ORIX : Reports Annual Consolidated Financial Results for the Fiscal Year Ended March 31,2021

Consolidated Financial Results

April 1, 2020 -March 31, 2021

May 13, 2021

In preparing its consolidated financial information, ORIX Corporation (the "Company") and its subsidiaries have complied with generally accepted accounting principles in the United States of America.

These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under "Risk Factors" in the Company's annual report on Form 20-F filed with the United States Securities and Exchange Commission.

The Company believes that it may have been a "passive foreign investment company" for U.S. federal income tax purposes in the year to which these consolidated financial results relate by reason of the composition of its assets and the nature of its income. In addition, the Company may be a PFIC for the foreseeable future. Assuming that the Company is a PFIC, a U.S. holder of the shares or ADSs of the Company will be subject to special rules generally intended to eliminate any benefits from the deferral of U.S. federal income tax that a holder could derive from investing in a foreign corporation that does not distribute all of its earnings on a current basis. Investors should consult their tax advisors with respect to such rules, which are summarized in the Company's annual report.

For further information please contact: Investor Relations

ORIX Corporation

World Trade Center Building, 2-4-1Hamamatsu-cho,Minato-ku, Tokyo 105-6135

JAPAN

Tel: [phone] Fax: [phone]

E-mail: [e-mail]

Year-on-Year

Change

Total

Revenues

Operating

Income

Year-on-Year

Change

Year-on-Year

Change

Year-on-Year

Change

Year-on-Year

Change

Income before Income Taxes

Net Income

Attributable to

ORIX Corporation

Shareholders

March 31, 20212,292,7080.5%258,814(4.0%)287,561(30.3%)192,384(36.4%)

March 31, 20202,280,329(6.3%)269,681(18.1%)412,5614.3%302,700(6.5%) "Comprehensive Income Attributable to ORIX Corporation Shareholders" was ¥226,266 million for the fiscal year ended March 31, 2021 (year-on-yearchange was a 7.8% decrease) and ¥245,509 million for the fiscal year ended March 31, 2020 (year-on-yearchange was a 21.1% decrease).

(millions of yen)*1

1. Performance Highlights as of and for the Year Ended March 31, 2021

(1) Performance Highlights - Operating Results (Unaudited)

Head Office:

ORIX Corporation

Tokyo Stock Exchange (Securities No. 8591) New York Stock Exchange (Trading Symbol : IX) Tokyo JAPAN

Tel: [phone]

(URL https://www.orix.co.jp/grp/en/ir/)

Corporate Name: Listed Exchanges:

Consolidated Financial Results from April 1, 2020 to March 31, 2021

(U.S. GAAP Financial Information for ORIX Corporation and its Subsidiaries)

Basic

Diluted

Return on

Return on

Operating

Earnings Per Share

Earnings Per Share

Equity

Assets *2

Margin

March 31, 2021

155.54

155.39

6.4%

2.2%

11.3%

March 31, 2020

237.38

237.17

10.3%

3.3%

11.8%

"Equity in Net Income of Affiliates" was a net gain of ¥481 million for the fiscal year ended March 31, 2021 and a net gain of ¥67,924 million for the fiscal year ended March 31, 2020.

*Note 1:

Unless otherwise stated, all amounts shown herein are in millions of Japanese yen, except for per share and dividend amounts which are in single yen.

*Note 2:

"Return on Assets" is calculated based on "Income before Income Taxes."

(2) Performance Highlights - Financial Position (Unaudited)

Total

Total

Shareholders'

Shareholders'

Shareholders'

Assets

Equity

Equity

Equity Ratio

Equity Per Share

March 31, 2021

13,563,082

3,103,144

3,028,456

22.3%

2,487.77

March 31, 2020

13,067,528

3,065,835

2,993,608

22.9%

2,386.35

*Note 3:

"Shareholders' Equity" refers to "Total ORIX Corporation Shareholders' Equity."

"Shareholders' Equity Ratio" is the ratio of "Total ORIX Corporation Shareholders' Equity" to "Total Assets."

"Shareholders' Equity Per Share" is calculated based on "Total ORIX Corporation Shareholders' Equity."

(3) Performance Highlights - Cash Flows (Unaudited)

Cash Flows

Cash Flows

Cash Flows

Cash, Cash Equivalents and

Restricted Cash

from Operating Activities

from Investing Activities

from Financing Activities

at End of Year

March 31, 2021

1,095,676

(1,203,252)

39,884

1,079,575

March 31, 2020

1,042,466

(1,470,486)

288,703

1,135,284

2. Dividends (Unaudited)

First

Second

Third

Total

Dividend Payout

Dividends on Equity

Year-end

Total

Ratio

Quarter-end

Quarter-end

Quarter-end

Dividends Paid

(Consolidated base)

(Consolidated base)

March 31, 2020

－

35.00

－

41.00

76.00

96,356

32.0%

3.3%

March 31, 2021

－

35.00

－

43.00

78.00

96,108

50.1%

3.2%

March 31, 2022 (Est.)

－

39.00

－

39.00

78.00

－

－

－

*Note 4: Total dividends paid include dividends paid to the Board Incentive Plan Trust (¥123 million for the fiscal year ended March 31, 2020 and ¥169 million for the fiscal year ended March 31, 2021).

3. Forecast for the Year Ending March 31, 2022 (Unaudited)

Net Income

Attributable to

ORIX Corporation Shareholders

March 31, 2022250,00029.9%

*Note 5: Although forward-looking statements in this document are based on information currently available to, and assumptions deemed reasonable by ORIX Corporation, actual financial results may differ materially due to various factors. Readers are urged not to place undue reliance on such forward-looking statements. For cautionary notes regarding assumptions for forward- looking statements, please refer to 1.Summary of Consolidated Financial Results (1) Summary of Financial Highlights "Outlook and Forecast".

Factors causing a result that differs from forward-looking statements include, but are not limited to, those described under "Risk Factors" in our Form 20-F submitted to the U.S. Securities and Exchange Commission.

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4. Other Information
(1)	Changes in Significant Consolidated Subsidiaries	Yes	(	)	No	(	ｘ	)
	Addition - None (	)	Exclusion - None (	)
(2)	Changes in Accounting Principles, Procedures and Disclosures
	1.	Changes due to adoptions of new accounting standards	Yes	(	ｘ )	No	(		)
	2.	Other than those above			Yes	(	)	No	(	ｘ	)

*Note 6: For details, please refer to "3. Financial Information (9) Changes in Significant Basis of Preparation of Consolidated Financial Statements" on page 21.

1. Number of Issued Shares (Ordinary Shares)

1. The number of issued shares, including treasury stock, was 1,285,724,480 as of March 31, 2021, and 1,324,629,128 as of March 31, 2020.
2. The number of treasury stock was 66,231,916 as of March 31, 2021, and 68,680,644 as of March 31, 2020.
3. The average number of outstanding shares was 1,236,897,189 for the fiscal year ended March 31, 2021, and 1,275,165,730 for the fiscal year ended March 31, 2020.
   The Company's shares held through the Board Incentive Plan Trust (2,154,248 shares as of March 31, 2021 and 1,476,828 shares as of March 31, 2020) are not included in the number of treasury stock as of the end of the periods, but are included in the average number of shares outstanding as treasury stock that are deducted from the basis of the calculation of per share data.

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1. Summary of Consolidated Financial Results

(1) Summary of Financial Highlights

Financial Results for the Fiscal Year Ended March 31, 2021

		Fiscal Year ended	Fiscal Year ended	Change
		March 31, 2020	March 31, 2021	Amount	Percent
Total Revenues	(millions of yen)	2,280,329	2,292,708	12,379		1 %
Total Expenses	(millions of yen)	2,010,648	2,033,894	23,246		1 %
Income before Income Taxes	(millions of yen)	412,561	287,561	(125,000)		(30)%
Net Income Attributable to	(millions of yen)	302,700	192,384	(110,316)		(36)%
ORIX Corporation Shareholders
Earnings Per Share (Basic)	(yen)	237.38	155.54	(81.84)		(34)%
(Diluted)	(yen)	237.17	155.39	(81.78)		(34)%
ROE *1	(%)	10.3	6.4	(3.9)		－
ROA *2	(%)	2.40	1.44	(0.96)		－

*Note 1 : ROE is the ratio of Net Income Attributable to ORIX Corporation Shareholders for the period to average ORIX Corporation Shareholders' Equity.

*Note 2 : ROA is calculated based on Net Income Attributable to ORIX Corporation Shareholders.

Overview of Business Performance (April 1, 2020 to March 31, 2021)

Total revenues for the consolidated fiscal year ended March 31, 2021 (hereinafter, "the fiscal year") increased 1% to ¥2,292,708 million compared to the previous fiscal year due to increases in life insurance premiums and related investment income, and gains on investment securities and dividends despite decreases in services income, and operating leases revenues.

Total expenses increased 1% to ¥2,033,894 million compared to the previous fiscal year due to an increase in life insurance costs despite decreases in interest expense, and services expense.

On the other hand, equity in net income of affiliates for the fiscal year decreased 99% to ¥481 million compared to the previous fiscal year and gains on sales of subsidiaries and affiliates and liquidation losses, net for the fiscal year decreased 69% to ¥23,300 million compared to the previous fiscal year.

Due to the above results and the impact of coronavirus disease 2019 (hereinafter, "COVID-19"), income before income taxes for the fiscal year decreased 30% to ¥287,561 million compared to the previous fiscal year and net income attributable to ORIX Corporation shareholders decreased 36% to ¥192,384 million compared to the previous fiscal year.

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Segment Information

Total segment profits for the fiscal year decreased 28% to ¥318,891 million compared to the previous fiscal year. Segment profits increased in each of Environment and Energy, Insurance and Banking and Credit while segment profits in each of Corporate Financial Services and Maintenance Leasing, Real Estate, PE Investment and Concession, Aircraft and Ships, ORIX USA, ORIX Europe and Asia and Australia decreased.

Since April 1, 2020, the operating segments regularly reviewed by the chief operating decision maker to make decisions about resource allocations and assess performance have been changed, resulting in a reorganization of our reportable segments. As a result of this change, segment data for the previous fiscal year has been retrospectively restated.

Since April 1, 2020, the selling, general and administrative expenses that should be borne by the ORIX Group, which were initially charged to its respective segments, have been included in the difference between segment total profits and consolidated amounts for the fiscal year. As a result of this change, segment data for the previous fiscal year has been retrospectively restated.

Since April 1, 2020, Accounting Standards Update 2016-13 ("Measurement of Credit Losses on Financial Instruments"-ASC 326 ("Financial Instruments-Credit Losses")) (hereinafter, "Credit Losses Standard") has been adopted. For further information, see "3. Financial Information (9) Changes in Significant Basis of Preparation of Consolidated Financial Statements - Significant Accounting Policies - (Adoption of New Accounting Standards)."

Segment information for the fiscal year is as follows:

Corporate Financial Services and Maintenance Leasing: Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and IT-related equipment; Yayoi

	Year ended	Year ended	Change
	March 31, 2020	March 31, 2021	Amount	Percent
	(millions of yen)	(millions of yen)
	(millions of yen)	(%)
Segment Revenues	428,036	429,799	1,763		0
Segment Profits	62,978	59,149	(3,829)		(6)
			Change
	As of March 31, 2020	As of March 31, 2021
	Amount	Percent
	(millions of yen)	(millions of yen)
			(millions of yen)	(%)
Segment Assets	1,789,693	1,658,571	(131,122)		(7)

Segment revenues totaled ¥429,799 million, remaining substantially unchanged from the previous fiscal year. This was due to an increase in operating leases revenues from the rental of IT-related equipment, mostly offset by lower finance revenues resulting from decreases in financial assets and lower sales of goods.

Segment profits decreased 6% to ¥59,149 million due to increases in costs of operating leases and services expense, and the absence of bargain purchase gains recorded in relation to companies acquired in our corporate financial services business during the previous fiscal year.

Segment assets decreased 7% to ¥1,658,571 million compared to the end of the previous fiscal year. This decrease was due to decreases in net investment in leases, installment loans, and investment in operating leases.

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