business ✓ Assets remained flat ✓ Profits increased due to the impact of acquisition accounting in additional investment made in FY20.3 for India's wind power business

Segment Profits Segment Assets and ROA Solar power business in Japan (JPY Bn) (JPY Bn) (MW) 15 500

400 1,000 910 910 870 840 10 780 300 750 700

478.8 482.8 12.1 11.6 200 395.6 500 5 4.6% 8.1 100 250 2.2% 3.7 1.8%

0 0 0 19.3 20.3 20.3 Q1 21.3 Q1 19.3 20.3 21.3 Q1 18.3 18.9 19.3 19.9 20.3 20.6

Environment and Energy Environment and Energy Segment ROA (annualized and after-tax)

Main Business: Domestic and overseas renewable energy; electric power retailing; ESCO services; sales of solar panels and electricity storage system; recycling and waste management

（as of March 31, 2020） Segment Assets Major Investment Overseas（Renewable Energy）（as of March 31, 2020） Direct/ Investee Country Primary Business Capacity* Indirect 12% Investment Other Ormat Technologies, Geothermal Power 17% USA 914MW 21% 5% Investment in Inc. Generation 71% Affiliates Property Wind Power under Facility India Wind Power Generation 873MW 100% Operations Generation Business

Bitexco Power Hydroelectric Power and Vietnam 895MW 6% Corporation Solar Power Generation 95% サービス収入・ Ormat Technologies, Inc. *Capacity indicated at gross volume regardless of ORIX’s share ・Bitexco Power Corporation ・Renewable energy (Japan and Overseas) and others ex. Wind power generation business in India サービス収入その他 and others

Segment Profits: 18.0 JPY Bn YoY +4.8 JPY Bn (+36％) Segment Assets: 1,664.0 JPY Bn YTD +83.8 JPY Bn (+5％)

✓ Life Insurance: non-face-to-face sales such as mail order and Internet sales ✓ Investment securities increased in Life Insurance increased ✓ Former Hartford Life Insurance: profits increased due to reversal of liability reserve in line with market recovery

Segment Profits Segment Assets and ROA Number of Insurance (JPY Bn) Policies in Force 2,000 (Millions of policies) (JPY Bn) 5.00 4.58 70 4.39 4.53 4.50 4.10 4.26 1,500 3.94 4.00 50 3.1% 3.0% 3.50

1,000 3.00 2.2% 1,664.0 2.50 30 55.8 1,580.2 2.00 51.0 1,254.5 500 1.50 0.4 4.3 1.00 10 12.8 13.6 0.50 0 -4.2 -6.2 0.00 19.3 20.3 21.3 Q1 -10 19.3 20.3 20.3 Q1 21.3 Q1 18.3 18.9 19.3 19.9 20.3 20.6 Life Insurance Segment ROA (annualized and after-tax) Life Insurance Former Hartford Life Insurance

• “Simple and easy-to-understand products” and “affordable pricing insurance” • Optimal products aligned with evolving customer needs • Omnichannel strategy utilizing four sales channels - agency, banks and other financial institutions, mail order and Internet sales, and ORIX Life reps - for providing services that caters to customer’s needs

Breakdown of General Account Assets* Segment Profits* Number of Insurance Polices in Force （as of March 31, 2020） (Annualized premium) (as of March 31, 2020) 1% (JPY Bn) Other 11% 16% Securities Other Cash and assets deposits** 21% foreign The The securities 47.6 third sector first sector （public 4.3 3.6 54% 46% ） bonds 51% Public and corporate 55.8 47.7 51.0 bonds 40.5 37.3 42.8 25.2 29.1 16.5 21.3 8.9 -2.9 -4.2 -6.2 10.3 11.3 12.3 13.3 14.3 15.3 16.3 17.3 18.3 19.3 20.3 ・The first sector （Death protection, etc.) ORIX Life Insurance Former Hartford Life Insurance * ORIX Life Insurance financial results (JGAAP）・The third sector（Heath insurance, Cancer insurance, etc.） **Segment Assets does not include cash and deposits *Segment Profits in FY15.3 includes bargain purchase gains by the acquisition of Former Hartford Life Insurance

Segment Profits: 11.5 JPY Bn YoY +2.3 JPY Bn (+25％) Segment Assets: 2,629.5 JPY Bn YTD +25.7 JPY Bn (+1％)

✓ Banking: profits remain steady due to accumulation of high-quality assets ✓ Banking: capturing real estate investment loans demand by utilizing online ✓ Credit: profits increased due to a decrease in provision for credit losses capability ✓ Credit: installment loans decreased due to a decline in demand

Segment Profits Segment Assets and ROA Gross Margin and Yield* (JPY Bn) (JPY Bn) 3,000 40 （as of March 31, 2020）

2,500 182.2 179.1 ORIX Bank 12.2 （non-consolidated） 30 11.5 184.1 2,000 Investment Yield 2.12%

1,500 20 Funding Yield 0.18% 2,421.5 2,450.4 2,132.7 1.2% 1.1% 1.1% 26.9 1,000 Gross Margin of 25.0 1.94% 10 Capital 5.3 3.0 500 *ORIX Bank's financial results disclosure materials (JGAAP) 6.2 6.2 Investment Yield= Interest on investment accounts (mostly interest on loans)/Average outstanding balance 0 0 19.3 20.3 20.3 Q1 21.3 Q1 19.3 20.3 21.3 Q1 Funding Yield= Interest on interest-bearing liabilities/Average outstanding balance Banking Credit Banking Credit Segment ROA (annualized and after-tax) Gross Margin of Capital =Investment Yield - Funding Yield

• Banking: ORIX Bank offers distinctive products and services such as real estate investment loans, card loans, trust products and investment trusts No retail branches, ATMs, or handle settlement functions, based on a low-cost operation • Credit : ORIX Credit operates in three core retail businesses; the loan business, the credit guarantee business and the mortgage banking business

Segment Profits (JPY Bn) （as of March 31, 2020） Key Indicators* of ORIX Bank （non-consolidated） 12.2 11.5 10.5 ROE 9.3% 6.7 7.3 Non-performing 8.1 7.0 7.5 0.37% 1.5 25.0 26.9 loan ratio 1.2 21.6 9.3 17.9 11.0 11.7 13.2 7.7 9.9 10.3 Credit Rating AA-（R&I） 4.0

10.3 11.3 12.3 13.3 14.3 15.3 16.3 17.3 18.3 19.3 20.3 *ORIX Bank financial results disclosure materials (JGAAP） Banking Credit

Segment Profits: 7.3 JPY Bn YoY -3.3 JPY Bn (-31%) Segment Assets: 586.1 JPY Bn YTD +0.8 JPY Bn (flat)

✓ ORIX aircraft-related business: gain on sales of aircraft decreased ✓ ORIX aircraft-related business: Remained flat due to restrained new investment in the aircraft leasing business ✓ Avolon: increased due to one-time profit despite a decline in leasing revenue ✓ Excluding FX impact of -5.6 JPY Bn, segment assets increased by 6.4 JPY Bn

Segment Profits* (JPY Bn) Segment Assets and ROA Aircraft leasing business (JPY Bn) 800 （as of June 30, 2020） 50 ORIX Avolon

42 years 10 years 40 600 Business Started with finance leases (Established in 2010) 17.7 history (ORIX Aviation 4.7 Established in 1991) 30 4.9% 5.0% • Mainly trading in second- • Sizable direct orders to 400 hand market aircraft manufacturers • Strengths include • Strengths in direct leasing of 646.3 Business 585.3 arrangement of aircraft the fleet 20 586.1 Model 3.4% purchases to third parties 31.7 and asset management 27.6 200 services 10 3.3 ORIX 30% 7.3 5.9 Investment 100% 1.4 (acquired in November 2018) 0 0 ratio 19.3 20.3 20.3 Q1 21.3 Q1 19.3 20.3 21.3 Q1 Fitch : BBB- S&P: Top Strong Rating Moody's : Baa3 Aircraft and Ships (exc. Avolon) Avolon Aircraft and Ships (servicer ranking) S&P : BBB- *Avolon’s segment profits were reclassified to USGAAP that Segment ROA (annualized and after-tax) different from those announced by Avolon based on IFRS Copyright © 2020 ORIX Corporation All rights reserved. 27 Aircraft Leasing Business

GLOBALLY NARROWBODY OEM DIVERSE WEIGHTING BREAKDOWN Owned Committed ORIX （NBV）（number of aircraft）（number of aircraft） fleet fleet 72 Nil

15% 17% Average age 34% 5.7 years 46% 54% Remaining Managed fleet lease term 136 7.1 years 49% 85% APAC Airbus Americas Narrowbody Widebody Boeing EMEA Owned Committed* Avolon fleet fleet 486 277 21% ＊ 31% Reduced from 400 33% Average age aircraft at the end of December 2019 5.2 years 52% Fully placed through the end of 2021 67% Remaining The next unplaced 17% 79% lease term B737MAX is scheduled for APAC 6.8 years delivery in 2024 Airbus Americas Narrowbody Boeing EMEA Widebody (as of June 30, 2020) Copyright © 2020 ORIX Corporation All rights reserved. 28 Segment Performance（8） ORIX USA

Segment Profits: 0.2 JPY Bn YoY -15.5 JPY Bn (-98%) Segment Assets: 1,316.8 JPY Bn YTD -57.2 JPY Bn (-4％)

✓ Significant decrease in profits due to the impact of the posting of a gain on sales of ✓ Installment loans decreased Houlihan in FY 20.3 and the recording of additional reserves, mainly for energy- ✓ Excluding FX impact of -13.7 JPY Bn, segment assets decreased by 43.5 JPY Bn related business ✓ AUM increased steadily ✓ Finance revenue and services income were solid. Hunt, acquired in FY20.3, also contributed

Segment Profits Segment Assets and ROA AUM (JPY Bn) (JPY Bn) （USD Bn） 60 1,500 76.5 77.1 1,200 6.0 6.0 7.6 7.7 40 54.8 48.3 900 3.4% 5.3 3.1% 39.7 7.2 7.4 44.5 56.7 1,374.0 43.8 50.1 1,316.8 7.9 600 1,152.9 23.4 24.4 20 15.8

300 9.5 10.1 10.7 12.9 12.8 15.8 6.5 7.6 7.0 6.2 6.2 0.2 0.1% 17.3 18.3 19.3 20.3 21.3 Q1 0 0 19.3 20.3 20.3 Q1 21.3 Q1 19.3 20.3 21.3 Q1 RB Capital Mariner OREC* BFIM NXT ORIX USA ORIX USA *In 2019, RED Capital Group and Lancaster Pollard Holdings, in 2020, Segment ROA (annualized and after-tax) Hunt Real Estate were integrated into ORIX Real Estate Capital Holdings Copyright © 2020 ORIX Corporation All rights reserved. 29 ORIX USA

Main Business: Finance, investment and asset management in the Americas Segment Assets NET* Segment Revenue （as of March 31, 2020）（FY 20.3）・Leveraged loan ・Real estate finance loan ・Leveraged loan ・ 20% and others Real estate finance loan 17% and others Other Other

＊NET Segment Revenue = 51% Segment Revenue - Segment 57% Finance 23% Expenses Installment 32% revenues ・Municipal Bonds Investment in ・Red Capital Group Loans Services NET (Before deduction of Selling, ・CMBS/RMBS etc. Securities ・Lancaster Pollard income General and administrative ・Private Equity Investment ・Boston Financial NET expenses) and others ・NXT Capital and others

Direct/ Major Investment Primary Business Acquired Indirect Investment Hunt Real Estate Capital, LLC * Loan origination and servicing Dec. 2019 100% NXT Capital Group, LLC Loan origination and asset management Aug. 2018 100% Lancaster Pollard Holdings, LLC * Loan origination and servicing Spt. 2017 100% Real estate securitization, asset management, RB Capital S.A. Dec. 2016 67% and real estate development and investment Boston Financial Investment Management, LP Low-income housing tax credit syndication Jul. 2016 100% RED Capital Group, LLC * Loan origination and servicing May. 2010 100%

*In 2019, RED Capital Group and Lancaster Pollard Holdings, in 2020, Hunt Real Estate were integrated into ORIX Real Estate Capital Holdings

Segment Profits: 6.7 JPY Bn YoY -1.8 JPY Bn (-21%) Segment Assets: 326.7 JPY Bn YTD +8.9 JPY Bn (+3％)

✓ Profits decreased due to reduction in AUM resulting from the market decline at the ✓ AUM increased moderately with market recovery end of FY20.3 ✓ Excluding FX impact of +4.1 JPY Bn, segment assets increased by 4.8 JPY Bn

Segment Profits Segment Assets and ROA AUM (JPY Bn) （EUR Bn） (JPY Bn) 400 10.0% 50 9.1% 9.0% 8.0% 40 300 7.0% 7.0% 6.0% 30 5.7% 200 5.0% 43.8 343.1 326.7 20 317.8 4.0% 291 289 295 35.6 255 3.0% 233 100 10 2.0% 1.0% 8.6 6.7 0 0 0.0% 19.3 20.3 20.3 Q1 21.3 Q1 19.3 20.3 21.3 Q1 17.3 18.3 19.3 20.3 21.3 Q1 ORIX Europe ORIX Europe Segment ROA (annualized and after-tax)

Main Business: Equity and fixed income asset management

AUM* Major Asset Management Business

（EUR Bn） Established Head Office Primary Business (Acquired) 290.5 294.5 280.6 288.7 262.5 Stocks, bonds, and 1929 255.2 Robeco Rotterdam 232.8 investment solutions （2013） 210.8 1995 Boston Partners Boston U.S. and global equities （2013）

1983 Harbor Capital Advisors Chicago Manager selection* （2013）

1991 Transtrend Rotterdam CTA** （2013）

14.3 15.3 16.3 17.3 18.3 19.3 20.3 20.6 *Creation of stock or bond mutual funds and selection of the most appropriate manager for each fund * * Commodity trading advisor: Company or manager that manages customer financial assets by diversifying into a wide range *ORIX acquired Robeco in July 2013 of financial products including hedge funds and other commodity futures as well as currency and stock index futures

Segment Profits: 7.4 JPY Bn YoY -6.6 JPY Bn (-47%) Segment Assets: 1,008.0 JPY Bn YTD -2.3 JPY Bn (flat)

✓ Profits decreased due to large investment gains in FY 20.3, despite positive gain ✓ Unchanged from the end of the previous FY recorded in Q1 ✓ Excluding FX impact of +22.3 JPY Bn, segment assets decreased by 24.6 JPY Bn ✓ Credit losses increased in Asia

Segment Profits Segment Assets and ROA Segment Assets by Region (JPY Bn) (JPY Bn)

15 1,200

18% 2.0% 22% 900 10 6% FY21.3 Q1 14.7 14.0 600 1,010.3 8% 16% 996.7 1.0% 1,008.0 5 8% 7.5 7.4 300 0.5% 9% 13%

0 0 Korea China Hong Kong Australia 19.3 20.3 20.3 Q1 21.3 Q1 19.3 20.3 21.3 Q1 Indonesia Malaysia Taiwan Others Asia and Australia Asia and Australia Segment ROA (annualized and after-tax)

Main Business: Finance and investment businesses in Asia and Australia

Major Subsidiaries（Asia and Australia）

Country Company Name Primary Business Established Segment Assets NET* Segment Revenue (Region) (as of March 31, 2020) （FY 20.3） Leasing, Automobile ORIX Asia Limited Hong Kong Sep. 1971 Leasing, Lending, Banking ORIX Leasing Malaysia 4% Malaysia Leasing, Lending Sep. 1973 Berhad Other 18% Other PT. ORIX Indonesia Leasing, Automobile 22% 39% Indonesia Apr. 1975 33% Finance Leasing Investment in Finance Net Investment 10% Affiliates Services revenues ORIX Australia Automobile Leasing and in the Leases NET Australia Jul. 1986 income NET Corporation Limited Truck Rentals 19% 33% Automobile Leasing, Investment in Operating leases ORIX Auto Rentals, Leasing, Operating 22% NET Infrastructure Services India Commercial Mar. 1995 Leases Installment Loans Limited Vehicle Loans, Commercial Mortgage Loans ORIX Capital Korea Automobile Leasing, South Korea Feb. 2004 Corporation Leasing, Lending ＊NET Segment Revenue = Segment Revenue - Segment Expenses (Before deduction of Selling, General and administrative expenses) ORIX China China Leasing, Rental Aug. 2005 Corporation

✓ Major battle against COVID-19 may not conclude in the 1H both in Japan and the rest of the world If the situation gradually normalizes by the end of Q3, the net income is estimated at about 180.0 ~ 200.0 JPY Bn If the situation continues until the end of this fiscal year, the net income is estimated as about 80.0 ~ 120.0 JPY Bn

✓ It is difficult to announce the guidance for this fiscal year at the moment because there are many uncertainties

Announcement will be made once we have better visibility into our businesses

✓ No concern over current funding environments. Even with stressed assumptions and possible 500 JPY Bn worth new investments and/or lending, the liquidity at the end of FY21.3 still exceeds 600 JPY Bn ✓ Prioritizing liquidity management, while controlling the pace of new investments and lending

（JPY Tn）

Financial CF About - 300 JPY Bn *1 *1 Financial CF stressed assumptions: 1. Capital market funding: Cannot roll against the debt due. 2. Bank borrowings: Can roll only 50% of debt due.

New Executions Bank and 500 JPY Bn Life Insurance Sales cash in *2 *2 Sales cash in stressed assumptions: About 700 JPY Bn 1. 30% delay in collection against 1 JPY Tn debt type asset with due date. Bank and 2. No estimation of large asset sales. About Life Insurance 1 JPY Tn

20.3 21.3 21.3 Others New 21.3 Liquidity* Sales and Financial Executions Liquidity Investment CF CF *Liquidity: Cash and cash equivalent (incl. Life Insurance and Bank) + available commitment lines

(Announced at Q2 financial results briefing on October 29, 2019) Basic Concepts Continue Growth Realize profits at the right time after adding value to the existing investments. Maintain the ROE target 11% or higher for medium to long term Never Miss Business Opportunities We will not miss business opportunities in order to avoid a credit rating downgrade At the same time, we are making maximum effort to maintain the credit rating Strengthen the Shareholders Return Prioritize investments but will not hold unnecessary capital, return the excess.

✓ We expect the market to recover after COVID-19 crisis. It is an opportunity to capture further growth. ✓ While our ambition to achieve net income of 400 JPY Bn and 500 JPY Bn remains unchanged, the time horizon for achieving these goals needs to be reviewed. ✓ The new mid-term business plan will be shared once we can start to see the end of COVID-19 crisis.

✓ Promoted financial soundness after the global financial crisis. Managed to achieve major improvement since then

Transition of key financial indicators FY2008.3 FY2020.3**

1. Financial leverage 4.6 times times D/E ratio (excluding deposits) 1.5

2. Dependence on short-term funding 1.3 JPY Tn JPY Tn Short-term debt + CP 0.3

3. Liquidity 0.4 JPY Tn JPY Tn Cash* + Available long-term commitment lines 1.3

4. Shareholders’ Equity Ratio 14.1% % Shareholders’ equity ÷ Total assets 22.9

*Including cash of ORIX Bank and ORIX Life Insurance **as of March 31, 2020

Reference; Credit ratings (as of June 30, 2020) S&P: A - (Negative) Moody’s: A3 (Negative) Fitch: A - (Negative) R&I: AA - (Stable)

✓ ORIX has achieved 55 years of sustained, profitable growth

(JPY Bn) Net Income Attributable to ORIX Corporation Shareholders 350

300

250 FY2002.3 FY2009.3 Burst of IT bubble Global financial crisis 200

FY1998.3 150 Asian currency crisis FY1993.3 Burst of Japan's 100 bubble economy

0 1964 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Copyright © 2020 ORIX Corporation All rights reserved. 40 About ORIX Expertise in Business and Collective Capabilities of the Group ✓ ORIX will continue to enhance our expertise in finance and tangible assets as we synergistically expand our businesses

Copyright © 2020 ORIX Corporation All rights reserved. 41 About ORIX Profits and Assets by Segment ✓ Individual businesses demonstrate their strengths to the maximum extent possible to bring about synergies

Corporate Financial Services Finance and fee business; leasing and rental of automobiles, electronic measuring 10% 13% and Maintenance Leasing instruments and IT-related equipment; Yayoi 9% 2% Real estate development, rental and management; facility operations; real estate Real Estate 0% 6% asset management Segment Profits 10% PE Investment and Concession Private equity investment and concession 75.4 JPY Bn 11% FY21.3 Q1 Domestic and overseas renewable energy; electric power retailing; ESCO services; 15% Environment and Energy sales of solar panels and electricity storage system; recycling and waste management 24%

Insurance Life insurance

Banking and Credit Banking and consumer finance 9% 16% 3% Aircraft and Ships Aircraft leasing and management; ship-related finance and investment 12% 8% Segment Assets ORIX USA Finance, investment and asset management in the Americas 3% 5% 10.9 JPY Tn 5% ORIX Europe Equity and fixed income asset management FY21.3 Q1 15% 24% Asia and Australia Finance and investment businesses in Asia and Australia

Copyright © 2020 ORIX Corporation All rights reserved. 42 About ORIX Global Network ✓ Using its expertise cultivated in Japan, ORIX has expanded its business globally, with operations in 37 countries and regions worldwide

✓ Diversified funding. Controlled costs while maintaining a high long-term debt ratio

Breakdown of Funding Trend in Funding Costs and Long-term Debt Ratio*

*Excluding deposits 5.00% 100%

4.00% 80%

as of June 30, 2020 3.00% 60%

2.00% 40%

1.00% 20%

CP 0.6% 0.00% 0% 16.3 17.3 18.3 19.3 20.3 20.6

Funding Cost（left axis:JPY） Funding Cost（left axis:Foreign Currency）

Long-term Debt Ratio（right axis）

✓ Debt-to-Equity Ratio continuously stays at a low level

Trend in Debt-to-Equity Ratio (JPY Tn) 8 Total ORIX Corporation 7 Shareholders’ Equity 2.5× 2.4× 2.3× 2.3× 6 2.2× 2.2× Deposits

5 1.9× 1.7× Short- and Long-Term Debt 1.6× 1.6× 4 1.5× 1.5× （Excluding Deposits)

3 Debt-to-Equity Ratio （Including Deposits) 2 Debt-to-Equity Ratio 1 （Excluding Deposits) 0 16.3 17.3 18.3 19.3 20.3 20.6

✓ Leveled out annual redemption amounts by dispersing bond maturities

(JPY Bn) Maturity Ladder (as of June 30, 2020)

150

100 Matured

ORIX Domestic Bond for Institutional Investors *

50 ORIX Domestic Bond for Retail Investors

ORIX Overseas Bond / Local Subsidiary Bond / Others

0 21.3 22.3 23.3 24.3 25.3 26.3 27.3 Beyond * Of our issued domestic bonds for institutional investors, 100 billion yen are publicly offered hybrid bonds issued in the fiscal year ended March 2020 (subordinated corporate bonds, due in the fiscal year ending March 2080). We may prepay 60 billion yen of such bonds after 5 years from the issue date and 40 billion yen after 10 years from the issue date.

Finance Operation Investment Main Risk Credit risk Operation/Business risk Market risk Categories Capital Requirement Low Medium-High High

Environment/ Japan Overseas Financial Services Maintenance Services Others Fixed Income Tangible Assets Equity Infrastructure Corporate Financial Leasing, Loan, ORIX Auto, New business Services and Yayoi Loan servicing Fee business ORIX Rentec development Maintenance Leasing

Facilities operation, Real Estate Asset management RE investment DAIKYO

PE Investment and Concession PE investment Concession

Environment and Environment and Energy energy

Insurance Life insurance Segments Banking, Banking and Credit Consumer finance, Gurantee

Aircraft and Ships Aircraft, Ships

ORIX USA Leasing, Loan Asset management Bond investment PE investment

ORIX Europe Asset management

Asia and Australia Leasing, Loan PE investment

✓ Full year dividend at 76 yen per share in FY20.3, payout ratio at 32%. Interim dividend forecast in FY21.3 is 35 yen ✓ Raise the payout ratio to 50% for FY21.3 only ✓ Consideration of the share repurchase after the COVID-19 crisis

Dividend and Payout Ratio （JPY）

Interim Dividend Year-End Dividend Payout Ratio 50% 100.0 30% 32% 50% 90.0 27% 40% 80.0 23% 25% 30% 70.0 20% 60.0 10% 41 50.0 46 0% 39 40.0 29.25 -10% 30.0 23.75 -20% 20.0 -30% 30 35 35 10.0 22 23 27 -40% 0.0 -50% 16.3 17.3 18.3 19.3 20.3 21.3 (Forecast)

◼ These materials have been prepared by ORIX Corporation (“ORIX” or the “Company”) solely for your information and are subject to change without notice. The information contained in these materials has not been independently verified and its accuracy is not guaranteed. No representations, warranties or undertakings, expressed or implied, are made as to, and no reliance should be placed on, the accuracy, fairness, or completeness, or correctness of the information or the opinions presented or contained in these materials.

◼ These materials contain forward-looking statements that reflect the Company’s intent, belief and current expectations about future events and financial results. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” “intends,” or words of similar meaning. These forward-looking statements are not guarantees of future performance. They are based on a number of assumptions about the Company’s operations and are subject to risks, uncertainties and other factors beyond the Company’s control. Accordingly, actual results may differ materially from these forward-looking statements. Factors that could cause such differences include, but are not limited to, those described under “Risk Factors” in the Company’s most recent annual report on Form 20-F filed with the U.S. Securities and Exchange Commission and under “Business Risk” of the securities report (yukashouken houkokusho) filed with the Director of the Kanto Local Finance Bureau and of the consolidated financial results filed with the Tokyo Stock Exchange.

◼ Some of the financial information in these materials is unaudited.

◼ The Company believes that it will be considered a “passive foreign investment company” for United States Federal income tax purpose in the year to which these consolidated financial results relate and for the foreseeable future by reason of the composition of its assets and the nature of its income. A U.S. holder of the shares or ADSs of the Company is therefore subject to special rules generally intended to eliminate any benefits from the deferral of U.S. Federal income tax that a holder could derive from investing in a foreign corporation that does not distribute all of its earnings on a current basis. Investors should consult their tax advisors with respect to such rules, which are summarized in the Company’s annual report.

◼ Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by the Company or any affiliate thereof.

IR Section https://www.orix.co.jp/grp/en/ir/ IR Library https://www.orix.co.jp/grp/en/ir/library/

ORIX Corporation Corporate Planning Department World Trade Center Building, 2-4-1, Hamamatsu-cho, Minato-ku, Tokyo 105-6135, Japan Tel: +81-3-3435-3121 Fax: +81-3-3435-3154 [email protected]