ORIX Corporation Consolidated Financial Results for the Consolidated Fiscal Year Ended March 31, 2020

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ORIX Corporation Consolidated Financial Results For the Consolidated Fiscal Year Ended March 31, 2020

Makoto Inoue Member of the Board of Directors Representative Executive Officer President & CEO

May 22, 2020

✓ 302.7 JPY Bn in net income, down by 6.5% YoY. ROE at 10.3% ✓ 417.7 JPY Bn in segment profits, up by 4.1% YoY Net Income* and ROE 350.0 （JPY14.0% Bn） 11.6% 11.7% 12.1% 10.3% 300.0 11.3% 12.0%

250.0 10.0%

200.0 8.0%

150.0 313.1 323.7 302.7 6.0% 260.2 273.2 100.0 4.0%

50.0 2.0%

0.0 0.0% 16.3 17.3 18.3 19.3 20.3 Net Income ROE *Net Income refers to Net Income Attributable to ORIX Corporation Shareholders Copyright © 2020 ORIX Corporation All rights reserved. 2 Overview（2） Breakdown of Segment Profits

FY 20.3 277.9 JPY Bn down by 5.5％ (-16.2 JPY Bn) Segment Profits Base Profits Positive contribution from new investments (NXT Capital, Avolon). 417.7 JPY Bn Corporate financial service’s profits decreased YoY. ％ up by 4.1% YoY Investment Gains* 139.8 JPY Bn up by 30.3 (+32.5 JPY Bn) (+16.3 JPY Bn) Sold ORIX Living and completed selling all the shares of Houlihan Lokey.

Segment Profits （JPY Bn） 500.0 450.0 429.1 420.9 401.4 417.7 400.0 380.1 350.0 163.4 143.2 107.3 139.8 300.0 128.8 250.0 Trends of past five years 200.0

150.0 ・Investment gains: About 130 JPY Bn in average 251.3 257.5 285.9 294.1 277.9 100.0 ・Base profits: Growing steadily 50.0

0.0 16.3 17.3 18.3 19.3 20.3 Base profits Investment gains

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

Segment Profits Segment Profits Segment Assets ROA(%) (JPY Bn) JPY bn Highlight YoY YTD YTD(%) •Profits decreased mainly due to a reduction in agency fee income from life 417.7 Corporate 401.4 14.6 948.3 1.1 insurance brokerage for corporate customers 14.6 Financial 25.5 33.7 Services -10.9 -11.5 -0.7 •Focused selection resulting in gradual reduction of financial assets

38.8 •Assets gradually increased Maintenance 33.7 889.6 2.6 76.9 Leasing •Revenues increased but SG&A increased due to improved customer service -5.1 15.8 -0.5 which hurt profits 89.2 76.9 749.7 7.2 •Sold ORIX Living and AM business performed well 55.7 Real Estate -12.4 29.5 -0.9 •Assets decreased due to some selling while new investments continue 38.2 •Profits increased due to gains on sale of 2 PE investments 80.4 Investment and 55.7 847.1 4.8 Operation 84.2 17.5 113.5 1.1 •Concession grew steadily (Impact of COVID-19 will show in FY21.3)

80.4 4,183.9 1.4 •Life insurance premiums increased but loss at former Hartford Life Insurance Retail -3.8 612.5 -0.3 •Banking and Credit grew steadily, profits increased 156.4 •Profit from new investments in FY 19.3 (NXT Capital, Avolon) contributed 125.4 Overseas 156.4 3,287.4 3.3 Business 31.0 148.5 0.3 •Sold Houlihan, UAF and RobecoSAM's ESG rating division, etc.

Total 417.7 10,906.0 2.9 - 19.3 20.3

Copyright © 2020 ORIX Corporation All rights reserved. 4 Overview（4） The Impact of the COVID-19 Outbreak in Q4 ✓ About 15.0~20.0 JPY Bn loss due to market fluctuation and occupancy rate decline at operating facilities ✓ The impact from airport concession business will be recorded from FY21.3 Q1, and aircraft leasing business had no impact during FY 20.3 Q4 Impact Amount Items Negative Impacts (Pre-tax profits) FY20.3 Q4 Market value of securities held -3.0 JPY Bn Liability reserve change of former Hartford life Insurance -7.0 JPY Bn ① Market fluctuation OCE (former ROBECO): decrease in AuM -3.0 JPY Bn Provision for loan losses due to energy price down in U.S. -3.0 JPY Bn ② Real estate Occupancy rate decline / temporally closure of various -2.0 JPY Bn (facility operation) operating facilities such as hotels and inns ③ Concession (No impact for ORIX Q4 results due to 3-months lag for - (operating 3 Kansai airports) account settlement) ④ Aircraft leasing business (No impact for ORIX Q4 results) - About Total ー -15.0~ -20.0 JPY Bn

✓ Pre-tax profits 412.6 JPY Bn (+4.3% YoY), Net income 302.7 JPY Bn (-6.5% YoY) Achieved net income target 300 JPY Bn announced in the interim results ✓ ROE 10.3% Aim to achieve ROE of 11% or higher for mid-term ✓ Maintain A credit rating and higher Upgraded to AA- at R&I in February, changed to “Negative” in outlook at Moody’s & Fitch due to COVID-19 ✓ Full year dividend per share is 76 JPY (payout ratio 32%) As same as the dividend policy announced in the interim results

✓ Share repurchase of 55.8 JPY Bn (obtaining 34 million shares), cancellation of 11 million shares Initially we announced 100 JPY Bn repurchase of our shares, but we did not extend beyond the program’s expiry on May 8th. This is due to our focus on liquidity management.

➢ The impact of COVID-19 yet to be measured. Need more time to understand the short to mid-term direction.

✓ Maintain high long-term debt ratio (93% at the end of FY20.3) ✓ Liquidity exceeds the total amount of capital market funding and debt with due date within one year

Breakdown of Funding and Trend in Long-term Debt Ratio* Liquidity and Debt within a Year (JPY Tn) *Excluding deposits 7.0 100% (JPY Tn) 2.5 6.0 80% 5.0 2.0

60% 4.0 1.5

3.0 40% 1.0 2.0 20% 0.5 1.0

0.0 0% 0.0 16.3 17.3 18.3 19.3 20.3 08.3 09.3 10.3 11.3 12.3 13.3 14.3 15.3 16.3 17.3 18.3 19.3 20.3 Borrowings from Financial Institutions Capital markets（Long-Term） Liquidity* Debt within a year (CP, Corporate bonds) Debt within a year (Borrowings) Capital markets（CP） Deposits Long-term Debt Ratio（right axis） *Liquidity: Cash and cash equivalent (incl. Life Insurance and Bank) + available commitment lines

✓ 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

Business Department Current Situation/ Action ✓ Occupancy rate of hotels and inns is declining significantly due to Real estate; Profits from operating business not to be declining tourism demand expected for the time being Facility operation ✓ Aquariums closed, and various events at KYOCERA DOME OSAKA and rentals canceled ✓ Responding to requests for payment deferral from tenants ✓ The number of passengers at Kansai International Airport has We do not expect profits but total amount Concession dropped sharply, and the number at Itami Airport and Kobe of dividends received to date almost equal Airport reduced by half the initial investment cost (Kansai Airports) ✓ Implementing cost reductions efforts for fixed costs such as outsourcing cost

✓ Received requests for payment deferral of leasing fee from many It takes time to recover demand but Aircraft Leasing airline companies downside risk is limited

✓ ORIX Corporation Europe’s AuM of asset management business AuM started to increase after April but need decreased（€287bn Yen at the end of Dec.2019 to €233bn Yen at the end of Mar.2020） Others to monitor ✓ Request for payment deferral of leases and loans worldwide ✓ Car rental sales declined in Japan due to lower demand for travel and business trips

✓ 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

Announced in October 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.

✓ORIX’s business environment and customer needs may change in the aftermath of COVID-19 ✓Allocation of funds and capital will be determined by taking all stakeholders including business partners and employees into consideration

Seize new opportunity generated by the market change caused by COVID-19 Net Income etc. Dramatic FY20.3 expansion of Increase 302.7 JPY Bn information and investment in communication Rebuilding the inspection and investment supply chain medical care From face-to-face Digitalization / to New risk acceleration of non-face-to-face management in AI the enterprise Real estate 5 consecutive years of development under record high net income Ensuring employee a new lifestyle Review of share safety economy

09.3 10.3 11.3 12.3 13.3 14.3 15.3 16.3 17.3 18.3 19.3 20.3

✓ 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)

FY21.3 net income was 302.7 JPY Bn (-6.5% YoY), ROE10.3% Pre-tax profit was up by 4.3％ YoY.

No change in Basic Concepts for management However, a more cautious approach is merited for the time being.

Allocation of funds and capital will be determined by taking all stakeholders including business partners and employees into consideration.

Copyright © 2020 ORIX Corporation All rights reserved. 15 *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） Corporate Financial Services the segment figures

Segment Profits: 14.6 JPY Bn YoY -10.9 JPY Bn (-43％) Segment Assets: 948.3 JPY Bn YTD -11.5 JPY Bn (-1％)

✓ Agency fee income from life insurance brokerage for corporate customers ✓ Operating leases increased due to new lease accounting standards (+53.1 JPY Bn) decreased. Yields on loans were maintained ✓ Focused selection resulting in gradual reduction of financial assets ✓ Yayoi achieved increase in membership for fee-based support services and sales of packaged products

Segment Profits (JPY Bn) Segment Assets and ROA Yields on loans

1,200 4.0% (JPY Bn) (JPY Bn)

3.2% 50 1,000 450.0 100.7 3.0% 2.9% 6.4 99.1 97.3 400.0 2.5% 3.0% 2.4% 2.3% 2.3% 2.3% 2.2% 2.2% 40 800 350.0 2.0% 2.0% 1.8% 300.0 30 600 250.0 1.0% 5.6 1.1% 1.0% 42.9 891.1 860.7 851.0 200.0 20 400 364.5 369.9 364.8 361.4 367.1 374.0 353.7 343.1 0.0% 150.0

6.2 100.00.0% 10 19.9 200 -1.0% 8.4 50.0 0 0 -1.0%0.0 -2.0% 18.3 19.3 20.3 18.3 19.3 20.3 19.3 Q1 19.3 Q2 19.3 Q3 19.3 Q4 20.3 Q1 20.3 Q2 20.3 Q3 20.3 Q4 Domestic Sales Yayoi Domestic Sales Yayoi Segment ROA (after-tax) Installment Loans Yields on Loans Yields on loans ＝ finance revenues classified as loan interest ÷ average balance of installment loans

Segment Profits: 33.7 JPY Bn YoY -5.1 JPY Bn (-13％) Segment Assets: 889.6 JPY Bn YTD +15.8 JPY Bn (+2％)

✓ Revenues from both Auto and Rentec increased ✓ IT-related rental assets increased ✓ SG&A increased due to improved customer service which hurt profits ✓ Auto assets remained at the same level as FY19.3

Segment Profits (JPY Bn) Segment Assets and ROA Number of Automobiles Under Management (ORIX Auto) 1,000 5.0% (JPY Bn) (Millions of vehicles) 4.5% 50 149.3 800 115.9 128.6 4.0% 1.5 1.44 3.5% 1.40 40 3.3% 1.34 3.1% 1.28 9.7 600 1.33.0% 1.23 10.8 1.17 30 2.6% 10.2 2.5% 1.1 400 2.0% 745.2 20 731.3 740.3 0.91.5% 30.4 28.0 23.6 200 1.0% 10 0.7 0.5%

0 0 0.50.0% 18.3 19.3 20.3 18.3 19.3 20.3 15.3 16.3 17.3 18.3 19.3 20.3 Auto Rentec Auto Rentec Segment ROA (after-tax)

Segment Profits: 76.9 JPY Bn YoY -12.4 JPY Bn (-14％) Segment Assets: 749.7 JPY Bn YTD +29.5 JPY Bn (+4％)

✓ Gains on sales from ORIX Living in Q2 ✓ Assets decreased due to some selling while new investments continue ✓ Profits in construction works at Daikyo increased YoY due to a last minute demand ✓ Operating lease assets increased due to new lease accounting standards before consumption tax hike (+90.4 JPY Bn)

Unrealized gains Segment Profits (JPY Bn) Segment Assets and ROA (JPY Bn) on rental properties* (JPY Bn) 1,000 100 8.0% 90 82.8 800 7.2% 181.7 80 73.7 80 18.8 70.1 71.9 6.2% 70 12.0 209.7 20.4 600 204.8 57.0 60 60 50 400 40 40 70.5 620.2 62.4 30 56.5 515.4 540.0 20 200 20

0 0 0 18.3 19.3 20.3 18.3 19.3 20.3 16.3 17.3 18.3 19.3 20.3 RE Investment and Facilities Operation DAIKYO RE Investment and Facilities Operation DAIKYO *Including rental properties in segments other than the Real Estate segment Segment ROA (after-tax) *Not including property under facility operations

Segment Profits: 55.7 JPY Bn YoY +17.5 JPY Bn (+46％) Segment Assets: 847.1 JPY Bn YTD +113.5 JPY Bn (+16％)

✓ Two gains on sales in private equity investment posted. ✓ Two new investments and two exits in private equity investment in Japan Concession performed well (Impact of COVID-19 will show in FY21.3) ✓ Operating assets related to environment and energy business increased due to ✓ Solar power generation business in Japan remained strong new lease accounting standards (+34.4 JPY Bn), and made wind power generation investees in overseas into our wholly owned subsidiaries

(JPY Bn) Segment Profits (JPY Bn) Segment Assets and ROA Solar power generation business in Japan 90 1,000 (MW) 12.2 75

800 60.1 1,000 910 870 60 840 25.8 9.1% 49.2 780 44.8 600 478.8 750 700 45 19.1 395.6 371.0 400 500 30 12.9 10.3 4.8% 46.1 3.7% 11.1 200 250 15 26.3 258.8 288.9 308.2 14.2 0 0 0 18.3 19.3 20.3 18.3 19.3 20.3 18.3 18.9 19.3 19.9 20.3 Investment and Operation Enviroment and Energy Investment and Operation Enviroment and Energy Concession Concession Segment ROA (after-tax)

Segment Profits: 80.4 JPY Bn YoY -3.8 JPY Bn (-5％) Segment Assets: 4,183.9 JPY Bn YTD +612.5 JPY Bn (+17％)

✓ Life insurance premiums increased but investment return decreased In life ✓ Investment in securities at life insurance business increased insurance (9.1 JPY Bn loss at former Hartford Life Insurance in Q4) ✓ Installment loans at banking business increased ✓ Finance revenues of banking increased

Segment Profits Segment Assets and ROA Number of Insurance (JPY Bn) (JPY Bn) (Millions of policies) Policies in Force 5,000 90 5.00 10.6 182.2 4.53 75 11.3 4,000 4.39 4.50 4.10 4.26 9.8 184.1 3.94 4.00 60 24.1 181.4 1.7% 26.1 3,000 1.6% 2,421.5 3.50 20.5 1.4% 3.00 45 2,132.7 2.50 2,000 1,937.4 30 2.00 49.5 44.3 43.1 1.50 1,000 15 1,580.2 1.00 1,254.7 1,055.6 0.50 0 0 0.00 18.3 19.3 20.3 18.3 19.3 20.3 18.3 18.9 19.3 19.9 20.3 Life Insurance Banking Credit Life Insurance Banking Credit Segment ROA (after-tax)

Segment Profits: 156.4 JPY Bn YoY +31.0 JPY Bn (+25%) Segment Assets: 3,287.4 JPY Bn YTD +148.5 JPY Bn (+5％)

✓ Profit from new investments in FY19.3 (NXT Capital, Avolon) ✓ Installment loans at OCU and aircraft operating lease assets increased ✓ In OCE, sales of a division of RobecoSAM which collects, analyzes and evaluates ESG ✓ Excluding foreign exchange impact of -122.7 JPY Bn, segment assets increased by data 271.3 JPY Bn ✓ Foreign exchange impact -4.6 JPY Bn

Segment Profits (JPY Bn) Segment Assets and ROA (JPY Bn) 3,500 Contribution from new investments 160 FY20.3 12.8 FY19.3 3,000 140 Large-scale investment Segment profits 1,010.3 5.7 996.7 3.3% 120 44.6 2,500 3.0% 2.8% NXT Capital 2.4 35.8 1,003.6 (Loan origination, 10.2 JPY Bn 100 2,000 19.8 585.3 asset management) 646.3 80 43.3 1,500 317.8 381.7 35.1 343.1 60 44.5 Avolon 1,000 353.8 17.5 JPY Bn 40 (Aircraft leasing) 1,374.0 55.8 48.8 500 1,152.9 20 40.0 869.7

0 0 18.3 19.3 20.3 18.3 19.3 20.3 OCU OCE Aircraft, Ships Asia and Australia and other OCU OCE OCU: ORIX Corporation USA Aircraft, Ships Asia and Australia and other OCE: ORIX Corporation Europe Segment ROA (after-tax)

✓ 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. 23 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. 24 About ORIX Profits and Assets by Segment ✓ Individual businesses demonstrate their strengths to the maximum extent possible to bring about synergies 4% 8% Corporate Financial Finance and fee business Services 38% Segment Profits 18% Automobile leasing and rentals, car-sharing; 417.7 JPY Bn Maintenance Leasing test and measurement instruments and IT-related equipment rentals and leasing FY20.3 13% Real estate development, rental and management; 19% Real Estate facility operation; real estate investment management

Investment and 9% Environment and energy, private equity and concession Operation 8% 30% Segment Assets 7% Retail Life insurance, banking and consumer finance 10.9 JPY Tn 8% FY20.3 Asset management, aircraft- and ship-related operations, Overseas Business private equity and finance 38%

Copyright © 2020 ORIX Corporation All rights reserved. 25 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 Mar 31, 2020 3.00% 60%

2.00% 40%

1.00% 20%

CP 0.3% 0.00% 0% 16.3 17.3 18.3 19.3 20.3

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) 7 Total ORIX Corporation 6 2.5× Shareholders’ Equity 2.3× 2.3× 2.2× 2.2× 5 Deposits 1.9× 4 1.7× 1.6× 1.5× 1.5× Short- and Long-Term Debt 3 （Excluding Deposits)

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

✓ Employed capital ratio: the ratio shows the usage percentage of ORIX shareholders’ equity. Continue to aim growth controlling risks and returns.

Shareholders’ Equity/ Capital Allocation Employed Capital Ratio （JPY Bn）

3,000.0 100% 88% 15% 13% 2,500.0 85% 85% 85% 78% 2,000.0 80%

1,500.0 2,897.1 2,993.6 2,682.4 2,507.7 28% 2,310.4 1,000.0 60% 43%

500.0

0.0 40% 16.3 17.3 18.3 19.3 20.3 Shareholders’ Equity Employed Capital Ratio Fincance Operation Investment Unemployed

Segment Profits

Finance Operation Investment

（JPY Bn）（JPY Bn） Financial Services Environment/Infrastructure （JPY Bn） Japan Overseas ROA (after-tax) Maintenance Services Others Fixed Income Tangible Assets Equity ROA (after-tax) ROA (after-tax) 250 250 250

200 200 200 4.5% 4.5% 4.3% 4.2% 3.9% 150 3.6% 150 150

100 100 100

1.5% 50 1.1% 50 50 0.9%

0 0 0 18.3 19.3 20.3 18.3 19.3 20.3 18.3 19.3 20.3

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

Environment/ Financial Maintenance Fixed Tangible Japan Overseas Others Equity Infrastructure Services Services Income Assets

Corporate Financial Leasing, Loan, New business Yayoi Services Fee business development

Maintenance ORIX Auto, Leasing ORIX Rentec REIT, Facility operation, Real Estate RE investment RE investment DAIKYO advisory Segment Environment and Investment and Loan energy, PE investment servicing Operation Concession Banking, Retail Consumer finance, Life insurance Gurantee

Asset Bond Overseas Business Leasing, Loan Aircraft, Ships PE investment Management investment

◼ 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]