Introduction to ORIX GroupMessage from Top Management

History“Finding Paths. Making Impact.”– That is the Purpose of our company
as we seek to bring new value to all
our stakeholders.

ORIX Group has a history of continuing to create
new value
1964

Introducing Leasing as a New Financing Method to Japan, Achieving Autonomy and Independence

1970

Makoto Inoue
Representative Executive Officer, President and Chief Executive Officer

Newspaper advertisement for Orient Leasing Co., Ltd. (now ORIX Corporation)

Established in 1964, ORIX Group has grown into a diverse

Corporate groups like ours have an increasingly important

corporate group active around the world in financing androle to play in today’s world where the global business

investment, life insurance, banking, asset management, realenvironment is more complex, and expectations aroundestate, concession, environment and energy, automobile-

sustainability continue to grow.

related services, industrial/ICT equipment, ships and aircraft.

In 2024, ORIX Group celebrates its 60th anniversary, and by

We operate in around 30 countries and regions with“Finding Paths. Making Impact.”, we unite globally aroundapproximately 35,000 people.

the diverse expertise and innovative thinking of our people

1980

Business Diversification and Overseas Expansion

to help our world develop in a sustainable way.
1990
Reception desk at Orient Leasing (Hong Kong) Ltd.

Corporate Profile

Established in 1964, Orient Leasing Co., Ltd. introduced
the new financing method of “leasing” to Japan, which
had been practiced in the United States. Gradually thecompany shifted its sales approach from sales through its
shareholders, such as trading companies and banks, todirect sales. In April 1970, six years after establishment, it
was listed on the Second Section of the Osaka Securities
Exchange, and then in 1973 on the First Sections of theTokyo, the Osaka, and the Nagoya Stock Exchange. We
were the first company in the leasing industry to be listedon the first section of the securities exchanges, paving
the way for our autonomy and independence.

Using its leases for facilities and machinery in Japan asa starting point, the company expanded its operations
into neighboring fields such as automobile, aircraft,and ship leases, as well as measurement equipment
rental. Moreover, in 1971, we established our firstoverseas subsidiary in Hong Kong, the initial step in an
overseas expansion program that has since proceeded
at a pace of around one country per year. In 1989, thecompany marked its 25th anniversary by introducing aGroup corporate identity, and the company name waschanged to ORIX.

Accelerating Growth through M&As, Expanding the Finance-Related BusinessCompany Name

ORIX Corporation

Established

April 1964

Location

World Trade Center Building, SOUTH TOWER, 2-4-1 Hamamatsu-cho,Minato-ku, Tokyo, 105-5135, Japan2000* Our office has moved to the above address on May 6, 2021.

Representative

President and CEO: Makoto Inoue

Fiscal Year-End

March

Shareholders’ Equity

3,543,607 million yen

Number of Employees

34,737

Number of Shares
Issued1,234,849,342

Stock Exchange
Listings

Japan: Tokyo Stock Exchange Prime Market (Securities Code: 8591)
United States: New York Stock Exchange (Trading Symbol: IX)

Description of Business

Diversified Financial Services

Number ofGroup Companies

Consolidated Companies: 999; Affiliates: 138

The SUMIDA AQUARIUM, operated by ORIX Aquarium Corporation

2010

We were one of the first companies to emerge fromthe shadow of the economic bubble burst and evolved
into a diversified financial services provider throughM&As and other activities. As we moved into newfields, such as housing loans and retail, we also entered
the life insurance and banking industries. In addition,
we have expanded our business fields to include
investment and servicing operations such as businessrehabilitation, as well as real estate development andfacilities operation business, acquiring expertise inthese fields along the way.

Moving on to A New Stage, The Next 50 Years and Further
Since the global financial crisis, we have used ourfinancial knowledge to strengthen our facilities
operation and asset management business. In 2015,
Kansai Airports was established by a consortium led
by ORIX and VINCI Airports. The company began
operating Kansai International Airport, Osaka
International Airport, and Kobe Airport. We are
striving to keep adapting to ever-changing businessenvironments and customer needs while creating newvalue.

* ‌On April 1, 2013, the company split each share of its common stock, which were held byshareholders recorded on the register of shareholders as of March 31, 2013, into 10 shares.

2020
Kansai International Airport, operated by Kansai Airports01

G R OU P D YNA MIC S

G R OU P DY N A M I C S

02Bu sin e ss Profile

Expansion of Business

Expanding into Neighboring Business Fields and Beyond

1998｜Banking

S e rv ic e s

Having started in the leasing business in 1964, ORIX Group has evolved its business by expanding into neighboring fields
and acquiring new expertise.
In the course of engaging in the leasing business, we cultivated credit screening and finance skills and expertise in handlingtangible assets. Leveraging these proficiencies, we have now expanded our businesses to include corporate finance,industrial/ICT equipment, environment and energy, automobile-related, real estate-related, private equity
investment and concession, banking, life insurance, and various other business fields.

Credit screening andfinance skills

1983｜Investment
・Private equity investment
・Business revitalization support
・Bond investment
・Venture capital

1973｜Lending
・Corporate finance・Housing loans
・Card loans

1991｜Life Insurance

2010｜Asset Management

1964｜Leasing
Leasing

Expertise in handlingtangible assets

・Machinery andequipment leasing
・Leasing and rental ofprecision measuring
equipment andinformation-related
equipment

1999｜Loan Servicing
1971｜Ships

・Loan servicing (asset recovery)
・Non-performing loan investment

1978｜Aircraft

・Ship leasing
・Ship investment
・Asset management

・Aircraft leasing
・Aircraft investment
・Asset management

1973｜Automobiles
・Maintenance leasing
・Car rental
・Car sharing
・Vehicle management

1986｜Real Estate
・Real estate development
and rental
・Facility operation
・Asset management
・Investment and advisory
services

1995｜Environment and Energy
・Waste disposal and recycling
・Energy conservation
・Renewable energy
・Electric power generation
・Storage batteries

2016｜Concession
・Airport operation
・Water supply, industrial
waterworks, and seweragetreatment plant management

ORIX Group by Numbers
Number of Group Employees

34,737

Starting with 13 employees, ORIX has grown into a company thatcurrently employs approximately 35,000 people worldwide.

03

G R OU P D YNA MIC S

Global Network

28

countries and regions

Since entering Hong Kong in 1971, we have expanded our overseas
network and developed our business globally.

Net Income (Consolidated)273.1

billion yen(fiscal year ended March 2023)

Our diversified business portfolio generates stable earnings.

Continuous Profitability

58

years

Through disciplined management, we have continuously been
profitable since the year following establishment.

G R OU P DY N A M I C S

04

Bu sin e ss Profile

ORIX Group Purpose & Culture

Our Purpose

S e rv ic e s

Our Purpose defines why ORIX Group exists
in our world and is at the core of everything we do.
Our Culture is a set of shared values that ORIX Group employees
around the world live and champion to achieve our Purpose.
We unite globally around our Purpose & Culture, combining the diverse expertiseand innovative thinking of our people to help solve the issues facedby society and our customers.

At ORIX Group, we have grown from our roots in leasing in Japan to
become a global, diverse, and unique group, garnering distinct strengths
from our journey.

Finding Paths.
Making Impact.

We explore new opportunities in changing times. We answer shiftingneeds with innovative thinking, transcending boundaries. We connect
resources and draw on our diverse expertise to originate unique solutions.
Combining our strengths, we shape new possibilities and find newpathways to impact. We take on challenges ourselves, and champion
others who hope to do the same.
So companies evolve over time, communities are revitalized, individuals
realize their full potential, and our world develops in a sustainable way.

We combine innovative thinking and diverse expertise tofind pathways to impact in a world of change.

Our Culture05

G R OU P D YNA MIC S

Find Powerin Diversity

Find Adventure
in Challenge

Find Opportunity
in Change

Share ideas and collaborate, explore
different perspectives and transcendboundaries.

Strive for originality and identify
opportunities and risks while seeking
adventure in new challenges.

Recognize trends from a big-picture
perspective, act promptly on signs ofchange, and find opportunities to evolve.

G R OU P DY N A M I C S

06

ORIX Group builds systems to support
customers and provides them with
optimal solutions

Sales Offices Spread across Japan andthe World
ORIX Group conducts diverse global businesses in 28 countries and regions around the world, including Japan.
We accumulate a wealth of experience by meeting the needs of customers around the world, and we create optimal
solutions from a broad range of perspectives by sharing that experience.

S e rv ic e s

ORIX Group possess expertise in a wide range of fields, teamwork across Group companies anddepartments, and connections with customers throughout Japan and in 28 countries and regions
worldwide.
By building such systems to support customers and providing them with optimal solutions, we
contribute toward solving the issues of our customers.

ORIX Corporation Sales Offices(As of July 1, 2023)
Sales Offices

Headquarters

・Tokyo Headquarters
・Osaka Headquarters

・Sapporo Branch

Producing Solutions through Expertise andTeamwork

・Minato Branch・Chuo Branch・Asahikawa Branch ・Shinjuku Branch・Doto Branch

・Aomori BranchBusiness Offices

・Tokyo Office・Akita Branch

・Tachikawa Office・Morioka Branch・Chiba Office・Sendai Branch
・Yamagata Branch・Tama Branch
・Yokohama Branch・Atsugi Branch・Saitama Branch・Chiba Branch・Koriyama Branch・Utsunomiya Branch

Dealing with a wide range of customers on a daily basis, our sales representatives serve as a point of contact andwork with Group companies and departments, helping to resolve customer issues through teamwork.
By combining each area’s respective expertise with “Co-Work” collaboration across Group companies anddepartments, we create new value from multiple perspectives.

・Mito Branch・Maebashi Branch
・Kofu Branch

Customers
Understand customer needs

Work to resolve customer issues

ORIX Group sales representatives
Shareお客さまのcustomer needs

Bu sin e ss Profile

Customer Support Systems

ノウハウや専門性を共有Shareknow-how and expertise

Sales Offices

・Hanna Branch・Niigata Branch

・Kobe Branch・Nagano Branch・Himeji Branch・Matsumoto Branch・San-in Branch・Shizuoka Branch・Okayama Branch・Hamamatsu Branch・Fukuyama Branch・Numazu Branch・Hiroshima Branch・Hokuriku Branch・Takamatsu Branch・Toyama Branch・Matsuyama Branch・Fukui Branch・Kitakyushu Branch・Nagoya Branch・Fukuoka Branch・Mie Branch・Nagasaki Branch・Mikawa Branch

・Kumamoto Branch

・Gifu Branch・Oita Branch・Shiga Branch・Miyazaki Branch

・Hanwa Branch・Kagoshima Branch・Kyoto Branch

・Okinawa Branch

ニーズを共有ORIX Group companies and departments
Corporate Financial
Business and Services

Industrial/ICT Equipment-Related
Business and Services

Environment and Energy
Business and Services

Automobile-Related
Business and Services

Real Estate-Related
Business and Services

PE Investment andConcession Business

Personal FinanceBusiness and Services

Overseas
Business and Services

Other Business and Services

ORIX Group’s Global Network

Countries and regions where the Group has business locations

East Asia

4 countries and regions

Europe8 countries

Japan
Corporate Financial
Business and Services

p.09

Real Estate-Related
Business and Services

p.23

Industrial/ICT Equipment-Related
Business and Services

p.15

PE Investment and Concession
Business

p.27

Environment and Energy
Business and Services

p.17

Personal FinanceBusiness and Services

p.29

Automobile-Related
Business and Services

07

G R OU P D YNA MIC S

p.21

Overseas Business and Services

p.31

28

countries
and regions
worldwide

The Americas

3 countries

Other Business and Services

p.32

Sustainability at ORIX

p.33

Social Contribution Activities

p.35

Relationship with Sports

p.36

Middle East
and Africa

Corporate Network

p.37

3 countries

Southeast Asia

5 countries
South Asia

2 countries

Oceania

2 countries

G R OU P DY N A M I C S

08Bu sin e ss Profile

Corporate Financial Business and Services
ORIX Group identifies the needs and management issues of customers through transactions on our
nationwide sales and marketing network to provide the optimal solutions through teamwork.

Life Insurance, Accident Insurance, Pensions

We support capital and asset procurement in ways that suit the various needs of customers.

We propose optimal solutions to management issues such as business security and risk managementin preparation for eventualities as well as employee benefit issues such as accumulating assets for
retirement allowances and corporate pensions.

Life Insurance Sales

Installments

Leasing

Construction
equipment

Embedded
air-conditioning
equipment

Copiers

Signs
Etc.

ExamplesInterior
finish work
construction
expenses

Softwaredevelopment
expenses
Etc.

Lending

Real estate
Etc.

Capital Procurement

Handleproducts of

9

insurancecompanies

As an agent, we handle the life insurance
products of 25 companies, including ORIX Life
Insurance. We offer a wide range of life insurance products tomeet the needs of our customers.
(Number of companies is as of August 31, 2023.)

The risks that companies face are diversifying
in conjunction with changes in the times. Asan agent for nine accident insurers, we handle a wide variety
of insurance, and through detailed planning, supports risk
management relating to corporate operations.
(Number of companies is as of August 31, 2023.)

Examples of products offered

Examples of products offered■ ‌Insurance for corporate defense such as in the event of an■ Insurance against the risk of compensation, such as inaccident to management■ ‌Insurance to prepare for death benefits and retirement
benefits for executives■ ‌Insurance for employee benefits

the event of misconduct by an employee or personal
information being leaked from an outsourced contractor■ Insurance against work-related accidents, such as injury toan employee while at work

person designated by the Minister of Health, Labour andCorporate Pension Services (Defined Benefit Corporate Pension Schemes Introduction Support) Juridical
Welfare (Designated Juridical Person No. 26)

OutlineLending

Accident Insurance Sales

25

insurancecompanies

Etc.

Payment
Consignment

Handleproducts ofWe provide defined benefit corporate pension schemes through having customers join the Benefit One Corporate Pension
Fund, in which ORIX led the establishment.

We provide funding to meet the various needs of our customers, including working capital and equipment capital.

About the Benefit One Corporate Pension FundApprox.

120,000
members■ ‌Uses a cash balance plan with variable interest rate for benefit design

We address needs such as rapid debt collection and credit risk hedging by purchasing accounts receivable. In

Factoring (Purchase addition to purchasing accounts receivable, we also purchase promissory notes and offer factoring services forof Receivables)
medical care, nursing care, and dispensing fee receivables.
Payment
Consignment

S e rv ic e s

Capital and Asset Procurement

We make advance payments for liabilities such as property purchases, software development costs, andconstruction costs.

■ ‌Operates pension assets solely using the general accounts of leading life insurance companies to minimize risk ofadditional costs* As of July 31, 2023

■ ‌Can be received as retirement allowances due to being a defined benefit corporate pension, even though it is treated asa defined contribution pension in the accounting of retirement benefits

Examples of applications

Selective defined benefit corporate pension scheme using Benefit One Corporate Pension Fund
■ ‌This is a scheme that allows employees to choose to receive a portion of their salaries as retirement allowances (corporate pension).

Asset Procurement

Finance Leases

Operating Leases

Rental▶p.15

Installments

09

G R OU P D YNA MIC S■ ‌When the option to receive as retirement allowances (corporate pension) is chosen, the selected amount is added to the amount set

OutlineMain Assets

We support the introduction of assets such as ICTrelated equipment, store equipment, and machinery.

Generalequipment

Asset Ownership Upon Expiration of
RightsBasic Contract
Leasing company

Re-lease or returnasset to leasing
company

We newly purchase mainly precision measuring equipment,
Specified general
analytic equipment, and construction machinery frompurpose equipment Leasing company
designated suppliers and determines an anticipated sales price expected to have or rental company
in the future (“residual value”) prior to setting the lease fee.
future value

Extend or returnasset to leasing
company/rental
company

Rental is effective for equipment that is replacedwith updated products frequently, such as ICTrelated equipment, as well as equipment that is used
for only a short period of time.
This refers to a sales contract in which the asset
expense is divided up and payment made ininstallments. A feature of sales finance is that it canbe applied to a broad range of assets.

Selected from theinventory of rental
companies

Rental company

Extend or returnasset to rental
company

Generalequipment

Held by leasing
company duringcontract period

Ownership rights
transferred tocustomeraside by the company under the defined benefit corporate pension scheme, interest is paid according to the yields of government
bonds, and the total of the capital and interest are paid out to the employee at the time of retirement.
■ ‌For employees who choose this scheme, the amount set aside for corporate pension is excluded when calculating taxable income andstandard monthly remuneration.
Change and revise salary regulations

Set aside in Benefit One Corporate Pension Fund
(multi-employer defined benefit corporate pension scheme)

Define amount that can be set aside
from current salary and bonuses
Selected amountthat can be set
aside from salaryBasicsalaryBonuses

AdditionalsalarySelected amountthat can be set
aside frombonusesCumulativeinterest

Payment of interest according toyields of government bonds(compound annual interest rate)

Cumulative
total ofselected
amountSelect to receive as
corporate pension

BasicsalaryAdditionalsalaryBonusesCumulative
total of amount
set aside
by company

Year 1

Year 2

Year 3

Year 4Retirement

Amount received in the future = Cumulative total of amount set aside
by company + Cumulative total of selected amount + Cumulative interest

G R OU P DY N A M I C S

10Corporate Financial Business and Services

Aircraft and Ship Investment

We support customers in increasing their corporate value by utilizing our accumulated financial know-how and our
extensive services and solutions in our business succession support services.

We use its extensive financial knowledge and know-how in specialized fields to support customer
operations.

ORIX Solutions for Business Succession
When considering business succession, if there is intent to continue the business, the method of succession will differ depending on whether
or not there is a successor.
Share
Succession*2

Intra-family
succession

Inheritance bya family member

Yes

Yes

1

Consulting on share transfers and otherschemes

MBO/EBO*3

Yes

Yes

2

Capital policy advisingInternal
promotion

Yes

No

External
recruitment

Yes

No

3

Share transfers implemented by ORIX

M&A

Yes

Yes

4

M&A brokerage services

No

No

5

Asset conversion/disposal

Management
or
employees
succession

Outsidesuccession

BusinessclosureCompanyliquidation

Our Solutions*1 Management succession refers to the succession of management positions, personal connections, managing knowledge, etc.
*2 Share succession refers to the succession of the company shares.
*3 MBO and EBO are methods for management or employees to acquire shares of their company from existing shareholders to become owner-managers.

Examples of Business Succession Support

Over
Aircraft market
Purchase aircraft

Lease aircraft(2) ‌J unseikai

Description of business

Description of business

Description of businessA provider of golf course turf irrigation equipment,with 42 years of business experience

A medical corporation that has been operating
the Hirooka Clinic, with 30 years of businessexperience

A company involved in the development of
measurement systems and rental of measurement
instruments, with 25 years of business experience

PurposeIn 2019, Thompson Towa transferred shares to
ORIX for the purpose of building business
management structures and securing
employment stability. ORIX helped build
management structures and other governancestructures, and in 2021, transferred the shares toclient companies of ORIX Group.

Purpose

PurposeIn 2020, Keisoku Net Service transferred shares to
ORIX for the purpose of achieving sustainablecorporate growth by nurturing a new generationof executives and by strengthening internalmanagement structures, such as personnel, labor,
and compliance systems.

(5) ‌REX Co., Ltd.

Description of business

Description of businessA ground survey company, with 57 years of business experience

A company that engages in the rental and sale of measurement devices, with
45 years of business experience

PurposeEmpathizing with the policy of “developing business while respecting
corporate culture,” Tokyo Soil Research transferred shares to ORIX in 2019
for the purpose of eliminating the risk of stock diversification.

PurposeIn 2022, REX transferred shares to ORIX for the purpose of securing abusiness partner toward future growth. By fusing REX’s online channels with
ORIX Rentec’s rich product lineup, we seek to widen our customer base andexpand revenue opportunities through taking in new rental needs.

M&A Brokerage Services
In 2021, we registered as a support organization under the M&A Support Organization Registration System administered by The Small andMedium Enterprise Agency . We are developing M&A brokerage services to provide more options for resolving business succession issues.

11

G R OU P D YNA MIC S

Sell aircraft

ORIX Group
Asset management forinvestor-owned aircraft(3) ‌Keisoku Net Service Co., Ltd.

With the retirement of Junseikai’s representative,
in 2019, CMC Corporation—a consolidated
subsidiary of ORIX which provides management
support services for medical institutions—wascontracted to provide management consulting
services for Junseikai for the purpose of creating
an environment where Junseikai could focus on
medical management.

(4) ‌Tokyo Soil Research Co., Ltd.

200

* As of August 1, 2023

Arrangement ofaircraft investments

For companies worried about not having a successor, we provide medium- to long-term management support and promote initiatives forpassing the baton to the next successor.

(1) ‌Thompson Towa Co., Ltd.

Number of
aircraft owned
and managed:

Investors

Management
Succession*1

We started the aircraft financing business in
1978, and established a specialized aircraft
leasing company in Ireland in 1991 tocommence aircraft operating leases. Since
then, we have been accumulating know-how
in the aircraft business. In addition to owningaircraft, we capitalize on our abundant
expertise in the aircraft business and provide
asset management services including aircraft
investment arrangement and aircraft sale andre-leasing services to Japanese and foreign
investors.

Airlines from countries aroundthe world

Without
successor

Succession Patterns

Aircraft BusinessS e rv ic e sWithsuccessor

Successors

Bu sin e ss Profile

Business Succession Support

Shipping BusinessWe have accumulated know-how fromoperating and managing returned leased
vessels due to a downturn in the marinetransportation market since commencing theship leasing business in 1971.
More recently, we have also invested in theconstruction of new vessels. Most of our fleet ishandy-sized bulk carriers which we provide tomajor companies such as grain trading houses
and power companies in Japan and overseas.
In addition, we formed a (small) ship
investment business for corporate investors forthe first time in Japan in 1996 and arrange alarge number of investment opportunities eventoday, providing them to customers.
In our ship finance business, we offer
sustainability-linked loans, thereby contributing
to decarbonization of the shipping industry
from a financial perspective as well.

[Sustainability-Linked Loans]
Under this initiative, a standard value is set for the annual CO2 emissions of a vessel to be financed, and if the annual CO2 emissions of that vessel after theloan has been granted is below the standard value, a preferential interest rate is given for the following year. CO2 emissions are calculated by Nippon Kaiji
Kyokai (ClassNK) to ensure objectivity and fairness.

G R OU P DY N A M I C S

12Corporate Financial Business and Services

Other

We propose various solutions to resolve corporate issues, such as costs savings and increases in operational
efficiency.

We provide deposit products, such as general large amount time deposits, as well as money trusts, investment trusts (private placement) andother investment products so customers can invest their important assets. We also use trust functions to meet various requests including
capital procurement needs and balance sheet enhancement.

Promissory Note Reduction System “e-Cash discount”
For customers that issue large numbers of promissory notes, we provide a mechanism (payment data management tool) that changes tocash transfers on due dates while maintaining promissory note payment terms. We support payment operations by linking the settlement
information of paying companies and receiving companies (i.e., creditors) via the Internet.
(1) Sharing of payment information with creditors (2) Management of payment dates(3) Discount function for creditors(4) Creation of FB data and various documents for providing payment instructions to banks
Existing payment promissory note

Cash transfer
on due date

Customer(paying company)

Creditor(receiving company)

Loan Servicing (Asset Recovery)
We leverage our extensive track recordand high level of expertise to manage
and collect a wide variety of monetaryclaims and supports corporate
rehabilitation. We are involved in theservicing of securitization projects, nonrecourse loans, and housing loans. We
are also involved in the investment andcollection of loan portfolios and thecorporate rehabilitation business.

Corporate Rehabilitation Scheme

e-Cash discountInternet

Payment data
management toolInternet

Merits for paying companies

Merits for creditors· Does not require implementation costs or monthly basic fees
· Reduces costs involved for existing promissory notes· Allows increase in operational efficiency due to simple
operations· Easy to obtain agreement due to ease of procedures for
creditors· Allows procedures to be carried out easily as long as internet isavailable (does not require internet banking)· Reduces promissory note-related costs (such as revenue stamp
fees for receipts and handling fees for collection of promissory
notes)· If discounted payment is chosen, ORIX (debt acceptor)
automatically transfers payment on days with discounts,
allowing smooth financing

Support for corporate rehabilitation• Support for financial restructuring• Additional financing, such as
DIP financing• Support for business succession
Collaboration with externalorganizations

Corporate Real Estate Strategy Support
Corporate real estate (CRE) strategy is a type of management strategy that leverages real estate, a crucial asset for a company, and raises
corporate value. In addition to new acquisition and disposal of properties, CRE strategy can be expected to reinforce financial status, enhancecapital procurement abilities, secure stable earnings, reduce costs, and produce other effects by employing various measures including
utilization of idle land and asset securitization. Leveraging our extensive knowledge and high levels of expertise in the finance and real estate
fields and ORIX Group’s corporate sales and marketing network, we propose CRE strategies such as effective use of owned real estate andnew real estate investment. We have proposed and provided support for implementation of optimal CRE strategies tailored to customer needs
and management issues including sale and leaseback*, broker services in real estate purchase and sale transactions, and business partner
matching.

We are engaged in affiliate contracts (acquirer business) for Alipay and WeChat Pay, Chinese mobile payment services. When customers suchas retailers and restaurants all over the country introduce mobile payment services to capture demand from foreign visitors to Japan, payment
processing and settlement operations are performed between mobile payment service providers and customers.

ORIX Group
Corporate Sales andMarketing Network
Nationwide corporate network
Landowners/Real estate business operators/
Tenant companies

Payment result can be
confirmed immediately❶ QR code scanning(providing products
and services)❹ Account settlement between
member stores and ORIX

❸ Account settlement between
mobile payment service provider
and ORIX

Mobilepayment
serviceproviderReal Estate
Development/
Asset management/Brokering/
Construction/
Building & facility management

Enhancement of Corporate Value

Users(foreign
visitors toJapan)
Acquirer

Finance
Leasing/Project financing(Non-recourse loans)/Syndicate loan arrangements/
Equity investment

CRE Strategies

Customer(member store)

G R OU P D YNA MIC S

Debtor (corporate rehabilitator)
Various types ofrehabilitation support* A transaction whereby owned real estate is sold to a leasing company and the leasing company leases the property to the seller for continued use. It is a means of capital procurement.

Mobile Payment Service

13

Financial institutions
Receivables transfer(debt consolidation)• Lawyers• Accountants, tax accountants• Management consultants• Other debtors• Sponsor candidates• Financing candidates

Payment
methodselection

Liability data

ORIX Asset Managementand Loan Services

S e rv ic e s

Functions of e-Cashdiscount

Asset Management and Asset Securitization (Trust Services)

Bu sin e ss Profile

Payment-Related Services❷ Payment

ExamplesFinancing Support for Large Housing Development Project
We developed a scheme and provided project financing* support
for a large housing development project involving several major
real estate developers. Using project financing made it possible
to raise a large amount of funds, reducing the impact on thefinancial standing of the companies involved in the project.
* Method of financing based on the cash flow generated by the project

Support for the Effective Use of Real Estate, Including
Business Partner Matching
We undertook market analysis in the area surrounding a condominium
development site owned by a listed real estate company, and proposeddevelopment of a hotel that met the needs of the area. We also introduced
a hotel operator. Through identifying the needs of the area and matchingbusiness partners, we supported realization of the optimal use of the real estate.

G R OU P DY N A M I C S

14ORIX Group supports customer responses to environmental change by providing needed equipment andtechnology in a timely manner, including the rental of approximately 40,000 types of equipment.
ORIX Rentec’s Sagamihara Technical Center (AutoStore)

Today when prompt responses to rapid changes in society including advances in innovation and changes
in work styles are needed, continuous updating of equipment, technology, and information andcommunication technology (ICT) environments has become a key issue. By providing not just equipment,
but also combining it with technology and know-how, we are contributing to solving manufacturing site
and ICT environment problems.

Lineup of
2.8 million
units spanning
40,000modelsRental
By renting rather than purchasing equipment, customers need not to make new purchases every time new technology becomes
available or maintain unneeded inventories. We have a lineup of some 2.8 million units spanning approximately 40,000 different
models including the latest devices and can deliver high-quality equipment in response to an online request or a single phone call.
Scientific and Environmental
Analysis Equipment

3D Printers

ICT Equipment

RobotsDronesVarious Cloud Services

Power Receiving and Transforming
Equipment and Transformers

Source: Formlabs

L-Rental (Operating Leases )Instead of choosing from the equipment available in our rental inventory, we purchase equipment selected by customers frommanufacturers or distributors designated by them, and provide rental of such equipment.
❶ Selection ofequipment❹ Delivery andmaintenance

Manufacturers/
distributors

Features of L-Rental
Customers❷ Purchase agreement❸ L-Rental agreement

ORIX Rentec*1 A
 ccording to Japan’s accounting standards (footnote notation may be necessary);for specific accounting methods, please consult your auditor, etc.

1. Measure against
obsolescence

The rental period can be freely set, allowing
avoidance of obsolescence risk fromtechnological innovations.

2. Off the balance
sheet

Assets are placed off the balance sheet
and rental fees can be treated as monthly
expenses.*1

ICT-Related Services
We provide integrated support from installation to operation and recovery
including PC-LCM services for PC lifecycle management support at thecustomer’s business site and kitting/cloning services for installing software andadjusting various settings. This frees customers from performing complex asset
management work.

3D Printer-Related Services
We offer a rental service for 3D printers, a 3D printer output service thatcreates models based on data received from customers, and an introduction
support service that enables technical investigation by customers with the helpof a full-time engineer while using the actual machines. We have also started
to offer a new 3D printing simulation service that allows 3D printing modelingsimulations while learning design tips. Through these four services, we support
our customers’ product development and digital transformation.

Launch of “3D-FABs” 3D Printing Simulation Service
3D-FABs is a free* online estimation service that allows users to learn the expertise necessary
for 3D printing through practical simulations. Estimation can be made anytime by anyone
with no limits to the number of times while changing printers and materials until one issatisfied. The service comes with AI, and the AI’s assessments are quickly reflected in the
results of automatic estimation and modeling simulation. It is also ORIX Rentec’s first digitaltransformation service that can remove the need for repeated exchange and contact, whichused to take place before quotes were requested.
* User registration is required when using 3D-FABs.

4. Eligibility for earlycancellation

Unlike a finance lease, early cancellation isallowed.*2

Functions and Features of 3D-FABs

5. Operational
outsourcing

Payment of fixed asset taxes and contractingof movable comprehensive insurance withearthquake, wind and flood damage riders arecarried out by us.

New and Used Equipment Sales
We sell equipment that has been maintained at quality levels suitable for rental to customers at any time for reasonable prices.
Purchasing used equipment can reduce after-purchase depreciation periods.* 3*3 For accounting and tax accounting methods, please consult your auditor, contracted tax accountant, etc.

G R OU P D YNA MIC S

Through our equipment rental business, we have accumulated more than 40
years of technology and know-how that enable customers to use our devices
repeatedly with peace of mind. Full-time engineers provide measurement andcalibration services, eliminating the concerns of customers who feel uncertain
about how to use equipment or lack their own engineers.

3. Standardization of An equal monthly payment is possible as arental fee.
expenditure*2 A cancellation charge based on the period of use applies during cancellation.

15

In addition to renting equipment, we also provide “technology” so that equipment can be used withreassurance.
S e rv ic e s

We supply equipment according to customer needs such as the desire to use state-of-theart equipment with minimal initial investment costs and to secure a large number of units
immediately.

Electronic Measurement
Devices

Other Services

Measurement Device-Related Services

Rental and Sales

Bu sin e ss Profile

Industrial/ICT Equipment-Related Business and Services

Modeling Simulation

Automatic Estimation

Learning

This service allows users to use their 3D data
to carry out simulations of various modelingorientations and understand whether somethingcan be modeled. Users can try until they aresatisfied.

Estimation of modeling costs can be carried out,
whether for a single or several models, using
mass-production printers for metals and resins.
Time spent waiting for replies can be reduced as
the estimated cost is given immediately.

This online service allows users to learn expertiseand knowledge related to 3D printers throughsimulations and original content.

Used Equipment Purchase Service
We purchase PCs, servers, and other ICT equipment, making use of our expertise from many years of properly disposing property
that has been leased and rented.
G R OU P DY N A M I C S

16Services

Bu sin e ss Profile

Environment and Energy Business andAs a top runner in the field of comprehensive environment and energy business,
ORIX Group creates new business and responds to the needs of customers and society.

Globalgenerating
capacity of facilities
in operation
reachedEnergy Field

3.7GW** This figure is calculated bytaking into account ORIX
Group’s equity interest andinvestment ratios of eachproject.

Hydroelectric Power Generation

In Japan, we invested in the Akita Araya Wind Farm in Akita City, Akita
Prefecture (generating capacity of 8.7 MW). In Europe, North America,and other locations, Elawan Energy S.L. operates 34 wind power
generation facilities with a total generating capacity of 997 MW, while
in India, Greenko Energy Holdings operates 56 wind power generation
facilities with a total generating capacity of 3,172 MW. Using our expertisein wind power generation in Japan and overseas, we are advancing
investigation, consideration, and investment toward the development of
our wind power generation business, including offshore wind power.

In India, Greenko Energy Holdings operates 23 hydroelectric power
generation facilities with a total generating capacity of 1,789 MW.
It is also developing business that combines renewable energy
from solar and wind power with pumped-storage hydropower
generation* to supply renewable energy at the same cost as
thermal power generation facilities and other similar facilities
without being affected by the weather.

A wind power generation facility operated by Elawan Energy S.L.

A hydroelectric power generation facility operated by Greenko Energy Holdings* Two water reservoirs are created at a large elevation difference, and water in the lower
reservoir is pumped up to the upper reservoir. When electric power is needed, water isreleased from the upper reservoir to the lower reservoir to generate electricity.

S e rv ic e s

We offer a one-stop solution to meet customers’ needs by building a value chain to generate, deliver, and manage
energy. We first invested in the wind power generation business in 1995 and are now engaged in the power
generation business using renewable energy. We are spreading our efforts globally toward carbon neutrality in 2050.
For example, in 2021, we acquired shares in Elawan Energy S.L., a business headquartered in Spain with operations in
Europe and North America, and Greenko Energy Holdings, a major operator in India.

Wind Power Generation

Power Generation Business
Mega-Solar Power Generation(Large-Scale Solar Power Plants)
We lease idle land from local governments, businesses, and othersin various parts of the country and construct and operate largescale solar power plants (mega-solar) with a generating capacityof 1 MW or more. In Japan, we operate mega-solar power facilities
at 104 sites with a total capacity of 704 MW.

Rooftop Solar Power Generation
We engage in the rooftop rental solar power generation businessby installing photovoltaic systems on leased roofs of large facilities
such as plants and warehouses. No site preparation or grading isneeded, construction periods are short, and power generation canstart quickly.

Energy Conservation Services
These services achieve energy savings and reduce CO2 emissions by raising overall line productivity when updating and installing facilities inplants and buildings. We can propose services for specific property applications including plants, warehouses, and commercial facilities.

Customer
Makurazaki Former Airport Site No. 1 and No. 2 Power Plants in Kagoshima Prefecture

The i Missions Park Sakai Solar Power Plant

Geothermal Power Generation

Biomass Power Generation

Subterranean steam and hot water heated by the ground is used to spinturbines to generate electric power. Since this method does not rely on
the weather, stable power generation is possible year-round. We arepromoting geothermal surveys and development in Akita Prefecture’s
Yuzawa City , Tokyo’s Hachijojima Island, and several other locations inJapan, including the Minami-Kayabe Geothermal Power Plant (generating
capacity of 6.5 MW)—a binary cycle*1 geothermal power plant that is thelargest of its kind in Japan*2—in Hokkaido’s Hakodate City.

We operate the Agatsuma Biomass Power Plant (generating
capacity of 13.6 MW), a wood chip-fired thermal power stationin Gunma Prefecture. Wood chip fuel are burned in a boiler
to generate steam, and the steam rotates turbines generating
electricity. Using a biomass fuel as an alternative to fossil fuels
leads to substantially lower CO2 emissions, and by using thermal
recycling* technology, environmentally-conscious power
generation business is achieved.

*1 H
 ot water is drawn from underground, and its heat is used to vaporize a second
fluid with a boiling point lower than water; the vapor is used to turn a turbine, which
generates power. *2 According to research carried out by ORIX

* Rather than simply incinerating waste, the energy generated during incineration isrecovered and used.

Lease fees, service fees

• Construction contract fees
• Commission fees

Lease contract, ESCO contract

Construction contract
Outsourcing contract• Capital investment • Maintenance • Subsidy application, etc.
• Installation work • Effectiveness evaluation

Joint subsidy application

Subsidizing organization

Subsidy• Installation work
• Maintenance andmanagement

General contractor,
subcontractor
Engineering company
Various manufacturers
Maintenance company

ExamplesBeverage-Filling LineDistillation Tower

Electric Furnace

We updated the filling equipment of a line forcans at a beverage plant. Energy is saved bychanging from a method that fills cans at low
temperatures to one that fills cans at room
temperature.

We updated the distillation tower of a plant forfood products. Compared to before the update,energy is saved as the amount of steam used isreduced by increasing the amount of waste heatrecovered.

Energy is saved by modifying the preheating
equipment—which is used in the processof producing iron and steel by melting ironscraps—into a high-efficiency type.

Electric Power Trading

Geothermal gas tests in the Minami-Kayabe region of Hakodate City, Hokkaido

17

G R OU P D YNA MIC S

Agatsuma Biomass Power Plant

As a power producer and supplier (PPS), we supply affordable electric power to the high-voltage power (including special high-voltage)facilities and low-voltage power facilities of corporate customers. We supply and sell approximately 1.8 billion kWh of electric power to about
10,000 corporate facilities annually. In conjunction with rising environmental awareness including RE100* and ESG investment, we provide
supply services for environmentally-friendly electric power (low-carbon factor options). * Renewable Energy 100%
G R OU P DY N A M I C S

18Environment and Energy Business and Services

Environmental Field

PPA* Model (Third-Party Ownership Model)
Energy service
agreement

We install solar power generation systems and storage
equipment at facilities owned by customers andsupply the electric power generated to customers. This
contributes to reducing CO2 emissions and cutting
electric power costs. Customers pay service fees to ORIX
depending on how much electricity they consume.

Image of electric power

Install solar power
generation systems

ORIX

The shortfall of power consumption ispurchased from an electric power company

CustomerkW

In-house
consumptionof renewableenergyPay service fees

* Power Purchase Agreement

Morning

Afternoon

Time
Night

Electricity

Sorting (reuse, re-part, recycling, appropriate disposal)

Intermediate
processing companies,
recycling companies

ORIX Eco Services
facilities

Used goods
sales companies

Recycling(conversion to raw material),
appropriate disposal

Reuse, re-part, recycling(conversion to raw material),
appropriate disposal

Reuse

Electricity

Biogas Power Generation

Renewable energy electricity transaction agreementwith price and period agreed beforehand(such as energy service agreements and PPAs)

Solar Power Generation System Installation Service

We operate Japan’s largest dry biogas power generation facility in Yorii-machi,
Saitama Prefecture. Waste is fermented using methanogens to generate biogas,
which is used as fuel to generate power. Taking advantage of the fact that dry biogas
power generation can also utilize organic matter with low moisture content, thisfacility helps promote recycling in the food service industry and household sector
where food waste, paper, and plastic are thrown out together.

CustomerPanelmanufacturer
Procurement of equipment
and systems using
economies of scale
Peripheral
equipment
manufacturer

ORIX• Proposal for equipment
installation• Support for design,
construction,and maintenance

Wholesale ofequipment
andsystems

Partnercompany

Construction
company• Sale of equipment• Design, construction,and maintenance

Asset Management as well as Operation and Maintenance of Solar Power Plants
Using expertise developed through engaging in the power generation business, we offer services that seek
to lower the actual operation and maintenance (O&M) costs (through promoting operations that maximize
power generation while keeping down O&M costs) of existing power plants. We contribute to the adoption
and spread of renewable energy through achieving highly efficient power plant operation centered on thelowering of actual O&M costs and reducing the levelized cost of electricity (LCOE) of solar power generation
sources.

G R OU P D YNA MIC S

Arrangement*B y effectively using all of the waste as raw materials and for other uses, the facility generates no unneeded
emissions.

* Cost is relatively higher compared to on-site PPA as costs (such as the cost of transmitting electricity) are incurred whenelectricity is supplied through the grid from power plants located outside the consumers’ premises.

19

Transportation companies,
collection and transportation companies

We operate Japan’s largest scale zero-emission facility* for melting and recycling
waste in Yorii-machi, Saitama Prefecture. The key feature of this facility is that waste
is melted at approximately 2,000°C and can be completely recycled. In addition torecovering slag and metal as a recycled resource, synthesis gas is used as fuel for highefficiency electric power generation by an on-site generation facility.

Electricity buyer(consumer)

Electric gridElectricity

We use economies of scale throughdirect procurement of equipmentfrom manufacturers and a nationwide
network of construction companies
to support customer investment
in solar power generation systems
from installation to post-installation
maintenance.

Arrangement

S e rv ic e sPower producer

Renewable energy electricity transaction agreementwith price and period agreed beforehand(such as energy service agreements and PPAs)

Nationwide collection throughestablished networks

ORIX Eco
Services

Resource Recycling Plant

Off-Site PPAElectricity buyer(consumer)Collection and purchase of unwanted items,
collection of waste

Gotemba Plant (Gotemba City, Shizuoka Prefecture)

In the PPA model, there are two types depending on the location where solar power generation systems are installed: on-site PPA and off-site
PPA. On-site PPA is like the example above, where the consumers are supplied with electricity from power generation facilities that are installedon the consumers’ premises or buildings. On the other hand, off-site PPA is where the grid is used to supply electricity from the locations of power
generation systems to the locations that require such power. Off-site PPA—which allows electricity to be obtained from power plants in remotelocations through the grid—is appropriate for companies that cannot secure adequate space for installing power plants on their premises, such ascompanies that have several offices in urban areas.

Power producer

RequestRecycling (conversion to raw material) of iron, nonferrous metals, plastics, etc.

Difference between On-Site PPA and Off-Site PPA

On-Site PPA

Office equipment, kitchen and air-conditioning equipment, vending machines, factoryequipment, and boilers, etc.

Appropriate disposal network

Support for Major Furniture Manufacturer Okamura in Its Efforts toward Realizing Carbon
Neutrality~ Installing solar power generation system based on the
PPA model at Okamura’s production site Gotemba Plant ~Customers (business offices, factories, commercial facilities, etc.)

Appropriate Disposal Network
Our appropriate disposal networks include collection andtransportation companies, used goods sales companies,
intermediate processing companies, and recycling companies,
supporting the development of waste and recycling governancestructures by customers.
ORIX Group encourages reuse and recycling by using its logistics
networks to efficiently recover several tens of thousands ofleased items each year from around the country as their leaseterms expire. Toward the realization of a circular economy(recycling-oriented society), we use such networks and businessexpertise to propose services in response to the sophisticatedand diverse needs of our customers.

ExampleIn February 2023, Okamura Corporation (Yokohama City, Kanagawa Prefecture)—a major
manufacturer of products such as furniture and industrial devices—installed a solar power
generation system based on the PPA model at its Gotemba Plant, a production site in Shizuoka
Prefecture, as part of ongoing efforts to achieve carbon neutrality by 2050. Under this model,
ORIX borrows the roof of the Gotemba Plant, installs and operates a solar power generation
system of approximately 520 kW, and supplies the generated electricity (approximately 570 MWh
per year) to the plant, thereby helping Okamura to reduce its CO2 emissions (approximately 250
tons per year).

We have constructed a value chain to collect, recycle, and manage resources and waste. We provide detailed one-stop services tailored tocustomer needs.

Bu sin e ss Profile

Solar Power Generation System Installation and Operation Support

Partnercompany
Specialized
construction

Partnercompany

Recycling Plant
We also operate an intermediate processing plant that primarily handles metal-based waste such as office equipment and machinery. The
facility performs all processes from recovery of valuable metal resources to storage, initial processing, and recycling (conversion to raw
material). We seek to achieve advanced recycling using sophisticated sorting functions.

Final Disposal Site
We operate one of Japan’s largest managed final disposal sites. In addition to theincineration and melting functions of a resource recycling plant, the facility also
performs final disposal functions, providing one-stop services that meet a wide rangeof needs from companies and local governments that generate waste.

G R OU P DY N A M I C S

20Bu sin e ss Profile

Automobile-Related Business and Services
ORIX Group is developing a total automobile service business ranging from leasing, rental car, and car sharing
services to vehicle management services and sales support.
B

A

B

B

ブランドマークを効果的に機能させ、正しく認識させるためには、他の要素との配置を十分に考慮した一定のスペースを設けることが必要です。このスペースのことをアイソレーションといいます。
ブランドマークの使用に際しては、ここに示す基準を守り、正しく表現してくだ
さい。

A

Vehicle Use

Vehicle Management and Operational Management

B=0.35A〜0.45A
B

We provide optimal vehicle use methods through a combination of leasing, rental, and car sharing
according to the customer’s use conditions (duration, frequency, and purpose of use).

Approx.

Car Rental

Use frequency:
カラー(基本)Low

Leader

Leasing■ Passenger car rental■ Truck leasing

黒in the leasing
industry■ Passenger car leasing ■ Personal car leasing■ Truck rental

1.43million■ Used car leasing

ORIX-GRAY-No.2

Use frequency:High

Car Sharing

Type AAMS Card (Fuel Card)

ORIX ETC Card

The AMS Card can be used at approximately 90% of the gasoline
stations in Japan, and allows utilization for compliance and safety
management. It can also be used to pay for car parking at affiliatedparking lots.

S e rv ic e s

Number ofvehicles managed
in Japan:Use duration: Long

We provide support for vehicle use from the perspectives of vehicle management and operational
management so that customers can reinforce internal controls, respond to environmental issues, andenhance safety.

The ETC card provides a detailed breakdown of tolls paid for eachvehicle, allowing users to check for improper use. We also handle avariety of procedures such as registration for mileage programs.

Vehicle Management Services (BPO*)
In this service, our specialized sections undertake a part of the customer’s vehicle management operations. This service is not simply
outsourcing, but also contributes to enhancing customer risk management through ongoing and repeated risk assessment (P), redevelopmentof operations (D), risk visualization (C), and operational improvement (A) so that risks relating to vehicle management including regulatory
responses can be eliminated.
* Business Process Outsourcing

Use duration: Short

Car Leasing (New and Used Vehicles)•••	I want a vehicle for daily sales
activities, deliveries, etc.
I want to even out my expenses
	I want to reduce my vehicle
management workload

We offer a package of vehicle-related
management services, including vehicle
procurement, payment of various taxes,
and routine inspections.
In used car leasing, vehicles that meet
our unique criteria, selected from amongvehicles that have been removed fromservice in our car leasing and rental
businesses, are available at a reasonable
price.

Car and Truck Rental•••I want a vehicle for getting aroundwhen I’m away on businessI want to cut back on expenses (parking
fees and insurance premiums)
I want to be prepared for sudden breakdowns

We manage a fleet of about 70,000
vehicles at 956 locations. We have an
extensive lineup of models available foruse only when needed.
In addition, ORIX Truck Rental offers
a wide lineup of vehicles, includingcommercial vans, trucks, and civilengineering and construction vehicles.

Response to the Need for Electric Vehicles
In September 2022, ORIX Auto entered a business partnership with Ubiden, Inc. (Minatoku, Tokyo)—the operator of the electric vehicle (EV) charging service “WeCharge”—and is
promoting greater use of EV charging services for corporations.
Since 2019, Ubiden has expanded management and operation of its EV charging service atparking lots of various facilities including condominiums, hotels, onsen resorts, and commercial
facilities. It provides WeCharge, a charging service compatible with all EVs and plug-in hybrid
vehicles, that allows users to complete all operations from arranging for use through to billsettlement using a smartphone application. ORIX Auto proposes lease and rental vehicle
procurement options and installation of EV charging facilities, and provides one-stop integrated
management, such as charger use analysis and maintenance of vehicles after their introduction,
to customers considering the introduction of EVs. In addition, by making it possible to settle
WeCharge charging payments using an AMS Card (ORIX Auto’s unique fuel card), we support
enhanced administrative efficiency for customers who need to manage multiple vehicles,
including gasoline vehicles and EVs.
We will continue to aim for the realization of a decarbonized society, through the
popularization and promotion of EVs and other environmentally-friendly vehicles.

21

G R OU P D YNA MIC S

Car Sharing•••

I want a car for a few hours of sales activitiesI want a car early in the morning or late atnightI want to cut back on expenses (parking fees
and insurance premiums)

Car sharing provides customers access toa car whenever they need one, 24 hours
a day, 365 days a year, in 15-minuteincrements.
Monthly fees include parking fees,
maintenance expenses, insurance
premiums, fuel charges, and so on, whichmakes use at low cost possible in the caseof low-frequency use.

Telematics Services
The telematics service enables
customers to easily ascertain avehicle’s operational data by
equipping vehicles with specialized
equipment that has communication
and GPS functions. This data can beused to set targets for compliance,
environmental response, and safety
management as part of vehicle
operational management as well as
to improve and solve material issues.
We also offer solutions for customers
who need images and videos.

Email delivery
upon detection ofdangerous behavior Verification of

GPS satellite

Provision ofoperational
management
information

Vehicle operation datatransfer using
a telecommunication
line

Equipping vehicles
with specialized
equipment

System server

effect using data

Consultation

Telematics website

ORIX Auto

Vehicle Sales
Using our expertise accumulated through used car sales, operation of auctions, and such, we provide
vehicle purchasing systems and sale agency services that achieve trouble-free disposal of corporate vehicles.
We also carry out appropriate compliance measures such as removing company signs from the vehicle bodyand submitting name change completion certificates (copies).

Vehicles that were previously used
for leasing of new cars to companies andindividuals and new car rental

Vehicle purchase andsale agency services

Reuse

Final disposal (sale or auction)

Leasing of used cars to companies
and individuals

ORIX Autoretailers

ORIX Autoauctions

External auctions

As the used car auctions operated
by us have a stable supply of diverse
vehicle models and allow online
bidding from anywhere in Japan, they
can be used as a channel for vehicle
sales that are beneficial to the used
car business.

G R OU P DY N A M I C S

22Bu sin e ss Profile

Real Estate-Related Business and Services
ORIX Group engages in a variety of businesses ranging from real estate investment and development toreal estate asset management, housing-related business, and facility operation .

Real Estate Investment and Development

Housing-Related BusinessWe build creative urban spaces that generate encounters.

We provide housing and services for various stages of life.

We select sites with excellent
access for transportation
and readily available humanresources and develop facilities
with an emphasis on storage
and delivery efficiency. We
use our Group capabilities,
such as the development of
Tsurugashima II Logistics Center
environmentally consideratefacilities, to offer facility
development and services that meet the needs of our tenants.

Office Building Development BusinessWe develop high value-added
offices that simultaneously
realize functionality, comfort,
and safety, as well as CROSSOFFICE serviced offices where
even a small number of people
can receive high-quality
business spaces and services
for operations.

Housing Development and Sales Business
Logistics Facilities That Supply Electricity
Derived from 100% Renewable Energy Sources
Solar power generation systems are installed on rooftops of facilities
under a third-party ownership model and the electricity generated bythese systems can be used within the facilities. In the event of insufficientelectricity from solar power generation, ORIX will supply electricity
with non-fossil certificates with tracking to tenants, providing themwith electricity from 100% renewable energy sources to meet theirenvironmental consideration needs.

Commercial Facility Development Business

CROSS OFFICE HIBIYA (coworking space)

ExamplesGrand Front Osaka—which was developed by 12 private-sector developers*, including
ORIX Real Estate, under the Umekita Phase 1 Development Project on the north side of JR
Osaka Station—welcomed its 10th anniversary since opening in 2013. The concept of theurban development is to form a center for the accumulation and exchange of international
information and human resources, and to contribute to the growth and development of
Osaka, Kansai, and Japan through the variety of innovations generated in this urban area.
Apart from the core facility Knowledge Capital, various urban functions are concentrated
here, including hotels, offices, condominiums, shops, and restaurants.

G R OU P D YNA MIC S

Lions Ashiya Grand Fort

Rental Housing Development Business

Belle Face Komazawa 3-Chome

CROSS GARDEN KAWASAKIWe engage in complex urban development comprising offices, commercial facilities, hotels, and conference facilities. We promote thedevelopment of valuable urban areas based on a long-term vision by formulating a grand design that incorporates the history and future of
the local community, and through collaboration and coordination with the community and among various business entities. In addition, forlarge-scale redevelopment projects in urban areas, we participate from the initial preparation stages to put the wishes of local right holders
first in order to conduct urban development along with the community.

23

Leader in Environmentally Considerate Housing
Complexes

We deploy the Belle Faceurban rental condominium
series and THE Lions Forsia
rental condominium series
with particular attention toplanning and specifications.

Complex Urban Development and Redevelopment Business

Left: GRAND FRONT OSAKA Right: Image of GRAND GREEN OSAKA

THE LIONS and SURPASSMANSION series are offered as
new condominiums. Besides
safety, security, and comfort,
we also lead the industry inactively developing ZEH-M
housing that is friendly to theenvironment.

ZEH-M is housing that aims to keep the balance of annual energy
consumption to zero by conserving energy with outstanding thermal
insulation performance and the use of highly efficient facilities, and bycreating energy with solar power generation. In 2019, DAIKYO became
the first in Japan to complete a Nearly ZEH-M housing in Hyogo Prefecture.
The policy of DAIKYO and ANABUKI CONSTRUCTION is to carry out
development that meets at least the ZEH-M Oriented specification, and thetwo companies have completed a cumulative total of 33 ZEH-M properties*.
* As of July 31, 2023

We engage in thedevelopment of commercial
facilities that contribute to
local revitalization and are
well-received by customers. We
deploy original CROSS GATE,CROSS GARDEN, and CROSS
MALL brands.

* As of 2013

S e rv ic e s

Logistics Facility Development Business

Nine joint venture developers, including ORIX Real
Estate, are currently working on the Umekita 2nd Zone
Development Project “GRAND GREEN OSAKA,” aiming forthe advance opening scheduled for September 2024. It
will have an urban space with various urban functions suchas urban parks, offices, innovation facilities, commercial
facilities, and hotels within an area of approximately
91,150 m2. Leveraging the potential of the Umekita Zone,
which is located in western Japan’s largest terminal station
area where approximately 2.5
million people pass throughevery day, the public sector,
financial circles, private-sectorbusinesses, and others will
work together for the world’s
leading urban development.

Condominium Management Business

Real Estate Brokerage and Rental Business
Utilizing the information
obtained through our
extensive nationwide
branch network, we deploy
comprehensive services inreal estate purchase and sale,brokerage, and leasing, as
well as a purchase and resale
business where we resell purchased properties after giving themnew value.

Repairs and Value-Enhancing Construction BusinessWe provide total support for
management association by
utilizing the management
contract results of over
540,000 units. In addition,
we propose new services toincrease the added value ofcondominiums.

We have planned andexecuted large-scale repair
and renovation work on morethan 7,000 condominiums.
Through this business, we areaiming to increase asset value.

Building Construction andEquipment-Related Business

Real Estate AssetManagement

We achieve sustainable real estate by covering
a wide range of building construction andequipment fields.

We pursue stable and efficient asset managementthat maximizes client earnings.

●B uilding construction andequipment installation
business● Interior business (design &construction)●B uilding and facility
management business

We operate ORIX JREIT Inc., a diversified real estate investment
trust that leverages the extensive knowledge and advanced
expertise in finance and real estate accumulated by ORIX Group.
We also operate private placement funds based on funds invested
by customers, such as institutional investors and operatingcompanies, and currently meet the asset management needs ofinvestors both in Japan and overseas.

G R OU P DY N A M I C S

24Real Estate-Related Business and Services

Onsen Resorts and Hotels (25)

We provide spaces that create irreplaceable experiences.

Hokkaido● CROSS HOTEL SAPPORO ★

Other (7)Tokyo

● Hakodate Yunokawa HOTEL BANSO ★

Onsen Resorts and Hotels
ORIX HOTELS & RESORTS is our onsen resort and hotel operations brand. From casual to luxury, the brand covers a wide range in both onsen resorts and hotels, providing
visiting guests with experiences to match their various life stages. We also operate hotels near theme parks and airports and subcontract hotel operation to global highend brands.

● Shimonoseki Shunpanro Nihombashi Takashimaya

Fukushima● Aizu Higashiyama ONYADO TOHO ★

Kyoto● Kyoyasai-Restaurant Umekojikoen

Tokyo● Hyatt Centric Ginza Tokyo

Osaka● ORIX Theater● Hotel JAL City Haneda Tokyo● Osaka Culturarium at Tempozan● Hotel JAL City Haneda Tokyo West Wing

● Knowledge Capital, GRAND FRONT OSAKA● HUNDRED STAY Tokyo Shinjuku● Shimonoseki Shunpanro Abeno Osaka● Hakone Ashinoko HANAORI ★
● Hakone Gora KARAKU ★

Service Offices (7)Toyama● Kurobe Unazuki YAMANOH ★

Ishikawa● Hyatt Centric Kanazawa● CROSS OFFICE SHIBUYA Medio● Hyatt House Kanazawa● CROSS OFFICE UCHISAIWAICHO● Atami Izusan KARAKU ★
(scheduled to open in December 2023)● CROSS OFFICE MITA

ShizuokaTokyo

CROSS HOTEL SAPPORO (guest room)Osaka

We developed and operate the KYOTO AQUARIUM in Kyoto City,
Japan’s first largescale, inland aquarium that uses 100% artificial
seawater*, as well as the SUMIDA AQUARIUM, located inside theTOKYO SKY TREE TOWN®; both aquariums opened in 2012.
* KYOTO AQUARIUM was the first in Japan, followed by SUMIDA AQUARIUM. Excluding
aquariums that use freshwater.

● CROSS HOTEL OSAKA ★
● HOTEL UNIVERSAL PORT ★

Sustainability Projects by Aquariums
Aquariums will work together with children, who represent the future,and regional societies to global and social issues of which they havespecial awareness. We actively conduct aquarium workshops that deepen
interest and concern for living things as well as activities, surveys, andresearch for protecting the natural environment.

● CROSS OFFICE ROPPONGI● CROSS HOTEL KYOTO ★

● CROSS OFFICE HIBIYA● Hyatt Regency Kyoto

Aquariums● CROSS OFFICE SHIBUYA● CROSS OFFICE SHINJUKU● Okura Act City Hotel Hamamatsu
Kyoto

S e rv ic e s

Kanagawa

Hakone Gora KARAKU (Water Terrace )● Shimonoseki Shunpanro Tokyo

Bu sin e ss Profile■ Facilities Operated (As of October 1, 2023) Facilities marked with “★” are part of ORIX HOTELS & RESORTS, our onsen resort and hotel operations brand.

Facility Operation

Aquariums (2)● HOTEL UNIVERSAL PORT VITA ★

Tokyo● SUMIDA AQUARIUM

Yamaguchi● Shimonoseki Shunpanro Main Restaurant

Kyoto● KYOTO AQUARIUM

Fukuoka● CROSS Life HAKATA TENJIN ★
● CROSS Life HAKATA YANAGIBASHI ★

Oita● Beppu SUGINOI HOTEL ★

Okinawa● Hilton Okinawa Chatan Resort● DoubleTree by Hilton Okinawa Chatan Resort

Training Facilities (4)Chiba● Seminar House Cross Wave Makuhari

Facilities
operated:45● Seminar House Cross Wave Funabashi
Tokyo● Seminar House Cross Wave Fuchu

Osaka● Seminar House Cross Wave Umeda

KYOTO AQUARIUM (360-degree panoramic tank GURURI)

Training Facilities
We operate the Seminar House Cross Wave series of training
facilities that aim to provide an ideal training environment in all
aspects from training and conferences to accommodation.

Other Facilities
We operate the ORIX Theater, which can accommodate adiverse range of performances including concerts, and the longestablished puffer fish restaurant and onsen resort Shimonoseki
Shunpanro, which was the first licensed Japanese puffer fish
restaurant, to name a few.

Atami Izusan KARAKU that is scheduled to open in December 2023

Image of open-air bath with view

Seminar House Cross Wave Fuchu

25

G R OU P D YNA MIC S

ORIX Theater

G R OU P DY N A M I C S

26Bu sin e ss Profile

PE Investment and Concession Business
ORIX Group responds to societal needs through our private equity investment business, which
supports the enhancement of our customers' corporate value, and the concession
business exemplified by operation of Kansai International Airport.

Concession BusinessWe provide optimal solutions for various customer needs including support for planning andimplementation of business and management strategies, capital procurement and management, and risk
hedging, supporting customers' business development and corporate value improvement.

We are involved in the concession business, where private business operators manage public facilities suchas airports, roads, and water and sewerage systems while ownership of the facilities remains with public
institutions. The Government of Japan is promoting concessions for economic revitalization and fiscal
consolidation, and we are also focusing on this area.

Private Equity Investment
We offer optimal solutions to address the various needs of corporate managers through investments by leveraging our advanced expertise. Suchsolutions include: transfer of shares with business succession of the owner company and equity financing to raise funds for growth; MBOs and carveouts* in conjunction with the spinning off of subsidiaries or business divisions of a large company; delisting of publicly-traded companies; and businessand corporate rehabilitations in which fundamental restructuring of business and financial restructuring is required. We provide not only optimal funds
for our customers' medium- to long-term growth, but also hands-on support through ORIX Group's expertise and management infrastructure.
* Cutting off part of a company’s business and spinning it off as a new company

Management
Framework

Initiatives to Create Value (Example)● Support creating a management vision

Vision● Proposal of marketing strategies

Strategy● Proposal of partnership strategies● Restructuring of business operation

Operations● Restructuring of administration and production processes● Restructuring of management information systems

Management Infrastructure● Upgrade of organizational framework● Review of HR, evaluation, compensation systems

Examples of Investments
We are focused on investments in industries with future growth potential and that can help resolve social issues. We have a proven trackrecord in such areas as IT and information services as well as logistics and rental.
Industry

Date of Investment

Company (Location)

Description of Business

IT and information services

Jul. 2017

Primagest, Inc. (Kawasaki City, Kanagawa Prefecture)

BPO business involved in image information processing

Dairy

Dec. 2018

Cornes AG Corporation (Eniwa City, Hokkaido)

Import and sale of dairy machinery

Logistics and rental

Sep. 2019

Wako Pallet Co., Ltd. (Osaka City, Osaka Prefecture)

Sale and rental of logistics equipment

IT and information services

Oct. 2020

APRESIA Systems, Ltd. (Chuo-ku, Tokyo)

Development and manufacture of network equipment

Logistics and rental

Dec. 2020

Sugiko Group Holdings Co., Ltd. (Yokohama City, Kanagawa Prefecture)

Rental of scaffolding and temporary construction materials

IT and information services

Dec. 2020

Informatix Inc. (Kawasaki City, Kanagawa Prefecture)

Development of geographic information systems

Electrical engineering

Jun. 2022

HEXEL Works, Inc. (Minato-ku, Tokyo)

Integrated electrical installation for condominiums and otherhousing complexes

HealthcareJan. 2023

DHC Corporation (Minato-ku, Tokyo)

Manufacture and sale of cosmetics, health foods, etc.

Healthcare

Jun. 2023

WHITEESSENCE Co., Ltd. (Shibuya-ku, Tokyo)

Dental whitening franchise operation

Operation of Kansai International Airport,
Osaka International Airport (Itami Airport), and Kobe Airport

S e rv ic e s

Investment● Start of business: April 2016 (April 2018 for Kobe Airport)● Operating company: Kansai Airports Group● Shareholders: ORIX Corporation, VINCI Airports, and 30 other companies

This is ORIX Group’s first concession business and the first full-scale private airport operation
project in Japan. ORIX has know-how in the financial and real estate fields, and a wealth ofbusiness experience and business foundation in the Kansai region, while VINCI Airports, a jointly
participating French airport operator, has expertise in airport operations and an international
airport network. Utilizing the know-how of both companies, we aim to operate comfortable
and convenient world-class airports.

Itami Airport (renovated walk-through commercial area)

Operation of Hamamatsu City Public Wastewater Treatment Plant(Seien Treatment Area)● Start of business: April 2018
● Operating company: Hamamatsu Water Symphony K.K. (“HWS”)● Shareholders: Veolia Japan GK, ORIX Corporation, and four other companies

This is the first concession-type project in Japan in the water and sewerage field. The operatingcompany is HWS, which was established mainly by Veolia Japan, with ORIX also participating in
the business by providing our know-how in the concession business. We operate with the goalof providing safe and secure sewerage services to citizens by making the best use of the knowhow of each HWS shareholder.

Photo courtesy of Veolia Japan GK
Hamamatsu City Public Wastewater Treatment Plant(Seien Treatment Area)

Miyagi Prefecture Integrated Water Supply, Industrial Waterworks,
and Sewerage Public-Private Partnership Management Project● Start of business: April 2022
● Operating company: K.K. Mizumusubi Management Miyagi● Shareholders: M
 ETAWATER Co., Ltd., ORIX Corporation, and eight other companies

This project is responsible for the operation of Miyagi Prefecture’s water supply business,
industrial waterworks business, and sewerage business facilities for a period of 20 years. The
concepts of integrating the three water businesses (water supply, industrial waterworks, andsewerage), coordinating with water companies in Miyagi Prefecture, and connecting Miyagi
Prefecture’s water infrastructure—which has been consistently maintained thus far—with the
future are incorporated into the company name “Mizumusubi” (literally, “water connection”),
which operates with the goal of realizing sustainable water supply, industrial waterworks, andsewerage services.

Nanbuyama Water Treatment Plant (Shiroishi City,
Miyagi Prefecture)

Todoroki Ryokuchi Park Redevelopment, Operation, Etc. Project● Start of business: April 2023
● Operating company: Kawasaki Todoroki Park Corporation (“KTP”)● Shareholders: Tokyu Corporation, ORIX Corporation, and seven other companies

Venture CapitalIn addition to providing funds to support promising, privately owned companies, we help fledgling companies along the path to becoming
public companies by offering capital policies appropriate to their stage of development and supporting management in a hands-on capacity
by using sales network and business know-how of ORIX Group.
27

G R OU P D YNA MIC S

This project is responsible for operating Todoroki Ryokuchi Park in Kawasaki City, Kanagawa
Prefecture over a 30-year period while both maintaining existing facilities and updating aging
infrastructure. KTP’s aim is to create “Japan’s Happiest Park,” and it will endeavor to makeTodoroki Ryokuchi Park, a comprehensive park with athletic facilities and civic spaces, into a
beloved, bustling space central to the region.

Todoroki Athletics Stadium (Nakahara-ku, Kawasaki City,
Kanagawa Prefecture)

G R OU P DY N A M I C S

28Bu sin e ss Profile

Personal Finance Business and Services
ORIX Group engages in the banking, housing loan, consumer finance, and life insurance businesses toprovide distinctive services that leverage its expertise.

Deposits, Trust Products, Real Estate Investment Loans,and Investment Trusts

Main Products
Increasee-Direct Deposit

A regular and time deposit exclusively
for online transactions.

Direct Deposit

e-Direct Money Trust

A time deposit that issues certificates ofdeposit and can be completed by mail.

A monetary trust mainly managed by
unsecured loans to one listed company
selected by ORIX Bank.

PrepareThe first testamentary
substitute trust product tobe offered by mail andtelephone order in Japan.

Simple Inheritance TrustSpecial Agreement for
Bequest to CiRA Foundation
Special Agreement for
Bequest to CiRA Foundation
will substitute trust that canbe used to donate money to
the CiRA Foundation
without creating a will.

ESG Investment
ORIX Bank
We offer ESG-focused investment trusts
that can help build assets in the medium
to long term.

Borrow● e-Direct Family Trusts

This simple service supports the formation of family trusts inwhich the property involved is limited to money. The fee is¥132,000 (including consumption tax).

● Real estate investment loans● Real estate secured loans
Loans can be used to purchase or refinanceinvestment real estate for rental purposes,
from one room in a condominium to one
entire apartment building, from new
construction to second-hand.

Housing Loans (ORIX Flat 35)
We offer ORIX Flat 35, a longterm, fixed-rate housing loan
with a maximum term of 35
years. An extensive lineup of
products is available to meet
diverse customer needs.

Agency Sales

We provide products to a wide range of customers through insurance
agencies that handle not only life insurance but also non-life insurance,drop-in style agencies close to train stations and in large shopping malls,
and tax agencies that provide consulting services utilizing their expertisein taxation and other areas.

Sales byFinancial
Institutions

We provide products via city banks, regional banks, and credit unions
throughout Japan.

Mail Orderand Internet
Sales

We also conduct sales via postal mail and the Internet for customers whowish to choose their options.

Face-to-Face
Sales via
Employees

In 2016, we began selling our products face-to-face to customers via
employees with the title of Conserve Adviser. We will supplement oursales channels with this channel, through which we will also provide
customers with consulting services.

million

5,300

Handled by approx.
recruitment agencies nationwide

6,500

Handled by approx.
officesand branches of financial institutions

Began mail order sales

in

1997

Face-to-face sales through a network of

8 branches in 4 cities

Medical Insurance

Cancer Insurance

Term Insurance

Main Products
ORIX Flat 35

Fixed interest rate for the entire term, up to a maximum of 35 years.

ORIX Flat 35S

A program for reducing the interest rate for a certain period in cases where
housing with high performance for energy saving, earthquake resistance,and other characteristics is purchased.

ORIX Flat 35ONE

A program offered in conjunction with ORIX Flat 35 to finance up to 10%
of housing construction or purchase.

ORIX Reverse 60

An interest-only housing loan with monthly payments for customers aged
60 years and older. A non-recourse loan for peace of mind.

We offer a variety of consumer finance to meet customers’ needs, including ORIX MONEY
that allows customers to choose between using an app or card for the service, ORIX VIPLoan Card that features reasonable interest rates and flexible loan limits, and ORIX Bank
Card Loan that allows customers to choose plans with a cancer rider.

G R OU P D YNA MIC S

4.89

Main Products

Medical Insurance“CURE Next ”

Medical Insurance“CURE Lady Next ”

Insurance with Relaxed Underwriting Conditions

Consumer Finance29

Approx.

Sales Channels
Save

Simple Inheritance Trust

We offer an extensive lineup of insurance products based on the concepts of “simple and easy to understand”
and “reasonably priced insurance coverage.” In addition to marketing through insurance agents, financial
institutions, mail order and Internet sales, and sales by ORIX Life Insurance employees known as Conserve
Advisors, we organically integrate these four sales channels within an omnichannel strategy that provides
services through channels required by customers.

Number ofindividual
insurance policies:

S e rv ic e s

Save. Increase. Prepare. Borrow. Our lineup of simple, easy-to-understand products and services can be selected according to needs. We
support customers in various aspects of their lives, including asset formation, property management, and financing. We offer attractive
financial products and services while keeping operating costs low by focusing on online transactions and not having branches or ATMs.

Life Insurance

Medical Insurance“CURE Support Plus”

Whole Life Insurance“RISE Support Plus”

Cancer Insurance“Believe”

Cancer Insurance“Wish”

Whole Life Insurance

U.S. Dollar-DenominatedWhole Life Insurance“Candle”*

Whole Life Insurance“RISE”

Term Insurance“Fine Save”

Income Protection Insurance

Family Support Insurance“Keep”* There‌are foreign exchange risks with U.S. Dollar-Denominated Whole Life Insurance “Candle,” and the amount received may be less than the total premium paid. In addition, there arevarious expenses incurred by the customer. Please be sure to confirm the documents issued before signing the contract including Overview of the Contract/Warning Information andContract Brochures/Stipulations.

G R OU P DY N A M I C S

30Other Business and Services

ORIX Group has a network spanning 28 countries and regions worldwide. We provide a wide range of services
to meet the needs of each country in fields such as leasing, financing, investment, and asset management.

ORIX Group provides a variety of services that respond to social needs.

1997

2001

2002

2005

2010

PolandEgypt

Saudi Arabia

United Arab Emirates

Kazakhstan

VietnamMongolia

1995

Oman

Netherlands

1994

India

Bahrain

1993

Taiwan, Canada

2013

1991

New Zealand

Spain

Ireland1988* The year when operations were first established or funded in each country/region is listed.

Australia

Pakistan

Britain

1986

1982

Belgium, China

United States

1981

Venezuela

Sri Lanka

1979

Thailand

Chile

1978

Philippines

1980

1977

Indonesia

South Korea

1975

BrazilSingapore

Malaysia

1972

Hong Kong

1973

1971

Key Milestones in Overseas Expansion* Includes countries/regions where we currently do not have operations.

ORIX USA

Medical Mobile Services
FREEILL CORPORATION rents vehicles with CT and MRI equipment along with necessary
technical support according to the location, time, and period needed. This enables
healthcare institutions to use high-resolution diagnostic equipment without capital
investment. Dispatching vehicles to provide screenings to residents of local communities
and corporate employees increases screening rates.

S e rv ic e s

Since expanding operations into Hong Kong in 1971, we now have global operations in 28 countries andregions worldwide. One feature of ORIX Group’s overseas business and services is that business is conductedby locally rooted management teams in accordance with the environment and corporate culture of eachregion. Based on our overseas business strategy of “Localization and Partnership,” our local subsidiaries
are well versed in the different commercial practices, laws, and regulations in each country, and provide avariety of services to local businesses and Japanese companies.

Bu sin e ss Profile

Overseas Business and Services

AI, IoT, and Data Business Support Services
Ubiteq, INC. provides IT infrastructure to customers that want to use
AI and IoT in their business activities. Ubiteq acquires various data andconnects, collects, and utilizes it. All customer issues are addressed using
four core technologies and coordination among them. The company
builds consistent support structures from design to development, mass
production, and operation along with systems and services that integrate
IoT terminals with networks. It supports customer business innovation.

AcquireSensing

Utilize

Applications

Bringing IoT dreams
to reality
with four core technologies

Connect
Networks

Collect

Platforms“PATPOST” Electronic Storage Service for Business Documents

Diversified Financial Services Business with a Focus on the U.S.
Business: Finance, investment, and asset management in the Americas

ORIX offers PATPOST, a service that uses highly accurate AI-OCR* to convert text
in images into text data and allows documents to be stored in cloud storage. In
addition to the modification and storage features, the service can also automaticallyconvert information such as business partners, transaction amounts, transaction
dates into digital data simply by uploading invoices, quotations, receipts, and otherbusiness documents onto the system.

Established in 1981, ORIX Corporation USA carries out investments and lending with its
own balance sheet, and at the same time, engages in the asset management businessusing funds from external investors. Through its businesses in private credit, private
equity, and real estate, it offers companies in the U.S. middle market with capitalprocurement solutions, and has more than 1,300 employees, including those working
at companies under its umbrella.

PATPOST automatically organizes

business documents
quickly using AI by simply
uploading them.

*O ptical character recognition (OCR) is a technology that takes printed or handwritten characters as image dataand converts them into editable text data.

ORIX Europe
Provision of Services Using State-of-the-Art Technology

Proven Track Record in the Asset Management Business under the Robeco Brand
Business: Asset management with a focus on Europe“Safie” Cloud Video Recording Service

We acquired Robeco Groep N.V. (now ORIX Corporation Europe N.V.), an asset
management company headquartered in the Netherlands, in 2013. There are several
asset management companies under its umbrella, including Robeco Institutional AssetManagement B.V., which operates an asset management business under the Robeco
brand. With a proven track record in investment since 1929, Robeco offers a wide
range of investment solutions, from stocks to bonds. It is also a leader in the sustainable
investment field, having developed its first sustainable investment product in 1995.

Safie, a cloud video recording service offered by Safie Inc., enables customers to checkvideo images anytime and anywhere on their computer or smartphone simply byconnecting their cameras to the Internet. ORIX has invested in the company and bycombining ORIX’s operating base and financing functions with Safie’s technology, we
are jointly conducting business and developing products that contribute to enhanced
customer productivity.

“KnowledgeStore” Market Research and Analysis Subscription Service

Asia and Australia

ORIX has concluded an exclusive sales agreement with MarketsandMarkets*1, a leading Indian market research company, for its
KnowledgeStore research service. Through this deal, we support businesses that are reevaluating their in-house technological capabilities
amidst rapidly changing economic environments and seeking to enter new markets, not limited to Japan.

Locally Rooted Financial Services Business

31

Business: Finance and investment with a focus on Asia and Australia*1 M arketsandMarkets is a research company that provides market reports in a wide range of areas in BtoB markets. Its services are used by 80% of the global companies that appear in theForbes Global 2000.

Since expanding operations into Hong Kong in 1971, we have established local
subsidiaries in Southeast Asia, South Asia, Oceania, and the Middle East. We are mainly
engaged in the financial services business, providing local customers with services suchas machine/equipment leasing, automobile leasing, installments, loans, and rentals.
We also undertake private equity investment business at our local subsidiaries in China,
Hong Kong, and Taiwan, as well as asset management business in Hong Kong.

Three Features of KnowledgeStoreG R OU P D YNA MIC S

A multilevel parking lot operated by Shoucheng Holdings
Limited, an investee engaged in the operation and managementof parking lots in Greater China(1) Access to market forecast reports is unlimited*²(2) Market opportunities are easy to discover(3) Order-made research is also available

There are no limits on access to reports covering
quantitative forecasts and the status of value chainsand market competition for latest technologies withhigh growth potential.

All reports are incorporated into databases andcross-sectional searching, filtering, and visualizationof growth rates, technology names, company names,
regions, related technologies, and more are possible.

The package includes ample analyst operatingtime*2, and research tailored to the individual
requests of contracting companies can be conducted.

*2 The limits on access to reports and the analyst operating time vary depending on the contract contents.

G R OU P DY N A M I C S

32Sustainability at ORIX

Addressing Social Issues through Business Activities#Climate change/Reducing GHG emissions

Corporate Financial Services[pp.9–14, 17–19, 32]

Real Estate [pp.23–26]

Examples of business activities Social issues

Examples of business activities Social issues

Championing decarbonization
Corporate pension services#Vitalizing small- and medium-size enterprises#Aging society#Regional vitalization#Promoting health/Extending healthy life expectancy#Aging society#Climate change/Reducing GHG emissions#Aging society#Decreasing workforce

Auto [pp.21–22]
We will continue to provide services that help reduce both environmental impact
and traffic accidents of our vehicles in addition to ensuring and enhancing
compliance associated with vehicle operation.
Examples of business activities Social issues#Decreasing workforce#Stable energy supply#Improving labor productivity#Safe & secure mobility solutions#Safe working environment#Investments and lending that take ESG into account#Diversity, equity & inclusion#Talent strategy#Promoting innovation & technological change#Addressing aging public infrastructure#Employee health & safety#Respecting human rights#Climate change/Reducing GHG emissions

AQTION!—Actions by theaquariums to connect to ourplanet’s future
Comprehensive urban
planning and redevelopment
business#Biodiversity/Environmental conservation#Regional vitalization

Investment in environmentallyfriendly condominiums#Conserving energy/resources#Climate change/Reducing GHG emissions

Environmental considerationsin ship investment (ownershipand operation)#Climate change/Reducing GHG emissions#Biodiversity/Environmental conservation#Regional vitalization

Products and services that
accommodate an aging society#Aging society

Ship finance (sustainability-linked loans)#Climate change/Reducing GHG emissions

Operating serviced offices#Promoting a circular economy#Improving labor productivity

Promoting renovationand condominium repair
business#Promoting a circular economy

Environment and Energy [pp.17–20]
We are working toward a sustainable society through businesses that contributeto a decarbonized society that reuses and recycles.

Environmentally friendly power
supply services#Climate change/Reducing GHG emissions

Rentec [pp.15–16]

Energy-saving services#Conserving energy/resources

Waste recycling and disposal
support business#Promoting a circular economy#Waste treatment and reduction

Garbage reuse, recycling, andproper processing support/
metal recycling#Promoting a circular economy#Waste treatment and reduction

Biogas power generation
facility using waste#Climate change/Spreading and promoting renewable energy generation#Promoting a circular economy#Waste treatment and reduction

Life Insurance [p.30]

We enhance our provision of equipment rental and various services that take
ESG into consideration.

We develop and provide products and services that accommodate diverse
customer lifestyles and values. We also engage in ESG investing .

Examples of business activities Social issues

Examples of business activities Social issues

Used equipment sales business#Promoting a circular economy

3D printer business#Promoting innovation & technological change#Improving labor productivity#Climate change/Reducing GHG emissions

In our aircraft business, we will increase the number of new fuel-efficient models
in our portfolio. In addition, the ships we own are built based on specifications
that allow for environmental impact reduction.

Environmental considerations
in aircraft operating leases#Climate change/Spreading and promoting renewable energy generation

Development and sale ofspecial-purpose vehicles

Our financial transactions are mainly in industries that are foundational to asustainable society. We also provide investment products that support the longterm asset formation of individual customers.

#Investments and lending that take ESG into accountRenewable energy business#Improving labor productivity#Disaster recovery#Safe & secure mobility solutions#Aging society#Regional vitalization

Aircraft and Ships [p.12]

Examples of business activities Social issues#Promoting a circular economy#Climate change/Reducing GHG emissions#Safe & secure mobility solutions

Telematics service

Banking [p.29]

ORIX Bank Sustainable
Investing and Lending Policy

Automobile maintenanceservices#Climate change/Reducing GHG emissions#Safe & secure mobility solutions#Improving labor productivity#Proper consideration of our customers

Examples of business activities Social issues

Examples of business activities Social issues#Promoting a circular economy#Regional vitalization#Enhanced compliance#Strengthening risk management#Climate change/Reducing GHG emissions#Climate change/Spreading and promoting renewable energy generation#Conserving energy/resources#Promoting a circular economy

Car rental business/Car sharing
business#Strengthening corporate governance

Development ofenvironmentally-friendly
properties (including
residences)

Used vehicle leasing and sales,
vehicle purchasing and sales
agencyG R OU P D YNA MIC S#Promoting health/Extending healthy life expectancy#Biodiversity/Environmental conservation

We do business with a policy that prioritizes safety, security, and comfort as we
decarbonize in consideration of the environment and coexist with local communities.

Preventive healthcare support

33#Conserving energy/resources

As a core platform for Group sales, we will fully deploy our network in Japan ininitiatives to resolve social issues.

Business succession support#Aging society#Climate change/Spreading and promoting renewable energy generation#Waste treatment and reduction

Governance

Environment#Promoting a circular economy#Disaster recovery

SocialProviding new value and contributing to society through business activities have been fundamental to ORIX Groupsince its founding. We believe that it is precisely because we engage in diverse business activities that we can respondto a variety of social needs. We will continue to regularly create new value and contribute to society through ourbusiness activities.

#Regional vitalization#Vitalizing small and medium-size enterprises

Customer-oriented products
and services in an age wheremore and more people will live
to be 100

#Aging society

ESG investing in asset
management#Investments and lending that take ESG into accountCredit [p.29]

ORIX USA [p.31]

We always take the perspective of individual customers and develop products
for customers with needs that existing financial services do not satisfy.

We are further strengthening our approach to sustainable investing in order togenerate sustainable growth and contribute to society.

Examples of business activities Social issues

Examples of business activities Social issues

Loan business with a focus on
the customer’s perspective

Affordable housing#Investments and lending that take ESG into account

PE Investment and Concession[pp.27–28]
We are committed to management for sustainability among investees as ameans to improve corporate value. We focus investment on industries that
contribute to resolving social issues.
Examples of business activities Social issues#Climate change/Reducing GHG emissions#Investments and lending that take ESG into accountPE investment that contributes
to solving social issues

Concession businessthat supports regional
infrastructure#Promoting health/Extending healthy life expectancy#Improving labor productivity#Decreasing workforce#Promoting innovation & technological change#Climate change/Reducing GHG emissions#Regional vitalization#Addressing aging public infrastructure

ORIX Group website provides detailed
information on our sustainability initiatives.
Please click here for details.
https://www.orix.co.jp/grp/en/sustainability/
contributing_to_society#Investments and lending that take ESG into account

ORIX Europe［p.31］
We integrate ESG across all our investment solutions, and as a leader insustainable investing, we promote investments that contribute to thedevelopment of a sustainable society and economy.
Examples of business activities Social issues
Sustainable investing#Investments and lending that take ESG into account

Asia and Australia [p.31]
We are reducing the balance of credit extended to industries with highenvironmental impact and enhancing our support for ESG initiatives among
existing private equity investees.
Examples of business activities Social issues
Reduction of credit balanceswith high environmental
impact#Climate change/Reducing GHG emissions

PE investment that contributes tosolving social issues#Climate change/Reducing GHG emissions#Investments and lending that take ESG into account#Investments and lending that take ESG into account

G R OU P DY N A M I C S

34Relationship with Sports

Social Contribution Activities

Proactively Promoting Activities beyond the
Framework of Our Business Domains
In addition to making contributions to society through business, ORIX Group is also implementing a range of initiatives
to help meet social and environmental challenges beyond the framework of its business domains.

The mission of the ORIX Buffaloes is to provide inspiration, excitement, and dreams
to people through baseball, and the team conducts various activities to achieve this.
In addition to team operation, we conduct youth baseball clinics as a communityoriented program to build community ties and use the high profile of the baseballteam to provide customers with opportunities for various promotional activities.

© ORIX Buffaloes

Activities for Children

Community Contribution Activities

We are involved in various activities for children who will lead thenext generation, such as special lessons held at elementary schools
by SUMIDA AQUARIUM and KYOTO AQUARIUM as well as work
experience programs run by ORIX Group companies. The ORIX
Miyauchi Foundation also continues to support children’s cafeteria
programs where local people provide children with meals andplaces to socialize.

The ORIX Buffaloes has entered a partnership agreement with Osaka
City, and is working to promote community collaboration in various
fields, such as sports promotion, education, and public relations.
This includes holding sports lessons for elementary and junior highschool students. In Australia, we support a hunger relief organization(Foodbank), an organization that supports early-career cancer
researchers, and an organization that promotes early childhood literacy.

Baseball Team Management
In 1988, we started managing the ORIX Braves baseballteam. The team was renamed the ORIX Buffaloes in 2004 andrelocated to the Kyocera Dome Osaka. We conduct various
events at home games such as programs targeting female fans
and fireworks in order to bring the enjoyment of professional
baseball to as many fans as possible.

Sponsor / Special Seat
Support for children's cafeteria
programs

Special lesson

Support for charities—Australia

Collaboration with Osaka City

(SUMIDA AQUARIUM)(ORIX Australia Corporation
Limited)(ORIX Buffaloes)(ORIX Miyauchi Foundation)

Environmental Conservation Activities

Other Activities

ORIX Bank makes donations to tree-planting activities
according to the number of customers who opt for paperlessdelivery of documents, such as for real estate investment loans.
The ORIX Miyauchi Foundation promotes SANGO ORIX, anactivity supporting the transplant of coral reefs, together withthe children of Okinawa Prefecture.

The ORIX Miyauchi Foundation conducts activities in the social
welfare field, including the donation of welfare vehicles to social
welfare facilities nationwide since 2006. And since 2007, we havecontinued to bestow the ORIX Award at an art exhibition forchildren and others with disabilities. Other support we provide
in the fields of music and art include inviting children fromorphanages and other facilities to concerts.
©K.Miura

Tree-planting activities at
Hinohara Village in Tokyo (ORIXBank)

Okinawa coral transplantation
support activities (ORIX Miyauchi
Foundation)

Invitations to classical concerts

Donating a welfare vehicle(ORIX Miyauchi Foundation)(ORIX Miyauchi Foundation)

Sponsorship Program

Advertising SpaceWe support promotional
activities according to
the wide-ranging needsof customers through alarge number of publicity
plans implemented incollaboration with various
activities of the team.

In addition to professional
baseball games, thedome is used for manyother programs including
concerts and live
performances and has avariety of advertising spaces
for customers.

VISTA ROOM

Season Seats

The dome has special
spectator boxes withbalcony seats on the 6th to
8th floors, where spectators
can watch the game inluxury. They can be used forbusiness entertainment andso on.

Customers can watch
all Buffaloes-sponsored
official games from theirown season seats. They canenjoy the team’s powerfulplays in premium seats.

Community Activities
Former professional baseball players carry out social contribution activities such as career
education and T-ball workshops, primarily for elementary school students in Osaka City. They
make use of their careers as professional athletes to help young people achieve healthy growth.

ORIX Miyauchi Foundation
We established the ORIX Social Fund in 2006 to support social welfare, children and the youth who are future leaders, and the fields of music,
culture, and art. Subsequently in 2010, the fund was renamed after being approved as a public interest incorporated foundation, and has
been conducting various activities as the ORIX Miyauchi Foundation since 2014.
35

G R OU P D YNA MIC S

G R OU P DY N A M I C S

36Corporate Network

Jap anCompany Name

Principal Business

Established(Acquired)

ORIX Group
Controlling
Share

Overs eas
Country Name

100%

ORIX Rentec Corporation

Rental and Leasing of Test and Measurement Instruments and IT-Related
Equipment

Sep 1976

100%

ORIX Capital Corporation

Venture CapitalOct 1983

100%

ORIX Asset Management & Loan Services Corporation

Loan Servicing

Apr 1999

100%

NS Lease Co., Ltd.

Leasing, Lending, Other Financial Services(Jul 2002)

100%

ORIX Tokushima Corporation

Leasing, Other Financial Services(Oct 2005)

95%

ORIX Loan Business Center Corporation

Personal Loan Related Asset Management, Customer Relations

May 2009

99%

Tsukuba Lease Corporation

Leasing(Jun 2010)95%

Kyuko-Lease Inc.

Leasing, Other Financial Services(Jan 2012)85%

FREEILL CORPORATION

Medical Equipment Rental(May 2013)

100%

Yodogawa Transformer Co., Ltd.

Manufacturing, Rental, and Sales of Power Receiving, Transforming, and Generating
Facilities and Equipment, Various Types of Transformers, Cubicles, etc.

(Jan 2018)

100%

ORIX Corporation USA

Financial Services

Aug 1981

100%

Boston Partners Global Investors, Inc.

Asset Management(Jul 2013)

100%

Harbor Capital Advisors, Inc.

Asset Management(Jul 2013)

100%

Lument Real Estate Capital Holdings, LLC*2

Mortgage Banking and Loan Servicing

Sep 2013

100%

Boston Financial Investment Management, L.P.

Low Income Housing Tax Credit Syndicator(Jul 2016)

100%

NXT Capital Group, LLC

Loan Origination, Asset Management(Aug 2018)100%

RB Capital S.A.

Real Estate Securitization, Asset Management, Real Estate
Development and Investment(Dec 2016)

64%

ORIX Asia Limited

Leasing, Lending, Automobile Leasing, Banking

Sep 1971

100%

ORIX Asia Capital Limited

Equity Investment, Lending

Jul 1973

100%

ORIX Finance Services Hong Kong Limited

Leasing, Lending, Consumer Finance Services(May 2002)

100%

ORIX Asia Asset Management Limited

Investment Advisory, Asset Management

Mar 2021

100%

ORIX Taiwan Corporation

Leasing, Sales Finance, Insurance Agency Services(Feb 1991)

100%

ORIX Auto Leasing Taiwan Corporation

Automobile Leasing

Apr 1998

100%

ORIX Taiwan Asset Management Company

NPL Investment, Loan Servicing

Nov 2004

100%

ORIX Capital Korea Corporation

Automobile Leasing, Leasing, Lending

Feb 2004

100%

ORIX Private Equity Korea Corporation

Fund Operation and Management

Mar 2010

100%

ORIX China Corporation

Leasing, Rental

Aug 2005

50%

ORIX (China) Investment Co., Ltd.

Leasing, Equity Investment, Other Financial Services

Dec 2009

100%

ORIX China Industrial Holdings Limited

Leasing, Equity Investment, Other Financial Services

Sep 2021

50%

ORIX Leasing Singapore Limited

Leasing, Sales Finance, Lending

Sep 1972

50%

ORIX Investment and Management Private
LimitedEquity Investment, Lending

May 1981

100%

ORIX Leasing Malaysia Berhad

Leasing, Lending

Sep 1973

100%

PT. ORIX Indonesia Finance

Leasing, Automobile Leasing

Apr 1975

85%

PT Sinar Mitra Sepadan Finance

Used Car Loans for Sole Proprietors and Individual Customers(Nov 2015)

85%

Philippines

ORIX METRO Leasing and Finance Corporation

Leasing, Automobile Leasing, Lending

Jun 1977

40%

ThailandThai ORIX Leasing Co., Ltd.

Leasing, Automobile Leasing and Rentals

Jun 197896%

Pakistan

OLP Financial Services Pakistan Limited*

Equipment Leasing, Automobile Leasing, Loans

Jul 1986

49%

India

ORIX Auto Infrastructure Services Limited

Automobile Leasing, IT Leasing, Rentals, Leasing, Commercial
Vehicle Loans, Commercial Mortgage Loans

Mar 1995

99%Australia

ORIX Australia Corporation Limited

Automobile Leasing and Truck Rentals

Jul 1986

100%

New Zealand

ORIX New Zealand Limited

Automobile Leasing

Dec 1988

100%

Ireland

ORIX Aviation Systems Limited

Aircraft Leasing, Aircraft Asset Management

Mar 1991

100%

ORIX Corporation Europe N.V.

Headquarters for the Business in Europe(Jul 2013)

100%

Robeco Institutional Asset Management B.V.
(RIAM)

Asset Management(Jul 2013)100%

Transtrend B.V.

Asset Management(Jul 2013)

100%

ORIX Corporation UK Limited

Equity Investment

Jan 2018

100%

Gravis Capital Management Ltd.

Fund Operation and Management(Jan 2021)

70%

Elawan Energy S.L.

Development and Operation of Wind and Solar Power Generation(Jul 2021)

100%

USA

BrazilHong Kong

Real Estate(Jan 1987)

100%

Onsen Resort, Hotel and Training Accommodation Facility Operation

Jan 1997

100%

ORIX Real Estate Corporation

Real Estate Investment, Development, Rental, Facility Operation andManagement

Mar 1999

100%

ORIX Asset Management Corporation

Asset Management of J-REIT

Sep 2000

100%

Chofu Driving School Corporation

Driving School(Dec 2005)

100%

ORIX Real Estate Investment Advisors Corporation

Real Estate Investment and Advisory Services

Sep 2007

100%

ORIX Aquarium Corporation

Aquarium Operation

Apr 2011

100%

DAIKYO INCORPORATED

Housing Development and Sales, Redevelopment(Jan 2019)100%

ANABUKI CONSTRUCTION INCORPORATED

Housing Development and Sales, Construction Services(Jan 2019)

100%

DAIKYO ASTAGE INCORPORATED

Condominium Management, Repair and Maintenance, Resident Services(Jan 2019)100%

ANABUKI COMMUNITY INCORPORATED

Condominium Management, Repair and Maintenance, Resident Services(Jan 2019)

100%

DAIKYO ANABUKI CONSTRUCTION INCORPORATED

Condominium Repair and Maintenance, Construction Services, Building
Diagnostics, Aseismic Reinforcing Work(Jan 2019)

100%

DAIKYO ANABUKI REAL ESTATE INCORPORATEDReal Estate Buying, Selling, Brokerage, Leasing, Management(Jan 2019)

100%

ORIX Facilities Corporation

General Building, Rental Condominium, and Other Facilities Management,
Real Estate Brokerage, Construction Services

ORIX Eco Services Corporation

Trading of Recycled Metals and other Resources, Collection andTransportation of Industrial Waste, and Intermediate Waste Processing

Apr 1998

ORIX Environmental Resources Management Corporation

Waste Recycling

Sep 2002

100%

Ubiteq, INC.

Development and Provision of IoT Solutions, Design, Manufacturing and Quality
Assurance of Electronic Devices, Design, Development and Maintenance of Software(Jul 2010)57%

ONE Energy Corporation

Sales, Leasing and Rental of Solar Panels and Electricity Storage Systems

Mar 2013

70%

Zeeklite Co., Ltd.

Waste Landfill, Mining and Sales of Zeolite(Feb 2017)100%

ORIX Renewable Energy Management Corporation

Operation, Management, and Maintenance of Power Plants That Use
Renewable Energy Sources

Jun 2018

100%(Jan 2019)100%

Environment and Energy
100%

Insurance*1
ORIX Life Insurance Corporation

Life Insurance

Apr 1991

100%

Lifetime Consulting Corporation

Insurance Agency Services

Oct 2012

100%

Banking and Credit
ORIX Credit Corporation

Consumer Finance Services

Jun 1979

100%

ORIX Bank Corporation

Banking(Apr 1998)

100%

TaiwanSouth Korea

China

Singapore

South-East Asia

Real Estate Rental, Parking Lot Business

ORIX Hotel Management Corporation

East Asia

ORIX Interior Corporation

Malaysia

Indonesia

Aircraft and Ships
Ship Charter and Ship Broker Service

Nov 1977

100%

Sep 1976

100%

ORIX Headquarter Functions (Not included in Segment Financial Information)
ORIX Insurance Services Corporation

Insurance Agency Services

ORIX Computer Systems Corporation

Software Engineering and Systems Management

Mar 1984

100%

ORIX Baseball Club Co., Ltd.

Professional Baseball Team Management(Oct 1988)

100%

Osaka City Dome Co., Ltd.

Management and Operation of Multipurpose Halls, and Planning,
Production, and Operation of Various Events Including Sports(Sep 2006)

90%

ORIX Business Center Okinawa Corporation

Business Center, Contact CenterNov 1999

100%

ORIX Business Support Corporation

Business Support Services

Apr 2007

100%(As of March 31, 2023)

37

G R OU P D YNA MIC S

Europe

ORIX Maritime Corporation

ORIX Group
EstablishedControlling(Acquired)
Share

Oceania

Jun 1973

The Americas

Automobile Leasing, Rental, Car Sharing and Sales of Used Automobiles

Principal Business

South Asia

Corporate Financial Services and Maintenance Leasing
ORIX Auto Corporation

Company Name

Netherlands

BritainSpain(As of March 31, 2023)*1 October 2023 Life Assist Co., Ltd. Deleted*2 The corporate name was legally changed from ORIX Real Estate Capital Holdings, LLC to Lument Real Estate Capital Holdings, LLC, effective January 1, 2023.
1. Listed companies are notated with an asterisk.
2. In addition to the above, ORIX has other locations. In total, ORIX has locations in 28 countries and regions worldwide.

G R OU P DY N A M I C S

38https://www.orix.co.jp/grp/en/

Unless otherwise indicated, the information contained in this publication is based on data as of March 31, 2023.

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