ORIX Corporation
Consolidated Financial Results
For the Consolidated Fiscal Year ended March 31, 2022
Makoto Inoue

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

May 11, 2022

1

Company Name
(TSE: 8591; NYSE:
IX)

Copyright © 2022 ORIX Corporation All rights reserved.

Net Income & ROE✓

312.1 JPY Bn in net income (+62% YoY), annualized ROE of 9.9%✓

Posted new quarterly net income record of 100.8 JPY Bn in Q4. Recorded largest-ever investment gain on saleof Yayoi, which offset impairments in several segments✓

Reported record full-year EPS of 259 JPY
Net Income *1 and ROE

Quarterly Net Income and ROE Trends(JPY Bn)

12.3%

400

350

12.1%

11.6%

10.3%

6.4%

9.9%

120

10.0%

12.6%

11.4%

10.6%

9.6%
7.8%

5.0%
100

300

8.6%
6.8%

10.0%

8.3%

6.8%
5.9% 6.5%

0.0%

5.0%

80

250

-5.0%

(JPY Bn)

200
60-10.0%

150

313.1

323.7

312.1

302.7

89.9

-15.0%

40

85.2

69.2

192.4

100

100.8
81.5
58.4

-20.0%

0.0%

65.2
50.0

20

43.8

48.2

64.7

50.4

-5.0%

50
-25.0%

-10.0

0

0

-30.0%

18.3

19.3

20.3
Net income

21.3
ROE

22.3

*1 Net income refers to Net Income Attributable to ORIX Corporation Shareholders

Q1

Q2
Q3
20.3

Q4

Q1

Q2

Q3
21.3

Net Income

Q4

Q1

Q2

Q3
22.3

Q4

ROE

Copyright © 2022 ORIX Corporation All rights reserved.

2

Breakdown of FY22.3 Segment Profits
FY22.3
Segment profits

Base Profits

363.3 JPY Bn, up by 32% YoY (+87.2 JPY Bn)
Highest base profits reported in five years. Eight of ten segments saw base profits grow, withperformance in overseas segments particularly strong

Investment
Gains

187.9 JPY Bn, up by 235% YoY (+131.8 JPY Bn)
Gains on sale of Yayoi led to highest-ever investment gains. Sale of logistics centers in real estatesegment and PE exits overseas also contributed

551.2 JPY Bn+66% YoY(+218.9 JPY Bn)

600.0

Changes to Base Profits, Investment Gains Definitions

Segment Profits
551.2(JPY Bn)

500.0

470.1
433.7

400.0

119.9

94.0

451.4

Base profits

Finance revenues, operating leases (excl.
gains on property sales), sales of goods andreal estate, services income, SG&A expense,
interest expense, provisions, impairments,
etc.

Finance revenues, operating leases (excl.
gains on property sales), sales of goods
and real estate, services income, SG&A
expense, interest expense, provisions, etc.

Investment
gains

Gains on sales of operating leases,
subsidiaries and affiliates, investment
securities, etc.

Gains on sales of operating leases,
subsidiaries and affiliates, investment
securities, impairments, etc.

187.9

332.3
56.1

350.2

339.7

363.3

336.7
276.2

100.0

0.0

From Full-Year FY22.3

114.7

300.0

200.0

Through Q3 FY22.3

18.3

19.3
Base profits

20.3

21.3

22.3

*The revised definitions above from full-year FY22.3 have been retroactively applied to the five-year
segment profits graph on the left.

Investment gains
Copyright © 2022 ORIX Corporation All rights reserved.

3

Segment Profits✓

Record high segment profits✓

Segment profits rose YoY in five segments, primarily in ORIX Europe, ORIX USA, Asia and Australia. Domestic segments
also solid(JPY Bn)
Segment Profits
Breakdown

9%

9%

9%
9%

14%

551.2 JPY Bn

8%
-2%
6%

8%
0%

10%
1%

Q3

Q4

Full-Year

Corporate Financial Services andMaintenance Leasing (Ex. Yayoi)

18.8

30.4

17.0

16.9

83.1

+18.4

Corporate Financial Services, Auto, Rentec all posted growth

Yayoi

1.5

1.7

1.7

163.4

168.3

+162.2

Sale of Yayoi led to substantial increase

2

Real Estate

11.0

12.8

4.0

5.7

33.6

+7.7

Booked investment gains centered on logistics facilities sales. Losses in facilities operations
shrank3

PE Investment andConcession

0.3

1.6

-12.1

-1.0

-11.3

-15.1

Lower on impairment at one PE investee, but other investees performed well4

Environment and Energy

4.5

5.2

8.8

-15.5

2.9

-24.6

Declined YoY owing to impairment of Coal and Biomass Power Plants, but large-scale
investments began contributing to profits

5

Insurance

15.5

17.5

12.7

8.9

54.6

-1.6

Higher excluding impact from former Hartford Life, policies in force growing steadily

6

Banking and Credit

12.8

9.3

12.4

9.4

43.8

-6.1

Flat at ORIX Bank, but absence of year-earlier reversals at Credit led to decline YoY

7

Aircraft and Ships

-4.8

5.4

2.6

-5.0

-1.8

-7.2

Ships business performing well. Excluding impairments, Aircraft higher driven by market
recovery

8

ORIX USA

25.2

22.5

20.6

8.0

76.3

+36.0

New record high on broad-based growth, including PE investments

9

ORIX Europe

13.5

15.1

27.6

-6.6

49.6

+10.1

Record AUM achieved in Q3. Hit new full-year profit record despite impairment of intangible
assets booked in Q4

10

Asia and Australia

8.8

11.7

15.4

16.3

52.3

+39.1

New record high, mainly due to growth in finance revenues in South Korea, China

Total

106.9

133.3

110.6

200.4

551.2

+218.9FY22.3

Segment Profits Total
43%

13%

Q2

6%

Highlight

YoY

1

Overseas
（32%）

Q1

46%

-

The 46.3 JPY Bn difference between the FY22.3 segment profit total of 551.2 JPY Bn and the pre-tax profit of 504.9 JPY Bn is attributable to the Adjustment of Segment Profits toConsolidated Statement Amounts

Copyright © 2022 ORIX Corporation All rights reserved.

4

Segment Assets✓

Assets increased on continued new investment and project development, focused primarily inoverseas segments, Environment and Energy segment (forex impact: 372.4 JPY Bn)✓

Annualized segment asset ROA improved to 2.7%, up 1.0% points vs. end-FY21.3
22.3

Segment Assets
Breakdown

11%

13%

Highlight

ROA*

1,516.8-159.3

10.8%

Lower due to sale of Yayoi, strategic reduction in lending balance and leasing
assets2 Real Estate

910.1

+38.0

2.6%

Asset sales continued but development of new logistics facilities led to overall
higher assets

3 PE Investment and Concession

353.6

-25.1

-3.1%

Declined vs. end-FY21.3 owing to impairment at one investee

4 Environment and Energy

703.6+214.4

0.3%

Elawan acquisition fueled sharp increase

5 Insurance

2,072.1+112.62.0%

Growth in insurance policies led to increase

6 Banking and Credit

2,687.2

-3.5

1.1%

Mostly flat vs. end-FY21.3

7 Aircraft and Ships

684.1

+82.3

-0.6%

Lower in aircraft leasing due to sales and depreciation, but rose in ships on loan
executions

8 ORIX USA

1,364.1+144.1

4.7%

Higher, mainly due to the impact of the weak yen

9 ORIX Europe

401.9

+32.3

9.6%

Investments in securities rose

1,306.1+221.93.3%

Growth in leasing business in South Korea, China fueled increase

11,999.6+657.82.7%

1Overseas（31%）

Vs. 21.3(JPY Bn)

Corporate Financial Services
and Maintenance Leasing

3%
8%
11%
6%

End-FY22.3 Segment
Assets Total

12 JPY Tn
17%
22%

3%
6%

10 Asia and Australia

Total*Segment asset ROA is calculated using total post-tax unit profits

Copyright © 2022 ORIX Corporation All rights reserved.

5

Medium-term Direction: Earnings Targets and Shareholder Returns (1)FY21.3

FY22.3

FY25.3 Targets

Net income

192.4 JPY Bn

312.1 JPY Bn

440.0 JPY Bn

ROE

6.4%

9.9%

11.7%

Financial

A rating-equivalent

A rating-equivalent

A rating-equivalentsoundness

Shareholder returns✓ Dividends: Payout ratio of 33% or previous fiscal year’s dividend, whichever is higher. FY22.3 dividend is 85.6 JPY
per share.
✓ Share buybacks: To be carried out opportunistically (50 JPY Bn planned for FY23.3)✓ Shareholder benefit programs to be terminated (see p.8)

ESG
✓ Promoting efforts to address material issues and key goals announced in November 2021
Copyright © 2022 ORIX Corporation All rights reserved.

6

Medium-term Direction: Earnings Targets and Shareholder Returns (2)FY22.3

FY25.3 Expectations *1

Segments assets

12 JPY Tn

Total assets

14 JPY Tn

14 JPY Tn
16 JPY Tn

Segment asset ROA

2.7%

Total asset ROA

2.2%

3.1%
2.7%

Ratio of overseas
profit *2

33%

51%

Shareholders’ equity
ratio(excl. Yayoi sale: 47%)

22.9%

24%

*1 FY25.3 forex assumptions: 125 USD/JPY, 135 EUR/JPY*2 Overseas: Aircraft and Ships, ORIX USA, ORIX Europe, Asia and Australia, and the Environment and Energy business outside Japan
Copyright © 2022 ORIX Corporation All rights reserved.

7

Termination of Shareholder Benefit Programs
1. Reasons for terminating the programs•

In 2010, ORIX began its Shareholder Benefit Card program, which makes shareholders eligible for discounts on a variety of services
offered by the ORIX Group. In 2015, the gift catalog-style shareholder benefit program “Furusato Yutai” was launched.

•In addition to enhancing shareholder benefit programs, ORIX has paid stable, sustained dividends and carried out opportunistic sharebuybacks.

•

In an effort to return profit to shareholders in a more equitable manner, ORIX has decided to terminate its shareholder benefit programs.
Going forward, ORIX will concentrate on returning profit to shareholders through dividends and other means.

2. Schedule for terminating the programs(1) Shareholder Benefit Card: Program will cease following distribution to shareholders of record as of March 31, 2024.
The benefit card may be used until the expiration date (July 31, 2025) listed on the back of the card.
(2) The “Furusato Yutai” shareholder benefit program will cease following distribution to shareholders of record as of March 31, 2024.

* Please see notice issued on May 11, 2022 “Notice Concerning Termination of Shareholder Benefit Programs” for details.
Copyright © 2022 ORIX Corporation All rights reserved.

8

Medium- to Long-term Growth✓ Operation & Investment and Asset Management positioned as growth drivers, aim to achieve 440.0 JPY Bn in net income by
FY25.3✓ After FY25.3, will sustain growth into FY30.3 supported by new investments in environment and energy, overseas businesses
Net income: Trends & Breakdown

11.7%(JPY Bn)

9.9%
10.0 %

5,760

Aircraft and ships, Real estate
operations, Concession

ROE
FY25.3440.0 JPY Bn
4,320

5.0%

FY22.3

4,000

Operation & Investment

312.1 JPY Bn

FY20.3302.7 JPY Bn

3,000

2,880

2,000

0.0%

Asset Management

FY 21.3

192.4 JPY Bn

1,440

-5.0%

1,000

Financing & Insurance0-10.0%

13.3

14.3

15.3

16.3

17.3

18.3

19.3

20.3

21.3

22.3

23.3

24.3

25.3

26.3

27.3

28.3

29.3

30.3

Copyright © 2022 ORIX Corporation All rights reserved.

31.3
9

Medium-term Direction
Breakdown of Segment Profits

FY22.3 (Actual)

FY25.3 (Target)

Aircraft and ships, Real estate
operations, Concession-22.0 JPY Bn

60.0 JPY Bn

Operation & Investment

325.7 JPY Bn

290.0 JPY Bn(Investment gains on Yayoi sale)(163.0 JPY Bn)(zero)

Asset Management

100.0 JPY Bn

130.0 JPY Bn

Financing & Insurance

147.5 JPY Bn

180.0 JPY Bn

Segment profits

551.2 JPY Bn

660.0 JPY Bn

Pre-tax profits*504.9 JPY Bn

620.0 JPY Bn

Net income

312.1 JPY Bn

440.0 JPY Bn*Pre-tax profit are segment profits excluding costs not assigned to any segments and other items.

Copyright © 2022 ORIX Corporation All rights reserved.

10Medium-term Direction: Growth Strategy✓ Substantial capital to be invested in Operation & Investment, Asset Management✓ In Financing & Insurance, will strengthen profitability through differentiation to attain stable growth
Segment Profits Outlook(FY22.3 to FY25.3)

Operation &Investment

325.7 → 290.0 JPY Bn(FY22.3 figure includes 163.0 JPY Bn
gains on sale of Yayoi)

PE Investment✓

Achieve continued success in Japan, US, Asia

Environment andEnergy✓Accelerate investment, primarily overseas✓

Promote development/leasing/sales business model✓

Operate hybrid business model combining loan origination for realestate and corporations, and asset management

Europe✓Expand AUM by leveraging ESG investing expertise

Corporate Financial Services✓

Maximize utilization of domestic network, offer diversified solutions

Insurance✓

Banking and Credit✓✓

Enhance major products, drive market share growth throughonline/in-person sales
Strengthen profitability via new businesses, products
Build asset portfolio using strategies tailored to each market’s local
conditions

Real Estate

AssetManagement

Financing &Insurance

USA
100.0 → 130.0 JPY Bn

147.5 → 180.0 JPY Bn

Asia and Australia

573.2 → 600.0 JPY Bn

Main strategy

Business+190.0 JPY Bn (Excl. gain on sale of Yayoi)
Copyright © 2022 ORIX Corporation All rights reserved.

11

Focus Area (1): PE Investment✓ Focus on larger deals (including carve-outs) in addition to current small/mid-size company-focused strategy✓ US: Build on successes in middle-market strategy, aim to utilize more third-party capitalJapan

Basic strategy◼

Use Group network for investee sourcing, exits◼

Focus on IT, information processing, healthcare,
BPO, logistics areas└ Contribute to business promotion inother ORIX segments

Focused on small/mid-size firms (EV less than
50.0 JPY Bn), business succession projects◼ Put in place measures to prevent issues seen in
Kobayashi Kako incident◼

～FY22.3◼

FY23.3 andbeyondContinue investment/exit cycle, including PE

Expand scope to larger firms (EV> 50.0 JPY Bn)
and carve outs, while keeping eye to portfolio
composition◼ During post-merger integration, improve
productivity through digital innovation◼

US & Europe◼

Asia (ex-Japan)

Specialize in US middle market, support
investees growth◼

Control China-specific risks└ Pursue tie-ups with state-owned enterprises, local
management◼

Focus on infrastructure, IT, digital marketing,factory automation areas

Onshore (mainland) / Offshore (Hong Kong)
strategies◼ Achieve market growth in line with eachcountry/market’s unique aspects◼

Primarily utilized own principal capital◼

◼

Achieved success with third-party capitalprojects, incl. RoadSafe exit◼

Build track record of exits, utilize third-party
capital◼

Expand scope to possible majority stakes, inaddition to minority interests◼

Create investment platform (incl. ORIX CapitalPartners)◼

Hong Kong subsidiary acquired asset
management license in FY22.3◼

Realize capital recycling model with newinvestments (incl. VC) and exits◼

Concentrate investments in growth areas while
controlling risks◼

Main focus on taking minority interests wheresynergies can be realized◼ Investments slowed in some regions owing to
COVID impact

Copyright © 2022 ORIX Corporation All rights reserved.

12

Focus Area (2): Environment and Energy✓ Capital investment to focus on overseas renewable energy projects (total existing projects of 2 JPY Tn),
growth to be driven by Elawan, Greenko✓ Operating capacity including pipeline projects: Elawan (80% stake), 9 GW; Greenko (20% stake), 18 GW
Highlights (Gross basis)
Elawan (Operating capacity incl. pipeline projects: 9 GW)•
670 MW of solar, wind capacity under construction, mainlyin Europe. 4.8 GW currently in development•
Launching projects in US market. Acquired development
rights to three solar projects totaling 260 MW•
Projects to start operations at accelerated pace from FY23.3•
Reduced development risk by acquiring local operators,
through JVs
Greenko (Operating capacity incl. pipeline projects: 18 GW)•
5 GW of pumped storage hydroelectric capacity underconstruction/development. Coming onstream graduallyfrom FY24.3•
Integrated Renewable Energy Storage Project (IREP)* to fuelgrowth, combines renewable energy and pumped storagehydroelectric capacity•
Announced ground-breaking strategic partnership with
ArcelorMittal (major steel company)•
Entered green hydrogen market*Integrated Renewable Energy Project (IREP) combines renewable energy sources (such as
solar, wind) and storage batteries, with aim of ensuring stable supply by storing a portion of
the power generated by renewable sources for release when needed, such as when output
fluctuates.

Owned renewable energy
operating capacity (net basis)

Pipeline projects under construction/development (net basis)

Outlook

In operation

Under
construction

Development (1)Development (2)Slated to begin
operation by
FY25.3

7.0GW(Post-sales 6 GW）
Sales
1.0GW

2.5 GW

CAGR
28%

1.2 GW

3.3 GW
Overseas

3.3 GW
Domestic

22.3

25.3

22.3

25.3

Copyright © 2022 ORIX Corporation All rights reserved.

13

Focus Area (3): Asset Management Business✓ Expansion in asset management business centered on Europe, US supports base profit growth✓ Focus on management of diversified asset base, in addition to equities, fixed income, and alternative assets; utilizing
Group resources (Top manager of renewable energy, aircraft, condominium asset management, auto fleet assets in Japan)
Equity, fixed income, alternative asset AUM*1

Aircraft fleet management

Daikyo Group condominiums managed (units)

152 Aircraft

541K

535K

J-REITs, private REITs
US: Loan origination / servicing
ORIX Europe / Robeco

100 Aircraft

55 JPY Tn
44 JPY Tn
18.3

19.3

20.3

21.3

22.3

18.3

Mega-solar Operation & Maintenance *2
439 MW

19.3

20.3

21.3

Auto fleet maintenance1.35 Mn

355 MW

22.3

1.41 Mn
VehiclesOperationalfrom FY19.3
18.3

19.3

20.3

21.3

22.3

18.3

19.3

20.3

21.3

22.3

18.3

19.3

20.3

21.3

22.3

*1 End-period forex rates used. *2 Established mega-solar operation and maintenance firm in June 2018.

Copyright © 2022 ORIX Corporation All rights reserved.

14

Aircraft and Ships, Real Estate Operations, Concession✓ Roughly two years have passed since start of COVID-19 pandemic✓ In FY25.3, forecast recovery in segment profits to about 80% of pre-pandemic (FY20.3) levels
Segment Profits (Three Heavily Impacted Segments)
Aircraft and ships

Real estate (operations)Concession

70.1 JPY Bn

Total (Three segments in total)+900億円

60.0 JPY Bn＋80.0 JPY Bn-18.1 JPY Bn

20.3

21.3

-22.0 JPY Bn

22.3

25.3 (Target)

Copyright © 2022 ORIX Corporation All rights reserved.

15

Steady Growth in Domestic Businesses✓ Financing, other existing businesses positioned as base. Offer wide variety of solutions through nationwide network ofsales offices and relationship managers as a hub✓ In addition to M&A and fee-based businesses, strengthening tie-ups with Environment and Energy, PE, Real Estatesegments through digital/sustainability transformation, business succession support, regional revitalization efforts
On P.16-17, Profits = Segment profits. Assets = Segment assets.

Domestic Environment and Energy
FY22.3
Profits: -1.6 JPY Bn*1
Assets: 279.1 JPY Bn

FY25.3
Profits: 19.0 JPY Bn
Assets: 400.0 JPY Bn*1 Includes impairment of Soma, Hibikinada Coal andBiomass Power Plants

PE and Concession
FY22.3
Profits: -11.3 JPY Bn
Assets: 353.6 JPY Bn

FY25.3
Profits: 40.0 JPY Bn
Assets: 400.0 JPY Bn

Corporate Financial Services andMaintenance Leasing
FY22.3
Profits: 88.4 JPY Bn*2
Assets: 1,516.8 JPY Bn

FY25.3
Profits: 55.0 JPY Bn
Assets: 1,100.0 JPY Bn

Banking and Credit✓

Strengthen fee-based businesses such as M&A andcross-selling ORIX Group products and services
through business succession support, restructuring✓

Move beyond financing, leasing transactions to utilize
venture capital, equity, other investments✓

Enhance solutions offerings through nimble
assessment of client issues/themes, including
digitization, sustainability, aging society, regional
revitalization

Real Estate
FY22.3
Profits: 33.6 JPY Bn
Assets: 910.1 JPY Bn

FY25.3
Profits: 90.0 JPY Bn
Assets: 1,500.0 JPY Bn✓

Expand through closer partnerships with PE,
Environment and Energy, Real Estate segments

FY22.3
Profits: 43.8 JPY Bn
Assets: 2,687.2 JPY Bn

FY25.3
Profits: 58.0 JPY Bn
Assets: 2,900.0 JPY Bn

Insurance
FY22.3
Profits: 54.6 JPY Bn
Assets: 2,072.1 JPY Bn

FY25.3
Profits: 63.0 JPY Bn
Assets: 2,300.0 JPY Bn*2 Excluding 163.0 JPY Bn investment gains from Yayoi sale

Copyright © 2022 ORIX Corporation All rights reserved.

16

Expansion in Overseas Businesses✓ Enhance governance, level of expertise necessary to develop overseas business expansion✓ Management by business leaders with specialized expertise who are well versed in the laws, regulations,business practices of each region, industry
Aircraft and Ships(OAS, Avolon, Ships)
FY22.3
Profits: -1.8 JPY Bn*1
Assets: 684.1 JPY Bn

FY25.3
Profits: 47.0 JPY Bn
Assets: 900.0 JPY Bn

OCE (Robeco Group)
Asset Management
FY22.3
Profits: 49.6 JPY Bn
Assets: 401.9 JPY Bn

FY25.3
Profits: 68.0 JPY Bn
Assets: 500.0 JPY Bn

ORIX Corporation USA
Asset Management, Financing, Investment
FY22.3
Profits: 76.3 JPY Bn
Assets: 1,364.1 JPY Bn

FY25.3
Profits: 105.0 JPY Bn
Assets: 1,500.0 JPY Bn

Overseas Environment and Energy(Elawan, Greenko, Ormat, others)
FY22.3
Profits: 4.5 JPY Bn
Assets: 424.5 JPY Bn

FY25.3
Profits: 19.0 JPY Bn
Assets: 900.0 JPY Bn*1 Aircraft and Ships segment: Pre-COVID (FY20.3) segment profits were 44.9 JPY Bn

Asia and Australia
Financing, Investment
FY22.3
Profits: 52.3 JPY Bn
Assets: 1,306.1 JPY Bn

FY25.3
Profits: 66.0 JPY Bn
Assets: 1,600.0 JPY Bn

Note: FY25.3 segment profit totals on P. 16, P. 17 differ by 30.0 JPN Bn from the total Group segment profit target on P.10.
Difference represents assumed profits from businesses or projects not assigned to a segment.

Copyright © 2022 ORIX Corporation All rights reserved.

17

Overseas Business Management Team: ORIX USA✓ Promote expansion in AUM and fee business while responsibly controlling balance sheet✓ Operate hybrid strategy utilizing third-party capital
Medium-term Direction
・Focus on US middle market in credit, real estate,
private equity verticals
・Extending cooperation with ORIX Group in
industries/sectors (such as renewable energy)
where synergies exist
・Promoting business collaboration with ORIX UK,
ORIX Europe
・Potential M&A opportunities with middle-marketfocused firms for added specialized expertise tomeet client needs
・Further leverage growth of real estate business:acquisitions of real estate loan services firms overpast decade fueled growth at Lument, No. 1 FHA
MAP lender in 2021 and Boston Financial, No. 1
LIHTC syndicator for 2021

ORIX USA, President & CEO

ORIX USA, Chief Investment Officer

Yoshiteru “Terry” Suzuki

Art Mbanefo

・Former KPMG LLP partner,
President & Co-CEO of CerberusJapan・Rejoined ORIX in 2015,established PE
business in New York leading to present position

・Former Barclays International
CIO, joined OCU in 2020
・35 years experience in finance,
investment management

CreditReal Estate

ORIX USA, Chief Investment Officer,
Asset Management

Boston Financial Investment
Management, CEO

Jeff Abrams

Gregory P. Voyentzie

・ Joined ORIX USA following senior positions at
Barclays International and Guggenheim Partners
・ Long experience in finance,
investment management

・Joined Boston Financial in 1999,
long experience in affordable housing
industry

ORIX Global Asset Management,
Executive Chairman

Gilbert Van Hassel
・Robeco CEO through 2021
・Manages overall ORIX global asset
management businesses

Private Equity
ORIX Capital Partners, President

Christopher Suan
・Joined ORIX USA in 2014 after
serving as Managing Director at KKR,
other roles*Some organizations, roles, personnel, and work history have been omitted from chart above.

Copyright © 2022 ORIX Corporation All rights reserved.

18

Overseas Business Management Team: ORIX Europe✓ Robeco has been a global leader in the sustainable investing field since launching its first sustainable

investing product in 1995
✓ Targets growth in alternative asset portfolio in addition to traditional asset management (equities, fixedincome)Medium-term Direction
・ESG investing, a tailwind and actively promoted
within OCE, primarily at Robeco and Gravis CapitalManagement

ORIX Corporation Europe N.V., CEO

Kiyoshi Habiro・Joined ORIX in 1993
・Currently head of ORIX Europe
Robeco Group as of 2022

・Asset management fees for traditional products(equities, fixed income) under downward pressure

・Expansion in lineup of alternative investment
products, which have comparatively higher fee
margins, to help secure profits
・Cooperation with ORIX renewable energy businessalso in view
・Venture capital investment to grow in collaboration
with OurCrowd
・Looking to expand asset management functions(exploring acquisition of M&A or boutiqueinvestment firms)

Harbor Capital
Advisors, Inc.

RobecoBoston Partners
Global Investors, Inc.

CEO

CEO

CEO and CIO

Karin Van Baardwijk

Charles McCain

Joseph F. Feeney

・Joined in 2006
・Former Head of Operational
Risk Management, other roles

・Joined in 2004
・Formerly at Wilmer Cutler,
Pickering Hale and Dorr LLP・Joined in 1995, one offounding members
・Wealth of investment experience

Transtrend B.V.

Gravis CapitalManagement Ltd.

OurCrowd International
General Partner, LPManaging Director

CEO, Founder

CEO, Founder

Harold de Boer

Rollo Wright

Jon Medved

・One of founding members
from 1991
・Responsible for development & researchof Diversified Trading Program

・Joined in 2008, one of founding
members
・Many years experience in finance・OurCrowd Founder & CEO・Serial entrepreneur, one of
Israel’s leading high tech venture capitalists

Copyright © 2022 ORIX Corporation All rights reserved.

19

Overseas Business Management Team: Environment and Energy✓ View efforts to realize a sustainable society, such as decarbonization and a circular society, as a business

opportunity, aim to continue expansion✓ Aim to accelerate global expansion centered on renewable energy business by capitalizing on domestic
track record
Medium-term Direction

ORIX Corporation,
Head of Energy and Eco Services Headquarters

ORIX Corporation,
Deputy Head of Environment and Energy

・Establish fully-integrated global platform fromproject development to ownership, operation,and sale

Hidetake Takahashi

Mike Nikkel

・Joined ORIX in 1993,
Head of Energy and Eco-Services
Headquarters since 2020

・Joined ORIX in 2016,
Senior Managing Director of Energy
and Eco Services Headquarters since 2021

・Building stable earnings base by monitoringbalance sheet, securing income from retail
power sales, and promoting operation &maintenance outsourcing services

・Enjoy capital gains by selling a portion ofoperating assets, promoting capital recycling
model. Flexibly manage capital strategy foreach company in the segment

Elawan Energy S.L.

Greenko Energy Holdings

Ormat Technologies Inc.

CEOFounder, Chief Executive & Managing Director

CEO

Dionisio Fernandez Auray

Anil Kumar Chalamalasetty

Doron Blachar

・Founded Elawan in 2007

・Co-founder of Greenko

・CFO since 2013, CEOsince 2020

Founder, President & Joint Managing Director

Mahesh Kolli
・Co-founder of Greenko

Copyright © 2022 ORIX Corporation All rights reserved.

20

Overseas Business Management Team: Aircraft and Ships✓ Aircraft: Aircraft leasing business enhanced market presence through pandemic✓ Ships:

Seek opportunities for new acquisitions (as a growth driver), generate gains on sales and fee income
Achieve further growth in three main businesses (owned fleet, JOLCOs, financing), invest more in adjacentbusinesses which can utilize industry expertiseMedium-term direction
Aircraft:・Forecast return to growth in the passenger market
after pandemic subsides
・Enhance quality of asset portfolio, expand owned andmanaged fleet

ORIX Corporation,
Head of Global Transportation Service
Headquarters

ORIX Corporation,
Deputy Head of Global Transportation Services
Headquarters

Ryujiro Tokuma

Kei Kitagawa

・Joined ORIX in 1996
・Became President of ORIX Maritime
in 2012 (Current)
・Head of Global Transportation Service Headquarters since 2022

・Joined ORIX in 1998
・Appointed Head of Aviation and
Investment Group in 2015 (Current)
・Deputy Head of Global Transportation Services Headquarters since 2019

ORIX Aviation

Avolon・Grow business from synergies through collaboration
with Avolon
Ships:CEOCEOJames Meyler

Dómhnal Slattery

・Over 20 years experience inaircraft leasing business・Over 30 years experience inaircraft leasing business・Expand ship financing to clients with strong credit

Chief Financial Officer

President and Chief Financial Officer

・Ordered two new, state-of-the-art eco ships slated for2023 completion

Marie-Louise Kelly

Andy Cronin

・Appointed CFO in 2016

・Appointed CFO in 2010,
President since 2021

・Shipping market remains strong
・Timely sale of owned fleet assets, grow fee businessthrough JOLCO originations

・Still plan to order several dozens of new ships

Copyright © 2022 ORIX Corporation All rights reserved.

21

Overseas Business Management Team: Asia and Australia (Greater China Group)✓ China’s economy to continue to grow. While recognizing risks from US/China political issues, will promote growth strategy led by local

management✓ Build partnerships with regional governments, state-owned enterprises; secure management personnel well-versed in local market✓ Continue existing policies with disciplined risk management as basic premise
ORIX Corporation,
Executive Officer Responsible forGreater China Group

Medium-term Direction
・Continue to grow two pillars of business: financing
and investment
・Expand into industries ORIX Group already operatesin (asset management, life insurance, infrastructure,
healthcare, Environment and Energy) in Greater China・Strengthen minority investments (where synergies
can be realized) and partnerships
・Grow business through strategic majority stake
investments, start businesses from scratch, andbusiness operations using third-party capital
investment

Hao Li・Joined ORIX Capital in 2007
・Appointed Executive Officer
Responsible for Greater China Group in 2022
ORIX (China) Investment Co.,Ltd.

ORIX China Industrial Holding

ORIX Asia AssetManagement Limited

ORIX Asia Limited

Chairman

COO

Managing Director

CEO

Guoping Liu

Tongtong Wu

Adrian Pang

Onan Cho・Entered ORIX in 2012
・Experience at China Railway
Ministry, Fmr. Vice Presidentof China Railway Materials
Company Limited (CRM)➢ Qingdao JV（ORIX China Industrial Holding)：Functions as holding company, has oversight of Chinese operating
businesses. Established in 2021 with 6 RMB Bn in capital. ORIX has 50% stake, 40% held by Qingdao City Government
subsidiary Qingdao Haifa Group.
➢ Dalian JV (Dalian Financial & Industrial Investments Group Co., Ltd.) Equity investment, real estate, other financial
businesses. Established in 2016 with 3.4 RMB Bn in capital. Qingdao JV holds 62% (ORIX indirectly holds 31%), remaining
stake held by Dalian City Government firm
➢ Fujian JV (Fujian Runlou Financial and Industrial Investment Co., Ltd) Development/sale of big data, AI technologydriven credit models, financing support services. Established in 2020 with 650 RMB Mn in capital. Dalian JV holds 70%(ORIX indirectly holds 22%), remaining stake held by Fujian Province, Fuzhou City firm

・Joined ORIX in 2010
・Vice Officer
Responsible for Greater
China Group, head of
Dalian business・Joined ORIX in 2019
・Fmr head of CIT, Sun Micro(Financial) Asia region

・Joined ORIX in 2010

・Experience ashead of Greater
China group investing

Hong Kong

China
ORIX China Corporation

ORIX Taiwan Corporation

ORIX Auto Leasing Taiwan

Chairman, President

President

President

Zhiqiang Liu

Hiroyuki Sakai

Michael Ming-yu Chung・Joined ORIX in 2018
・Began career at
People’s Bank of China,
Served as Head of China
Guangfa Bank, CITIC
Board of Directors

・Joined ORIX in 1980
・Former ORIX
USA Vice President,
OCIC President

China・Joined ORIX in
2022
・Served as management at
Taiwan Mercedes
Benz dealer

TaiwanCopyright © 2022 ORIX Corporation All rights reserved.

22

Overseas Business Management Team: Asia and Australia✓ Formulate strategy considering post-COVID impact, market size (including each region’s population and economic

trends), market growth potential, and competition✓ Manage operations primarily through leaders with deep local ties, based on basic principle of “local management/local
staff”ORIX Corporation, Head of Global Business Group

Yoshiaki Matsuoka

Medium-term Direction
・Australia, South Korea maintained strong
earnings despite COVID impact, plan to actively
expand in these regions
・Operating assets decreased at local firms inSoutheast Asia (including Malaysia, Thailand,
Indonesia) during COVID. Will strengthen basic
operations especially sales to achieve recovery inasset size

・Joined ORIX in 1991
・Former Deputy Head of PE business, CEO of ORIX
Europe. In current position since 2021

ORIX Indonesia FinanceSinar Mitra Sepadan FinancePresident Director

President Director

Takehisa Kaneda

Hidenori Kuwahara

・Joined ORIX in
1988
・Worked in
Ireland, India
・ In current position
since 2017

・Diversify business portfolio by reducing
dependence on financing, realign leasing
businesses

Managing Director &Co-CEOManaging Director &Co-CEO

Ed Sirivallop

Daisuke Morita

・Joined ORIX Thailand
in 2018 after working
at Citibank, BCG
・ In current position
since 2021

・Joined ORIX in
2004
・ In current position
since 2021 after timein Dubai, Malaysia

Thailand 23

Indonesia

・Improving profitability of India operations
・Replaced mainframe IT systems in Thailand,
Indonesia, should help improve operating cost
structure

・Joined ORIX in
1998
・Worked in
multiple Asian
countries
・ In current position since 2022

Thai ORIX Leasing

ORIX Capital Korea

ORIX Leasing Malaysia

CEO

President & CEO

Chung Sung-Yoon

Fumihiko Sato・ In current position since2010. Fmr.
Korea Development
Leasing CFO

South Korea

・Joined ORIX in 1987
・ In current position
since 2019 following
work in thePhilippines

Malaysia

ORIX Investment andManagement
Chairman

Soh Kim Soon・ In current position since2001, former
DBS Bank, DBS
Securities Chairman

ORIX Leasing Singapore

Managing Director

Joanne Liau・Joined ORIX
Singapore in2004 from OCBCBank.
・ In current position
since 2007

Singapore
Copyright © 2022 ORIX Corporation All rights reserved.

ORIX Auto Infrastructure
Services Limited

Managing Director & CEO

Sandeep Gambhir
・ In current position
since 2013
・Formerly
Barclays Finance

India
ORIX Australia Corporation

Managing Director & CEO

Reggie Cabal
・Formerly at NetSol
Technologies(San Francisco).
・ In current position
since 2016

Australia
23

ORIX: Outlook for Growth in 5-10 Years✓ Aim to achieve global growth, revitalization of domestic businesses by working closely with a wide variety ofclients to resolve their business problems and, in turn, solve social issues✓ Redefine ORIX Group’s Corporate Philosophy for the next five to ten years, strengthen human resources
hiring and training
Social Themes Impacting Diverse Clients Globally

Strategic Drivers for Multiple Segments

Advancing Technology, Data Science

Recovery in Domestic Market◼ Improve productivity (Large/mid-size firms, SMEs)◼ Technology/services (3D printing, autonomous driving,eVTOL)◼ Data (AI, cloud services, digital marketing)

Promoting Sustainability, Decarbonizaton◼ Stronger GHG emission regulations◼ Competition in development of alternative energy◼ Supply chain-wide sustainability efforts◼
◼
◼

Recovery in inbound tourism (MICE-IR)
Regional creation/revitalization and new lifestyles
Demand resulting form aging society, medical field,
infrastructure renewal

Global Growth◼ Proactive investment on growing demand for renewableenergy◼ Materials/resources, supply chain/logistics, security◼ Expansion in global finance, private investments

Copyright © 2022 ORIX Corporation All rights reserved.

24

Progress in ESG-Related Matters✓ Outside Directors now account for over half of Board of Directors as of January 2022
✓ Recorded 19.6 JPY Bn in impairments on Biomass and Coal Power Plants in FY22.3✓ Established roadmap to achieving key goals by FY30.3. Emphasis on ESG will lead to greater andaccelerated contributions to society
ESG-related Key Goals (announced November 2021)

ESG-related KPIs
GHG Emissions Reductions

Sustainable
Products/Services

1.

2.
✓
✓
✓
✓

Environment and Energy
Real Estate
Auto
Aircraft and Ships

✓
✓
✓
✓

Responsible
Lending/Investing

Environment and Energy
Banking
Corporate Financial
Services
RentecGroup Sustainability
Promotion

3.
4.
5.
6.

7.
✓
✓
✓
✓

RobecoInsurance
Banking
PE Investment

✓
✓
✓

DE&I
Stronger governanceSupply chain
management

Outside directors to account for over half of the composition of the ORIX
Group Board of Directors by the General Meeting of Shareholders set to beheld in June 2023.
Female directors to account for over 30% of the composition of the ORIX
Group Board of Directors by the end of the fiscal year ending March 31, 2030.
Female employees to account for over 30% of management positions at
ORIX Group by the end of the fiscal year ending March 31, 2030.
Reduce ORIX Group GHG (CO2) emissions by 50% compared to the fiscal year
ended March 31, 2020 by the end of the fiscal year ending March 31, 2030.
ORIX Group to achieve net zero GHG (CO2) emissions by the end of the fiscal
year ending March 31, 2050.
Reduce ORIX Group’s investment and credit balance in GHG (CO2) emitting
industries* by 50% compared to the fiscal year ended March 31, 2020 by theend of the fiscal year ending March 31, 2030.
ORIX Group to achieve a zero investment and credit balance in GHG (CO2)emitting industries* by the end of the fiscal year ending March 31, 2040.

* Refers to the fossil fuel mining, palm oil plantations, and forestry financed by some ORIX Groupoverseas subsidiaries

Copyright © 2022 ORIX Corporation All rights reserved.

25

Segment Performance

Copyright © 2022 ORIX Corporation All rights reserved.

26

Corporate Financial Services and Maintenance Leasing
YoY +180.7 JPY Bn (+255％)

Segment Profits: 251.4 JPY Bn

Segment Assets: 1,516.8 JPY Bn

YTD –159.3 JPY Bn (-10%)✓ Gain on the sale of Yayoi booked in Q4✓

Assets down vs. end-FY21.3 owing to Yayoi sale

✓ Auto profits significantly up on strong used car sales and focus on profitability✓

Price competition in low-interest rate environment has led to more
careful business deal selection, leading to a reduction in financing
assets✓ Rentec profits double on growth in rental equipment earnings incl. 5G-related
Segment Assets・ROA

Segment Profits

Yield on Loans

FY22.3 Results(JPY Bn)
251.4(JPY Bn)

16.6

Quarterly
Results

1,804.2

43.2

1,676.1

149.3

180.3
3.9

1,516.8

146.4

2.3%

2.3%

2.3%

134.6

740.3

10.3

2.3%

706.3

1.5%

(JPY Bn)
168.3

95.0

32.1
20.3
4.0

31.3

6.0

11.2
23.2

21.3

22.3

0.5%

1.5

285.3

0.0

18.7

817.3

4.5

1.7
15.8 1.7

728.5

Yayoi

0.0%
-0.5%
-1.5%

707.2

2.7

22.3
Auto

Q3

Q4

Rentec-2.0%
22.3 1Q

1.2

Corporate Financial Services

296.2

0.0

11.3

3.6
Q2

291.8

-1.0%

10.5

Q1

304.6

2.8%

2.8%

4.1

11.7

21.7

1.0%

675.0
97.3

70.7

2.5%
2.0%

10.8%

163.4

3.0%

20.3

Corporate Financial Services
Auto

21.3

22.3 2Q
Installment Loans

22.3

Yayoi
RentecSegment ROA (annualized and after-tax)

22.3 3Q

22.3 4Q

Yield on Loans

Yield on loans ＝ finance revenues classified as loan interest ÷ averagebalance of installment loans

Copyright © 2022 ORIX Corporation All rights reserved.

27

Corporate Financial Services and Maintenance Leasing - About the Business
Main business: Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and
ICT-related equipment
Corporate Financial Services

AutoRentecCore platform for cross-selling ORIX Group products & services

World leader in vehicles undermanagement

Leading equipment rental company

Nationwide sales network

Vehicles under management:
1.409 Mn*1

Partner with Group companies to offer solutions for
SMEs, middle-market firms

Offers wide range of products andservices, ability to make complex
proposals an advantage

Real Estate• Real estate
brokerage
services• Retail property,
building leasing

PE Investment• Succession support,other sourcing/exit
opportunities• Introduce PE
investees to otherclients

Environment andEnergyAircraft and Ships• PPAs, in-house
power
generation• Introduce
aircraft, ship
investment
opportunities• Power retailer tocorp. clients・Leased vehicles (No. 1 in industry*2
・Rental cars (No. 2 in industry )*1)Units in inventory:

37,000 types,*4
2.4 million units
Japan’s largest rental equipment
company, offers specialized services
・Electronic measuring instruments, ICT・related equipment rental*3・Car sharing vehicles (No. 3 in industry )・3D printer, next-generation robot rental
・5G adoption support

・ Outsourced 3D printing services*1 As of end-March 2022.
*2 Based on ORIX Auto data as of end-February 2022.
*3 Based on ORIX Auto data as of end-March 2022.
*4 As of end-March 2022.

Copyright © 2022 ORIX Corporation All rights reserved.

28

Real Estate
YoY +7.7 JPY Bn (30%)

Segment Profits: 33.6 JPY Bn

YTD +38.0 JPY Bn (+4%)

Segment Assets: 910.1 JPY Bn✓ Profits up sharply on development, sale of logistics facilities✓

DAIKYO assets increased, primarily due to development of rental
condominiums✓

Asset sales continued but development of new logistics facilities led
to overall higher assets✓ Facilities operations losses shrank as occupancy improved, mainly in inns

Segment Assets・ROA

Segment Profits
FY22.3 Results(JPY Bn)

AUM

910.1

872.1
821.2

33.6

240.1

217.8

(JPY Bn)

209.7

Quarterly
Results

25.9(JPY Bn)

20.4

7.1%

670.0
425.5

654.3

538.0

633.8

665.5

595.6

681.0

684.2

682.9

20.3
21.3
OAM*
ORIA**

22.3

12.8

611.5

11.0

22.5

5.8

7.7
5.7

13.1

4.0
5.3

3.4
21.3

22.3

Q1

RE Investment and Facilities Operation

2.5
1.5

5.2
Q2

22.3
DAIKYO

Q3

2.6%

2.1%

4.5
1.2
Q4

20.3

21.3

RE Investment and Facilities Operation
Segment ROA (annualized and after-tax)

22.3
DAIKYO

659.7

673.9

18.3

19.3

*ORIX Asset Management Corporation（J-REIT）
AUM for February are shown as the AUM for March** ORIX Real Estate Investment Advisors Corporation（Private Real Estate Fund）

Copyright © 2022 ORIX Corporation All rights reserved.

29

Real Estate – About the Business
Main Business: Real estate development, rental and management; facilities operation; real estate asset management
Segment Assets（as of end-Mar, 2022）
Primarily leased
logistics facilities,
office buildings, andretail properties

Primarily DAIKYO
condominiums

Others7%

Unrealized gains on rental
properties*

Segment Asset Trends

25%(JPY Bn)

1,808.8(JPY Bn)

Insvestment in
Affiliates 12%
Inventories
11%

Property under
Facility
Operations*2
18%

80

8%

Investment in
operatingleases*1
52%

Primarily
hotels & inns

*1: Includes net investment in leases and advances for finance leaseand operating lease*2: Includes advances for property under facilities operations

70
60

910.1

70.1

73.7

71.9
60.1

57.0

50
40
30

20
10
0

11.3

22.3
Real Estate Segment Assets
Ratio to 10 Segment Assets in total

17.3

18.3

19.3

20.3

21.3

*Includes rental properties in segments other thanReal Estate segment.
Does not include properties in facilities operation

Copyright © 2022 ORIX Corporation All rights reserved.

30

PE Investment and Concession
YoY -15.1 JPY Bn (-393%)

Segment Profits: -11.3 JPY Bn✓ Profits lower on impairments related sale of Kobayashi Kako assets,

while other PE investees performed well

Segment Assets: 353.6 JPY Bn✓

YTD -25.1 JPY Bn (-7%)

Segment assets lower owing to Kobayashi Kako-related impairments,
losses in concession business✓ Concession: Domestic flights are recovering, but still in the red
Segment Assets・ROA

Segment Profits
FY22.3 Results(JPY Bn)

378.7(JPY Bn)

3.8

322.5

Quarterly
Results
12.2

0.0

0.3

1.6

3.8

4.3

353.6

50.6

38.6

60.1

1.4
-3.5

-2.4

-2.8

-1.0

-8.4

-9.5

-11.2

12.2%

328.1

315.0

262.4
0.0%

-2.5

-11.3
21.3

22.3

-3.1%

-12.1
Q1
PE Investment

Q2

22.3

Concession

Q3

20.3

21.3

22.3

Q4

PE Investment

Concession

Segment ROA (annualized and after-tax)

Copyright © 2022 ORIX Corporation All rights reserved.

31

PE Investment and Concession – About the Business✓ Currently invested in 17 companies (as of end-Mar 2022); aim to develop new business segments for ORIX
Investment Track Record
Leveraging our broad network andexperience we have established asuperior investment track record
Target companies

3 – 5 years or
longer(EV: several dozens of JPY Bn)(per project)since 201226 companies

Track record

30% IRR
Average achieved in 8 exits
since 2012**Excludes sale of Kobayashi Kako assets in March 2022.

IT Services

Initial investment

Business

Management
oversight/support

Koike Co., Ltd.

2017

Manufacturer of electronic materials

Hands-on involvement

Primagest, Inc.

2017

Information processing service

APRESIA Systems, Ltd.

2020

Development, manufacture of networking
equipment

HC Networks, Ltd.

2020

Design, configuration of information
network systems

Informatix Inc

2020

Development of geographic information
systems

Investment span

Small-mid cap
focus

Total investments

Investee Companies

M&A, Tie-up
Strategy
Expansion via M&As &tie ups with peer,
adjacent industry firms

Logistics/Rental Services, Dairy

Marketing support

Cornes AG CORPORATION

2018

Total engineering service for dairy,
agriculture-related equipment

Customer, sales
channel expansion
using ORIX network

Wako Pallet Co., Ltd.

2019

Seller and lessor of logistics equipment

SUGIKO Co.,Ltd

2020

Scaffolding and temporary construction
materials rental company

INNOMEDICS Medical
Instruments, Inc.

2015

Sales of medical equipment and devices

Sasaeah Pharmaceutical Co.,
Ltd.

2016

Veterinary pharmaceuticals (Formed via
2019 merger of Fujita Pharm, Kyoto
Biken)

Healthcare

Professional
human resources
Support from
specialized staff

Copyright © 2022 ORIX Corporation All rights reserved.

32

Environment and Energy
YoY -24.6 JPY Bn (-89％)

Segment Profits: 2.9 JPY Bn

Segment Assets: 703.6 JPY Bn✓ Greenko began contributing to earnings from Q2, Elawan from Q3✓

YTD +214.4 JPY Bn (+44%)

Assets higher on Elawan acquisition✓ Booked impairments on two Coal and Biomass Power Plants (Soma,

Hibikinada) in Q4
Segment Profits

Renewable Energy Operating
Capacity Outlook*

Segment Assets・ROA* Reflects capacity proportionate to ORIX equity stake

FY22.3 Results(JPY Bn)

7.0GW(6GW post sales)

Quarterly
Results

1 GW
of sales(JPY Bn)

8.8

27.5

4.5

5.2

4.1%

703.6

3.3GW

489.2

464.3

1GW

1.8%

-15.5

0.3%

2.9
21.3

22.3

Q1

Q2

Environment and Energy

22.3

Q3

Q4

20.3

Environment and Energy

21.3

22.3

Segment ROA (annualized and after-tax)

19.3

22.3
Japan

25.3 (Forecast)
Overseas

Copyright © 2022 ORIX Corporation All rights reserved.

33

Global Renewable Energy Portfolio（as of end-March 2022）✓ Total net owned operating capacity of 3.3 GW worldwide✓ Total operating capacity (incl. assets in operation, under construction, and in development): Elawan 9 GW, Greenko 18 GW

Spain & other locations

・Elawan (80% stake)Wind, solar assets
Capacity: 1,120 MW

USA & other locations

China

Japan

・Beijing Energy (4.8% stake)Solar, hydro assets
Capacity: 4,740 MW

Solar Capacity: 940 MW*1
Wind, geothermal, biomass
Capacity: 10 MW・Ormat Technologies (19.6% stake)
Geothermal Capacity: 1,300 MW
Storage battery Capacity: 80 MW
・ORIX Corporation USA (100% stake)Solar Capacity: 80 MW

India
・Greenko (20.2% stake)Wind, solar, hydro assets
Capacity: 7,180 MW*1 Solar business in Japan has cumulatively sold more than 1 GW in panels, in addition to owned capacity.
Business boasts a strong network of clients committed to renewable energy.

✓ 3.3 GW figure above is net owned operating
capacity, adjusted to reflect ORIX’s ownership stakeon a per company or project (if JV) basis✓ Capacity figures for each entity are on a grosscapacity basis✓ Figures in brackets depict ORIX’s stake

Copyright © 2022 ORIX Corporation All rights reserved.

34

Insurance
YoY -1.6 JPY Bn (-3%)

Segment Profits: 54.6 JPY Bn

Segment Assets: 2,072.1 JPY Bn✓ ORIX Life: Profits up on growth in insurance policies

YTD +112.6 JPY Bn (+6%)✓ Assets up on increase in insurance policies✓ Segment profits lower YoY on absence of FY21.3 reversal of liability

reserve of former Hartford Life Insurance*

Segment Profits

Number of ORIX Life Insurance

Segment Assets・ROA

Policies in Force

FY22.3 Results
56.2(JPY Bn)

54.6(JPY Bn)

0.8

7.8(Millions)

Quarterly
Results

4.26

53.8

17.5
15.5

4.84

4.88

21.3

21.9

22.3

1,580.2
0.2

12.7
16.2

4.53

4.79

2,072.1

1,959.5
48.3

4.39

4.68

2.3%

8.9

2.3%

2.0%

1.4

17.3

12.8
7.4

21.3

22.3

-0.8
Q1

Life Insurance

Q2

22.3

-0.2
Q3

ex-Hartford Life Insurance

Q4

20.3
Life Insurance

21.3

19.3

22.3

19.9

20.3

20.9

Segment ROA (annualized and after-tax)*Hartford Life Insurance was acquired by ORIX Life in 2014, with the merger completed in 2015.

Copyright © 2022 ORIX Corporation All rights reserved.

35

Life Insurance – About the Business✓ Omni-channel strategy (including online/mail order) has allowed ORIX Life to post growth in policies well above industry average✓ Shift from mix dominated by third-sector products (such as medical insurance CURE) to a more well-balanced portfolio withintroduction of first-sector products (including whole life insurance RISE, US dollar-denominated whole-life insurance Candle)

Trends in Policies in Force*

Product Portfolio Mix Trends（Annualized premiums for policies in force）（Millions)

Up 2.4x4.79

FY14.3

2.14
Third-sector
products
63%14.3

FY21.3First-sector
products
37%

Third-sector
products
56%

First-sector
products
44%

21.3*Industry-wide, policies in force grew 1.3x during the same period.
Data taken from Japan Institute for Insurance Research statistics, compiled by ORIX.

・First-sector products (Death protection, etc.)
・Third-sector products (Heath insurance, Cancer insurance, etc.)
Copyright © 2022 ORIX Corporation All rights reserved.

36

Banking and Credit
YoY -6.1 JPY Bn (-12%)

Segment Profits: 43.8 JPY Bn

Segment Assets: 2,687.2 JPY Bn✓ Banking: Profits flat YoY on tighter control over lending balance

YTD -3.5 JPY Bn (flat)✓ Assets mostly flat

✓ Credit: Profits lower on absence of year-earlier reversals of provisions

for losses (caused by decline in loan demand during COVID crisis)
Segment Profits(JPY Bn)

Segment Assets・ROA

FY22.3 Results(JPY Bn)

49.9

2,603.7
182.2

43.8

FY21.3 ROE/ROA*1

2,690.6

2,687.2

177.9

190.7

Quarterly
Results

20.9

ROE

ROA

ORIX Bank

9.3%

0.7%

Megabanks Avg.

5.8%

0.2%

RBAJ Avg.*2

3.3%

0.1%

SARB Avg.*3

2.2%

0.1%

14.9

2,512.7

2,421.5

12.8
29.1

28.9

4.1

12.4
9.3

3.5

21.3

22.3

8.9

5.4

Q1

Q2

Banking

Credit1.1%*1 ROE/ROA figures calculated by ORIX, based on data fromJapanese Banker’s Association FY2020 Financial Statements of All
Banks.
*2 Regional Bank Association of Japan average*3 Second Association of Regional Banks average

3.4

3.9
8.7

1.3%

1.1%

9.4

2,496.4

22.3

Q3

5.9
Q4

20.3
Banking

21.3
Credit22.3

Segment ROA (annualized and after-tax)

Copyright © 2022 ORIX Corporation All rights reserved.

37

Banking – About the Business✓ In addition to its mainstay real-estate investment loan business, ORIX Bank is strengthening its financing business toindustries which support a sustainable society✓ By utilizing its trust banking license, will develop and sell financial products, such as securitized loan products✓ Aim to improve ROA and secure sustainable growth while controlling quality, size of asset base
■ ORIX Bank’s Enhancing Business Model
Provide financing to businesses■Case study

Securitization using trust banking function

Priority areas

Sell to investors

ORIX Bank Strengths✓ Provided third-party assessed* green loan tofund large solar projects in Niigata Prefecture

Renewable energy
Real estate (residential, logistics
facilities)

Disaster prevention, infrastructure

Supplying green loans
to mega-solar projects

GroupexpertiseStrength inspecificareas

Attractive
products✓ Utilizing trust banking license, securitized thisloan
✓ Helped meet regional financial institutions’needs for ESG investing products

Healthcare＊Green loan was assessed with the highest GA1 rating by Ratings andInvestment Information, Inc. (R&I)

Copyright © 2022 ORIX Corporation All rights reserved.

38

Aircraft and Ships
YoY -7.2 JPY Bn (-134%)

Segment Profits: -1.8 JPY Bn

Segment Assets: 684.1 JPY Bn✓ Ships business profits up sharply on strong shipping market, sales of owned

fleet and loan executions

YTD +82.3 JPY Bn (+14%)✓ Ships: Assets increased with new loan execution✓ Aircraft: Assets down owing to sale and depreciation✓ Aircraft earnings on uptrend driven by recovery in passenger market✓ Negative impact from Avolon’s Q4 impairment of Russian aircraft exposure
Segment Profits

ORIX Aircraft Leasing Business

Segment Assets・ROA

Owned and Managed Fleet*
FY22.3 Results

Quarterly Results(JPY Bn)(JPY Bn)

5.4

-1.8

-4.8

5.4

2.6

105

1.2

9.7

4.1

-11.5

1.8

0.5

2.2
3.3

2.1

684.1

2.5

6.7%

40

601.8

585.3

-6.7

69

57

139

151

152

20.3

21.3

22.3

-5.0

-7.5

56

70

75

15.3

16.3

75

100

61

88

100

17.3

18.3

113

0.8%
-0.6%

21.3

22.3

Q1

Q2

Q3

Q4

22.3

Aircraft and Ships (excl. Avolon)

Avolon20.3

Aircraft and Ships

21.3

22.3

Managed fleet

19.3

Owned fleet

Segment ROA (annualized and after-tax)

Copyright © 2022 ORIX Corporation All rights reserved.

*Excluding Avolon39

Aircraft and Ships – About the Business
GLOBALLY
DIVERSE（NBV）ORIX Aviation✓ Fully-owned subsidiary

NARROWBODYWEIGHTING（number of aircraft）

13%

OEM
BREAKDOWN（number of aircraft）

19%
40%

39%

Committed
fleet
0

Average age
6.3 years✓ Mainly trading in second-handmarket

Owned
fleet
57

✓ Arrangement of aircraft
purchases to third parties, asset

60%

management services

47%✓ S&P servicer rating: Top ranking(Strong)

81%
APAC
Americas
EMEA

Narrowbody

AirbusWidebody

BoeingAvolonAvolonRemaininglease term
6.4 years

Managed fleet
152

Owned
fleet
540

Committed
fleet
240

21%
✓ 30% stake (acquired in November
2018)

31%

31%

✓ Sizable direct orders to aircraft

Average age
6.0 years

47%

manufacturers✓ Direct leasing of fleet✓ S&P: BBBMoody’s: Baa3
Fitch: BBB-

69%
22%

APAC
Americas
EMEA

79%
Narrowbody
Widebody

Remaininglease term
6.9 years

AirbusBoeing(as of March 31, 2022)
Copyright © 2022 ORIX Corporation All rights reserved.

40

ORIX USA
YoY +36.0 JPY Bn (+89%)

Segment Profits : 76.3 JPY Bn

YTD +144.1 JPY Bn (+12%)

Segment Assets : 1,364.1 JPY Bn✓ Segment profits set new record, fueled by growth in all businesses, robust PE exits✓ Assets higher owing forex impacts resulting from weaker yen✓ Asset management businesses in real estate (Lument*), credit verticals also recorded

strong performance*Lument: Asset management firm focusing primarily on real-estate loan origination

AUM / AUA

Segment Assets・ROA

Segment Profits(JPY Bn)(JPY Bn)

FY22.3 Results

Quarterly
Results(USD Bn)

1,364.1

1,374.0

76.5

78.1

6.0
7.6

5.6

54.8

1,220.1

48.3

BFIM*3

7.2
23.4

24.4

10.1

10.7

12.9

7.6

7.0

6.2

5.9

4.6

18.3

19.3

20.3

21.3

22.3

Lument *2

43.8
47.2

48.2

22.5

20.6
8.0

22.3

Q1
ORIX USA

Q2

22.3

Q3

Q4

20.3

ORIX USA

SPCM *1
RB Capital

2.5%
25.2

NXT

15.8

3.2%

40.3

21.3

4.5

5.3
7.4

76.3

4.7%

15.5

73.9

21.3

22.3

Segment ROA (annualized and after-tax)

3.9

0.9

*1: Signal Peak Capital Management、former Mariner*2: Lument is combined total of Red Capital Group, Lancaster
Pollard, Hunt Real Estate*3: BFIM completed acquisition of Boston Capital assets in Dec 2020

Copyright © 2022 ORIX Corporation All rights reserved.

41

ORIX USA – About the Business✓ A provider of capital and financing solutions to middle market companies in USA, targets rapid growth in asset
management for three key verticals (total AUM / AUA $73.9 Bn)✓ Financial stability and access to capital allows ORIX USA to operate a hybrid strategy, investing own principal capitalwhile providing capital solutions to external investors(As of end-March 2022)
CreditReal Estate

Private Equity

Segment Profits: $328 Mn
Segment Assets: $6.232 Bn

Segment Profits: $253 Mn
Segment Assets: $3.607 Bn

Segment Profits: $224 Mn
Segment Assets: $1.017 Bn

NXT Capital

Lument

ORIX Capital Partners✓ Middle market lending & financing✓ Mid-cap finance capital solutions to multifamily,✓ PE investor focused on middle market, avg. $75-

Special Opportunities

affordable housing, seniors housing, healthcare

250 Mn deal size, also utilizes third-party✓ Junior capital, structured credit & equity,
strategic investing

real estate and commercial real estate

capitalGrowth Capital✓ Growth lending to high-growth businesses

Signal Peak Capital Management✓ Leveraged credit/CLOs

Municipals & Infrastructure✓ High-yield public and private financing✓ No. 1 Federal Housing Authority (FHA*1) loan

✓ Investees include infrastructure, IT services,
digital marketing, factory automation

originator*2✓ 24 transactions since 2016, first exit in FY22.3

Boston Financial Investment Mgmt
✓ Largest LIHTC (low-income housing tax credit)*3
syndicator in US

Private Equity Solutions✓ 50 transactions since 2012

*1 US federal institution insuring mortgages.
*2 Mortgage Bankers Association’s 2021 CRE Originations Rankings.
*3 US federal tax credit program designed to promote supply of affordable
housing, a market resilient to economic trends.

✓ Avg. size $10-20 Mn*Segment Profit, Segment Asset figures does not include ORIX USA headquarters costs, other items.

Copyright © 2022 ORIX Corporation All rights reserved.

42

ORIX Europe
YoY +10.1 JPY Bn (+26%)

Segment Profits: 49.6 JPY Bn

YTD +32.3 JPY Bn (+9%)

Segment Assets: 401.9 JPY Bn✓ AUM and segment profits both hit new record level, buoyed by strong✓ Assets up on increase in investment in securities

markets✓ Impairments of intangible assets booked in Q4

Segment Profits

AUM

Segment Assets・ROA(JPY Bn)(EUR Bn)

FY22.3 Results(JPY Bn)

Quarterly
Results

10.2%

9.6%

8.6%
369.5

401.9

317.8

49.6

289

39.4

307

295

328

233
27.6
13.5

15.1
-6.6

21.3

22.3

Q1

Q2

22.3

Q3

Q4

20.3

ORIX Europe

21.3

22.3

18.3

19.3

20.3

21.3

22.3

Segment ROA (annualized and after-tax)

ORIX Europe

Copyright © 2022 ORIX Corporation All rights reserved.

43

ORIX Europe – About the Business✓ Main Business: Equities, fixed income, renewable energy and other fund management✓ Actively promoting ESG investing, especially through Robeco and Gravis Capital Management

Major Subsidiaries

Head OfficePrimary Business

Established(Acquired)

RobecoRotterdam

Equities, fixed income, andsustainability-focused
asset management

1929（2013）

Boston Partners

BostonValue-focused boutiqueasset management firm

1995
（2013）

Harbor Capital Advisors

ChicagoManager selection model

1983（2013）

Transtrend

Rotterdam

Commodity Trading Advisor

1991（2013）

Gravis CapitalManagement

LondonAlternative asset manager

2008(2021)An ESG pioneer since the mid-1990s, Robeco isrecognized as a global leader in sustainable investing
Robeco Parent AUM（as of 31 December 2021）

201 EU Bn
ESG-Integrated AUM

195 EU Bn
Announced support of Net Zero Asset Managers Initiative in
Dec 2020, aims to achieve net zero GHG emissions across all
assets under management by 2050

Copyright © 2022 ORIX Corporation All rights reserved.

44

Asia and Australia
YoY +39.1 JPY Bn（+298%）

Segment Profits : 52.3 JPY Bn

Segment Assets : 1,306.1 JPY Bn✓ Record profit achieved on increase in finance, leasing revenues in SouthYTD +221.9 JPY Bn（20%）✓ Assets rose substantially on growth in new leasing business in South

Korea, China

Korea and China✓ Continue to control asset exposure in line with conditions in eachcountry, region
Segment Profits

Segment Assets by Region

Segment Assets・ROA

FY22.3 Results
14%(JPY Bn)

24%

Quarterly
Results

1,306.1

5%

3.3%

1,084.2

6%

End-FY22.3

1,010.3
6%(JPY Bn)

52.3
24%

10%
11%

0.9%
13.1
21.3

8.8
22.3

11.7

Q1

Asia and Australia

Q2 22.3

15.4

16.3

Q3

Q4

0.9%
S. KoreaIndonesia

20.3
Asia and Australia

21.3

China
Malaysia

Hong Kong
TaiwanAustralia
Others

22.3

Segment ROA (annualized and after-tax)

Copyright © 2022 ORIX Corporation All rights reserved.

45

Asia and Australia – About the Business✓ Main Business: Finance and investment businesses in Asia and Australia✓ Investment: PE mainly in greater China and South Korea. Leasing: Primarily industrial equipment and auto leasing
across Asia and Australia
NET Segment Revenue*

Segment Assets

Yields on Financial Assets（FY 22.3）

7.2%

Other 5%Investment inaffiliates 18%

Net
investment inleases 31%

Other
Services 7%

Operatingleases NET
36%

6.9%

6.9%

6.9%

7.0%

7.1%

6.9%

700.0

income NET
9%End-FY22.3

Investment in
operatingleases 22%

750.0

7.1%

6.5%

650.0
600.0
(JPY
Bn)

Financerevenues
NET 48%

7.0%

6.0%

550.0

500.0
450.0
400.0

556.3 546.0 555.5

609.6 626.9 635.6

678.5

727.0

300.0

4.0%

Q1
＊NET Segment Revenue = Segment Revenue - Segment Expenses

5.0%
4.5%

350.0

Installment
loans 25%

5.5%

Q2
Q3
Q4
Q1
Q2
Q3
Q4
22.3
21.3
Installment Loans+Net Investment in Leases
Yield on Financial Assets(Before deduction of Selling, General and Administrative expenses)
Yields on Financial Assets ＝ Loan interest and net investment in leases÷ averagebalance of installment loans and net investment in leases

Copyright © 2022 ORIX Corporation All rights reserved.

46

Appendix

Copyright © 2022 ORIX Corporation All rights reserved.

47

About ORIX

Proven Track Record of Profitability✓ ORIX has achieved 57 years of sustained, profitable growth
Net Income Attributable to ORIX Corporation Shareholders
JPY BnFY2021.3
Covid-19 crisis

350
300
250
FY2002.3

FY2009.3

Burst of IT bubble Global financial crisis

200
150

FY1998.3
Asian currency crisis

FY1993.3

100

Burst of Japan's
bubble economy

50
0
1964

1975

1980

1985

1990

1995

2000

2005

2010

2015

2020

Copyright © 2022 ORIX Corporation All rights reserved.

48

About ORIX

Expertise in Business and Collective Capabilities of the Group✓ ORIX will continue to enhance our expertise in finance and tangible assets as we synergistically
expand our businesses

Copyright © 2022 ORIX Corporation All rights reserved.

49

About ORIX

Global Network✓ Using its expertise cultivated in Japan, ORIX has expanded its business globally, with operations in 28
countries and regions worldwide

Copyright © 2022 ORIX Corporation All rights reserved.

50

Breakdown of Investment Gains

Investment Gains*

Major Business Sales(JPY Bn)

Segment
Real estate
PE and concession

FY18.342.9
26.9

FY19.3② 56.50.3

FY20.3③ 53.616.4

FY21.3

FY22.3

16.9

No.

Company①

ORIX Electric Power
Corporation

FY18.3②

ORIX Golf Management

FY19.3③ORIX Living

FY20.3④

RobecoSAM’s ESG Ratings
Division

FY20.3⑤

Houlihan Lokey

⑥

Yayoi

21.4

-0.7

-19.1

ORIX USA

21.6

33.7
⑤

37.6

17.7

45.9

Other

① 28.4

3.5

④ 7.1

22.2

⑥139.7

Total

119.9

94.0

114.7

56.1

187.9

Timing of sale

FY18.3, FY19.3, FY20.3
FY22.3*Investment gains figures are net of impairments. Please see p.3 for a definition of baseprofits, investment gains. Investment gains include operating leases, gains on sales ofsubsidiaries and affiliates, gains on investment securities, etc.
Copyright © 2022 ORIX Corporation All rights reserved.

51

Financials Funding Structure / Employed Capital Ratio✓ Diversified funding methods and maintained a high ratio of long-term debt
Funding Structure and Ratio of Long-term Debt*1

93%

93%

93%

93%

4.5
91%

(JPY Tn)

1.9

2.2

2.3

2.3

4.0

Deposits

3.1

1.2

1.2

1.2

1.2

Capital markets*1 Excluding deposits

88%
86%

85%

85%

3.5

3.3

(JPY Tn)
3.0
2.7

2.9

3.0

3.0

19.3

20.3

21.3

2.0
1.5

3.3

3.4

3.5

3.6

Borrowings fromfinancial institutions

Long-term debt
ratio
18.3

88%

2.5

1.8

1.1

Shareholders’ Equity / Employed Capital Ratio*2

19.3

20.3

21.3

22.3

1.0
0.5
0.0
18.3

Shareholders' equity

Risk capital

22.3

Employed capital ratio*2 Employed capital ratio is the ratio of risk capital to shareholders’ equity. ORIX calculates risk
capital based on historical maximum decrease for all assets.

Copyright © 2022 ORIX Corporation All rights reserved.

52

Financials

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

Breakdown of Funding

Trends in Fundings Costs

Foreign currency funding costs

Yen funding cost

Deposits
32%

End-FY22.3

ABS, CMBS
2%

Overseasbonds Domestic
6%
bonds

Borrowings fromfinancial
institutions
51%

3.27%

3.28%

2.76%

2.45%
1.96%

0.42%

0.40%

0.37%

0.35%

0.34%

18.3

19.3

20.3

21.3

22.3

8%
CP
1%

Copyright © 2022 ORIX Corporation All rights reserved.

53

Financials D/E Ratio & Credit Ratings✓

Since global financial crisis, have realized ROE growth while controlling D/E ratio

D/E Ratio・ROE

Credit Ratings

3.8x

End-March 2022

11.5%

3.4x

10.5%

11.7%

11.3%

12.1%

11.6%
10.3%

2.7x

9.9%

7.4%
6.2%

2.2x

5.1%

S&P

A- (Stable)

Moody’sA3 (Stable)

Fitch

A- (Stable)

R&I

AA- (Stable)

JCR

AA (Stable)

6.4%
2.1x
1.9x
1.7x
1.5x

11.3

12.3

13.3

14.3

ROE

15.3

16.3

17.3

18.3

1.6x

19.3

1.5x
20.3

1.6x

21.3

1.5x
22.3

D/E Ratio (Excl. deposits)

Copyright © 2022 ORIX Corporation All rights reserved.

54

Shareholder Returns✓ FY23.3-FY25.3 dividend policy: Payout ratio of 33% or previous fiscal year’s dividend, whichever is higher✓ Share buybacks to be carried out opportunistically (50 JPY Bn planned for FY23.3)
Share Buybacks and Total Return Ratio

Dividend Per Share and Payout Ratio

78%
(JPY)

50%

120

200

(JPY Bn)

70%

50%

110

60%

47%

100

33%
40%

90

30%

80

70

23%

60

150

50%

40%

32%

30%

27%

29%

30%

100

20%

50

40

25%

13%

14%

16%

11%

20

10

8

9

13

23

36

46

52

66

76

76

78

85.6

13.3

14.3

15.3

16.3

17.3

Full-year dividend

14%

20%

18.3

19.3

20.3

Payout ratio

21.3

22.3

0

8.6

9.7

15.9

11.3

12.3

13.3

30.2

45.7

54.3 50.0

39.1

47.2

60

68.3

40%

30%

10.9

20%

50

0%

12.3

11%

16%

23%

10%

0

11.3

13%

20%

30

49%

84.6

97.4 96.4 96.1 102.7

10%

0%

-10%

14.3

15.3

Total dividend

16.3

17.3

18.3

Share buybacks

19.3

20.3

21.3

22.3

Total return ratio

Copyright © 2022 ORIX Corporation All rights reserved.

55

Disclaimer◼

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

◼

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

◼

Some of the financial information in these materials is unaudited.

◼

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

◼

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

Copyright © 2022 ORIX Corporation All rights reserved.

56

For the current IR materials and archives ofpast financial data, please access our website.
IR Section
https://www.orix.co.jp/grp/en/ir/
IR Libraryhttps://www.orix.co.jp/grp/en/ir/library/

ORIX Corporation
Investor Relations and Sustainability Department
Tel: +81-3-3435-3121

57

Company Name
Copyright © 2022 ORIX Corporation All rights reserved.