ORIX Corporation. Analysis of Consolidated Financial Results For the Period April 1-June 30, (July 30, 2002)

ORIX Corporation Analysis of Consolidated Financial Results For the Period April 1-June 30, 2002 (July 30, 2002)

Disclaimer Safe Harbor Statement 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 Unites States Securities and Exchange Commission. U.S. Holders The Company expects that it will be a "passive foreign investment company" (PFIC) under the U.S. Internal Revenue Code. A U.S. holder of the shares of the Company is therefore subject to special rules of taxation in respect of certain dividend, gain or other income on such. Investors should consult their tax advisors with respect to such rules, which are summarized in the Company's annual report.

Table of Contents Slide # (1) Financial Summary.. 1 Net Income & ROE (Graph and Table)...2 Total Assets & ROA (Graph).. 3 Shareholders Equity & Shareholders Equity Ratio (Graph)..... 4 Total Debt & Debt-to-Equity Ratio (Graph) 5 Forecasts for Year Ending March 31, 2003 (Graph)... 6 (2) Key Financial Data... 7 Direct Financing Leases Direct Financing Leases: New Equipment Acquisitions (Graph)... 7 Investment in Direct Financing Leases (Graph). 8 Investment in Direct Financing Leases by Equip.Category (Table)... 9 Direct Financing Lease Revenues (Graph).10 Operating Leases Operating Leases: New Equipment Acquisitions (Graph). 11 Investment in Operating Leases (Graph)..... 12 Investment in Operating Leases by Category (Table).. 13 Operating Lease Revenues (Graph)... 14 Interest on Loans & Investment Securities Installment Loans: New Loans Added (Graph)..... 15 Installment Loans (Graph)....... 16 Installment Loans by Borrower Category (Table)... 17 Investment in Securities: New Securities Added (Graph)... 18 Investment in Securities (Graph)... 19 Investment in Securities by Security Category (Table) 20 Interest on Loans (Graph)... 21 Interest on Investment Securities (Graph)..22 Brokerage Commissions & Gains on Investment Securities (Graph)...23 Slide # Life Insurance Premiums & Related Investment Income (Graph and Table)...... 24 Other Operating Revenues & Assets Other Operating Assets: New Assets Added (Graph)... 25 Other Operating Assets (Graph). 26 Other Operating Revenues (Graph).. 27 Allowance for Doubtful Receivables on Direct Financing Leases & Possible Loan Losses (Graph & Table)... 28 Equity in Net Income (Loss) of & Gain (Loss) on Sales of Affiliates (Graph)...29 Funding... 30 Direct Funding by Funding Source (Graph).. 31 Composition of Debt (Table). 32 Direct Funding & Direct Funding Ratio (Table)... 33 ORIX s Domestic CP & Bond Issuance (Table).. 34 Principal Credit Ratings. 35 Segment Information.. 36 Corporate Finance (Graph)... 36 Equipment Operating Leases (Graph)...... 37 Real Estate-Related Finance (Graph)..38 Real Estate (Graph). 39 Life Insurance (Graph).. 40 Other (Graph)..... 41 The Americas (Graph)... 42 Asia and Oceania (Graph)..... 43 Europe (Graph).. 44 (3) Description of Quarterly Results...45-51 (4) Additional Data..52

(1) Financial Summary For the Three Month Period April 1-June 30, 2002 Revenues 161.0 JPY billion (down 10% on 2001/6) Expenses 136.3 JPY billion (down 13% on 2001/6) Income before Income Taxes 26.3 JPY billion (up 25% on 2001/6) Net Income 16.9 JPY billion (up 62% on 2001/6) Operating Assets 5,327.8 JPY billion (down 4% on 2002/3) Total Assets 6,091.1 JPY billion (down 4% on 2002/3) ROE 13.5% (annualized) (March 31, 2002: 8.4%) ROA 1.09% (annualized) (March 31, 2002: 0.67%) D/E Ratio 9.0 Times (March 31, 2002: 9.3 Times) Shareholders Equity Ratio 8.2% (March 31, 2002: 7.9%) *Unless otherwise stated all figures are in Japanese yen (JPY) Yen/Dollar Exchange Rate Average Rate: 02/6 = 126.14 JPY; 01/6= JPY 123.22 (2.4% depreciation) Period End Rate: 02/6 = 119.50 JPY; 02/3= JPY 133.25 (10% appreciation) 1

Net Income & ROE 40.3 (annualized) 13.5% 25.6 30.6 34.2 8.0% 8.1% 7.7% 8.4% 16.9 99/3 00/3 01/3 02/3 02/6 Net Income (JPY billion) ROE (%) (JPY million) 01/4-6 01/7-9 01/10-12 02/1-3 02/4-6 Net Income 10,442 9,594 9,262 10,971 16,885 2

Total Assets & ROA 0.47% 0.57% 5,347.6 5,341.5 0.62% 0.67% 5,591.3 6,350.2 (annualized) 1.09% 6,091.1 99/3 00/3 01/3 02/3 02/6 Total Assets (JPY billion) ROA (%) 3

Shareholders Equity & Shareholders Equity Ratio 8.0% 8.3% 7.9% 8.2% 6.1% 425.7 461.3 502.5 498.7 327.8 99/3 00/3 01/3 02/3 02/6 Shareholders' Equity (JPY billion) Shareholders' Equity Ratio (%) 4

Total Debt & Debt to Equity Ratio (JPY billion) 13.0 4,274.3 9.4 8.8 9.3 4,010.5 4,070.5 4,679.6 9.0 4,489.6 Long-Term Debt Short-Term Debt Deposits Debt-to-Equity Ratio (Times) 99/3 00/3 01/3 02/3 02/6 * D/E Ratio = (Long Term Debt + Short Term Debt + Deposits)/Shareholders Equity 5

Forecasts for Year Ending March 31, 2003 (JPY billion) 593.9 616.5 586.1 658.5 73.0 680.0 80.0 27.3 25.6 52.0 30.6 59.2 34.2 40.3 46.0 99/3 00/3 01/3 02/3 03/3 Forecast Income before Income Taxes Net Income Total Revenues 6

(2) Key Financial Data Direct Financing Leases: New Equipment Acquisitions (JPY billion) 1,200 900 600 913.2 905.9 289.7 274.7 723.3 203.5 980.4 181.7 300 0 623.5 631.2 798.7 519.8 159.3 210.8 33.0 59.8 126.4 151.1 Japan Overseas 7

(JPY billion) 2,500 Investment in Direct Financing Leases 2,000 1,500 1,952.8 472.3 1,745.0 426.9 1,657.7 1,623.0 1,658.7 1,646.9 464.4 431.9 403.1 363.4 1,000 500 1,480.5 1,318.0 1,193.3 1,191.0 1,255.5 1,283.6 0 Japan Overseas 8

Investment in Direct Financing Leases by Equipment Category 99/3 00/3 01/3 Minimum Lease Payments Receivable 2,100,934 1,881,289 1,771,625 (JPY million) 02/3 02/6 1,727,729 1,711,825 Estimated Residual Value 58,827 57,900 56,566 80,206 78,257 Initial Direct Costs 29,374 26,042 24,616 23,224 23,443 Unearned Lease Income (236,293) (220,278) (195,098) (172,490) (166,593) Total 1,952,842 1,744,953 1,657,709 1,658,669 1,646,932 99/3 00/3 01/3 02/3 02/6 Information-Related & Office Equipment 493,298 373,281 334,174 262,524 271,801 Industrial Equipment 444,261 394,581 372,542 286,942 264,323 Commercial Services Equipment 224,080 194,809 193,624 186,115 187,626 Transportation Equipment 414,093 398,521 415,246 603,843 590,895 Other 377,110 383,761 342,123 319,245 332,287 Total 1,952,842 1,744,953 1,657,709 1,658,669 1,646,932 9

(JPY billion) 200 Direct Financing Lease Revenues 150 100 143.2 46.3 130.8 43.9 122.0 44.6 121.9 37.8 50 0 96.9 86.9 77.4 10.5 19.1 84.2 29.6 30.7 8.8 22.0 Japan Overseas 10

Operating Leases: New Equipment Acquisitions (JPY billion) 150 143.2 28.4 146.2 29.3 100 92.3 25.7 101.0 30.6 50 0 66.5 70.4 114.8 116.9 47.9 6.6 20.9 41.3 6.7 14.1 Japan Overseas 11

Investment in Operating Leases (JPY billion) 600 400 411.2 397.6 149.8 123.1 451.2 464.3 474.5 451.0 130.5 128.4 135.8 123.6 200 261.4 274.5 320.6 335.8 338.7 327.4 0 Japan Overseas 12

Investment in Operating Leases by Category (JPY million) 99/3 00/3 01/3 02/3 02/6 Transportation Equipment 181,886 159,548 165,218 187,605 173,044 Measuring Equipment and Personal Computers 58,552 58,431 77,808 71,527 69,257 Real Estate and Other 170,718 179,597 208,145 215,359 208,711 Total 411,156 397,576 451,171 474,491 451,012 13

Operating Lease Revenues (JPY billion) 120 90 60 31.6 29.5 83.6 30 60.8 71.1 0 92.4 100.5 120.8 113.5 29.9 33.1 7.9 20.4 87.7 28.4 30.5 8.5 22.0 Japan Overseas 14

(JPY billion) Installment Loans: New Loans Added 1,500 1,000 500 0 1,340.4 195.7 807.5 706.8 740.6 153.3 82.4 134.8 1,144.7 572.0 654.2 658.2 341.1 269.5 67.3 67.9 201.6 273.9 Japan Overseas 15

Installment Loans (JPY billion) 3,000 2,273.3 2,327.4 2,000 1,918.4 1,761.9 1,791.4 1,846.5 368.7 337.8 357.4 406.5 433.0 429.2 1,000 1,393.2 1,453.7 1,489.1 1,511.9 1,840.3 1,898.1 0 Japan Overseas 16

Installment Loans by Borrower Category (JPY million) 99/3 00/3 01/3 02/3 02/6 Domestic Consumer Housing Loans Card Loans 411,215 118,347 396,748 121,272 392,896 181,215 557,461 230,358 553,134 263,059 Other 43,663 56,461 43,959 44,829 43,042 Sub-total 573,225 574,481 618,070 832,648 859,235 Domestic Commercial Real Estate Related 188,085 203,537 222,818 278,367 281,509 Commercial & Industrial Companies 614,988 657,355 627,252 708,031 734,370 Sub-total 803,073 860,892 850,070 986,398 1,015,879 Foreign Borrowers 368,661 337,754 357,446 432,771 430,745 Loan Origination Costs, Net 16,928 18,312 20,925 21,463 21,495 Total 1,761,887 1,791,439 1,846,511 2,273,280 2,327,354 17

Investment in Securities: New Securities Added (JPY billion) 400 300 333.2 302.0 66.5 108.8 397.2 81.6 348.3 44.1 200 100 0 315.6 235.5 224.5 88.7 11.5 77.1 304.2 48.9 10.6 38.3 Japan Overseas 18

Investment in Securities (JPY billion) 1,000 800 600 400 200 576.2 121.4 454.8 758.4 162.0 596.3 942.2 963.5 210.7 205.4 731.4 758.1 861.3 209.6 651.7 759.4 194.0 565.4 0 Japan Overseas 19

Investment in Securities by Security Category (JPY million) 99/3 00/3 01/3 02/3 02/6 Trading Securities 414 390 581 879 5,729 Available-for-Sale Securities 507,510 689,638 841,409 718,919 624,449 Held-to-Maturity Securities 16,542 11,404 13,005 16,008 13,182 Other Securities 51,740 56,949 87,163 125,530 116,046 Total 576,206 758,381 942,158 861,336 759,406 20

Interest on Loans (JPY billion) 100 88.0 83.3 85.4 80 36.9 30.4 27.3 60 99.7 29.6 40 20 0 51.1 53.0 58.1 70.1 22.9 26.2 7.6 6.4 15.2 19.8 Japan Overseas 21

(JPY billion) 30 Interest on Investment Securities 20 24.0 22.2 10 0 14.1 12.5 18.9 18.7 10.9 12.8 6.0 4.6 4.9 4.2 1.6 1.3 5.1 1.1 3.5 0.3 Japan Overseas 22

Brokerage Commissions & Gains on Investment Securities (JPY billion) 20 15 19.7 3.1 12.1 18.4 2.9 10 5 0 7.4 1.2 3.3 16.6 15.4 8.8 6.2 Gains on Investment Securities 4.0 0.9 3.1 Brokerage Commissions 5.1 0.8 4.4 23

Life Insurance Premiums & Related Investment Income (JPY billion) 250 200 150 196.3 9.6 205.8 15.1 158.3 152.3 16.8 16.9 100 50 0 186.6 190.8 141.5 40.3 4.9 35.3 135.5 4.2 28.7 32.9 Premiums Related Investment Income (JPY million) Life Insurance Premiums & Related Investment Income 196,259 205,829 158,314 40,287 152,333 32,946 Life Insurance Costs 186,775 193,664 143,709 36,123 139,786 29,649 Net 9,484 12,165 14,605 4,164 12,547 3,297 24

Other Operating Assets: New Assets Added (JPY billion) 250 200 204.1 23.2 150 100 50 0 129.0 42.6 70.4 180.9 39.7 38.3 86.4 23.4 22.2 20.8 16.4 32.1 5.8 5.3 16.4 15.5 Japan Overseas 25

Other Operating Assets (JPY billion) 300 250 260.4 12.2 200 150 100 50 0 73.3 72.5 4.7 9.6 68.7 62.8 132.0 25.2 132.8 25.2 248.2 143.1 10.8 106.8 107.7 132.2 Japan Overseas 26

Other Operating Revenues 150 (JPY billion) 100 50 0 68.3 58.4 47.5 9.3 47.7 7.0 2.7 2.0 44.9 51.4 59.1 45.7 121.7 12.0 109.7 30.7 2.0 28.7 Japan Overseas 27

Allowance for Doubtful Receivables on Direct Financing Leases & Possible Loan Losses (JPY billion) 160 120 132.6 136.9 141.1 152.9 150.3 80 40 0 99/3 00/3 01/3 02/3 02/6 (JPY million) 99/3 00/3 01/3 02/3 02/6 Beginning Balance 145,741 132,606 136,939 141,077 152,887 Provisions Charged to Income 51,845 45,573 44,584 51,367 12,803 Charge-Offs (Net) (70,306) (37,343) (46,306) (49,340) (12,694) Other 5,326 (3,897) 5,860 9,783 (2,732) Ending Balance 132,606 136,939 141,077 152,887 150,264 28

Equity in Net Income (Loss) of & Gain (Loss) on Sales of Affiliates (JPY billion) 6 3 2.1 1.6 0-0.8-0.9-0.3-3 -3.7-6 29

Funding Balance between Direct and Indirect Funding Total funding: JPY 4,489.6 billion (including deposits); down JPY 190.0 billion on 2002/3 Direct funding ratio: 52.5%, down 0.2 percentage points on 2002/3 Liquidity To sustain a high degree of liquidity, ORIX has been increasing the weight of long-term debt and securing commitment lines for itself. Commitment lines at 2002/6 Consolidated total including overseas companies: JPY 868.0 billion (Available: JPY 806.3), down JPY 65.6 billion on 2002/3 Share of long-term debt: 65.2%, up 2.1 percentage points on 2002/3 30

Direct Funding by Funding Source (JPY billion) 3,000 48.9% 2,500 2,000 1,500 1,000 500 0 2,088.3 56.8% 56.7% 52.7% 52.5% 2,277.9 2,310.0 2,466.0 2,358.7 99/3 00/3 01/3 02/3 02/6 CP ABS (Long-term) Bonds MTN Deposits Direct Funding Ratio 31

Composition of Debt (JPY million) 99/3 00/3 01/3 02/3 02/6 Borrowings from Financial Institutions 1,171,582 935,326 647,461 631,529 625,260 *Commercial Paper 1,013,401 977,435 914,611 1,012,933 850,603 Short-Term Debt 2,184,983 1,912,761 1,562,072 1,644,462 1,475,863 Borrowings from Financial Institutions 1,014,416 797,276 1,113,071 1,582,074 1,505,692 *Bonds *Medium-Term Notes 574,790 252,579 761,253 328,221 795,500 349,378 862,687 324,369 913,599 314,160 *Asset-Backed Securities 194,243 56,034 72,210 40,731 30,766 Long-Term Debt 2,036,028 1,942,784 2,330,159 2,809,861 2,764,217 *Deposits 53,269 154,923 178,314 225,243 249,525 Total Debt 4,274,280 4,010,468 4,070,545 4,679,566 4,489,605 *Direct Funding 32

Direct Funding & Direct Funding Ratio (JPY million) 99/3 00/3 01/3 02/3 02/6 Direct Funding ( * on slide 32) 2,088,282 2,277,866 2,310,013 2,465,963 2,358,653 Direct Funding Ratio 48.9% 56.8% 56.7 % 52.7% 52.5% Off-balance funding 280,784 411,111 401,609 502,786 442,241 Direct Funding (including off-balance funding) 2,369,066 2,688,977 2,711,622 2,968,749 2,800,894 Direct Funding Ratio (including off-balance funding) 52.0% 60.8 % 60.6% 57.3% 56.8% Total Debt 4,555,064 4,421,579 4,472,154 5,182,352 4,931,846 (including off-balance funding) 33

ORIX s Domestic CP Issuance (JPY million) 99/3 00/3 01/3 02/3 02/6 Total CP Issuance in Japan 827,100 851,500 914,300 1,005,300 847,800 Direct Paper Issued in Japan 558,400 610,500 585,300 533,300 544,800 Share of Direct Paper in Japan 68% 72% 64% 53% 64% ORIX s Domestic Bond Issuance (Excluding Convertible Bonds) (JPY million) 99/3 00/3 01/3 02/3 02/6 Total Bond Issuance in Japan 560,200 713,700 755,500 794,100 797,100 Bonds to Individuals in Japan 280,000 320,000 355,000 420,000 390,000 Share of Bonds to Individuals 50% 45% 47% 53% 49% 34

Principal Credit Ratings R&I JCR S&P Moody s Short-Term Debt (CP) a-1+ J-1+ Long-Term Debt AA- AA- BBB Baa3 35

Domestic Operations 1 Corporate Finance: Direct financing leases and lending operations other than real estate lending (JPY billion) 2,046.5 1,968.6 1,889.5 1,895.0 1,960.4 2,008.2 122.6 121.4 113.1 118.8 35.2 40.9 44.4 27.4 11.4 48.1 31.5 10.4 Revenues Segment Profit (Loss) Segment Assets 36

2Equipment Operating Leases: Includes precision measuring equipment, information related equipment, and automobile leases (JPY billion) 134.3 136.5 147.4 141.9 109.8 51.0 113.4 53.0 61.7 67.3 6.9 7.8 11.2 16.9 2.7 9.9 16.2 1.3 Revenues Segment Profit (Loss) Segment Assets 37

Real Estate Related Finance: Corporate real estate related finance and consumer housing loans (JPY billion) 1,012.9 906.2 573.8 597.3 606.8 627.4 31.6 24.3 17.7 17.3 14.0 1.9 6.9 0.3 5.7 6.1-11.0-3.4 Revenues Segment Profit (Loss) Segment Assets 38

4Real Estate: Residential subdivision developments, and rental and management of office buildings, hotels, training centers and golf courses (JPY billion) 310.3 316.6 326.5 273.5 276.5 85.5 293.2 48.4 39.1 44.9 33.2 4.6 5.8-2.2-8.2-4.6 Revenues Segment Profit (Loss) Segment Assets 19.0 2.7 39

Life Insurance: Direct/agency life insurance sales and related activities (JPY billion) 195.5 334.8 425.3 204.7 543.9 557.4 543.7 497.6 157.6 154.3 41.2 32.9 3.8 5.5 6.0 3.4 5.8 1.3 Revenues Segment Profit (Loss) Segment Assets 40

6 Other: Includes securities transactions, venture capital operations, consumer card loan operations and new businesses (JPY billion) 389.6 352.4 284.8 308.2 248.9 242.3 49.1 30.9 36.2 22.7 11.0 12.8 1.0 0.8 4.9 2.6-4.3-1.0 Revenues Segment Profit (Loss) Segment Assets 41

Foreign Operations 7 The Americas (JPY billion) 804.1 808.2 794.3 634.1 691.4 695.4 68.8 74.5 79.4 75.2 20.6 18.8 8.9 17.7 14.7-1.1 0.8 1.2 Revenues Segment Profit (Loss) Segment Assets 42

8 Asia and Oceania (JPY billion) 467.5 440.9 402.7 415.8 435.1 369.5 56.7 51.2 49.7 48.7 17.8 3.4 1.2 0.8 5.4 13.7 1.7-11.7 Revenues Segment Profit (Loss) Segment Assets 43

9 Europe (JPY billion) 178.6 23.8 159.6 158.6 149.1 113.8 18.3 15.2 14.7 98.2 4.0 0.3 0.3 0.7 1.2 0.6 Revenues Segment Profit (Loss) Segment Assets 3.1-0.5 44

(3) Description of Quarterly Results New Business Volumes JPY Million Q1 Q1 YOY 2001.4-6 2002.4-6 Change (%) Direct Financing Leases: New receivables added 186,123 237,779 28% Japan 147,350 172,957 17% Overseas 38,773 64,822 67% Direct Financing Leases: New equipment acquisitions 159,348 210,819 32% As above. Japan 126,350 151,062 20% Overseas 32,998 59,757 81% Installment Loans: New loans added 269,524 341,138 27% Japan 201,626 273,867 36% Overseas 67,898 67,271-1% Operating Leases: New equipment acquisitions 47,872 20,870-56% Japan 41,310 14,128-66% Overseas 6,562 6,742 3% Investment in Securities: New securities added 88,666 48,907-45% Japan 77,125 38,346-50% Overseas 11,541 10,561-8% Other Operating Assets: New assets added 22,226 20,768-7% Japan 16,428 15,475-6% Overseas 5,798 5,293-9% Notes Increased in Japan due to automobile leases and overseas as a result of M&A activities in Asia. Consumer card loans and housing loans as well as corporate installment loans were strong in Japan. In the same period of the previous fiscal year, there were acquisitions in Japan that included the purchase of Nihon Jisho, however, no such acquisitions were made in the first quarter of this fiscal year, resulting in a decline. In Japan, a sharp decrease at ORIX Life Insurance due to a change in portfolio management away from investment securities to include more loans. Remained roughly the same as the previous fiscal year because there were no large changes in purchases of land for condominium developments or other assets included in "Other Operating Assets." Memo 45

Operating Assets JPY Million Change on 2002.3 (%) Investment in Direct Financing Leases 1,658,669 1,646,932-1% Japan 1,255,537 1,283,552 2% Overseas 403,132 363,380-10% Installment Loans 2,273,280 2,327,354 2% Japan 1,840,289 1,898,108 3% Overseas 432,991 429,246-1% Investment in Operating Leases 474,491 451,012-5% Japan 338,719 327,391-3% Overseas 135,772 123,621-9% Investment in Securities 861,336 759,406-12% Japan 651,702 565,409-13% Overseas 209,634 193,997-7% Other Operating Assets 260,373 143,064-45% Japan 248,216 132,217-47% Overseas 12,157 10,847-11% Operating Assets 5,528,149 5,327,768-4% Memo 2002.3 2002.6 Notes A decline in leasing assets at a U.S. subsidiary and the appreciation of the yen resulted in the decline. In Japan, consumer card loans and installment loans to corporate customers increased. Overseas, loans increased in local currency terms, but declined slightly due to the appreciation of the yen, resulting in little change in yen terms. In Japan, the purchase of new measuring equipment was held down, resulting in the decline, while the appreciation of the yen resulted in the decline of overseas assets. In Japan, the balance dropped as a result of a changes in the portfolio of ORIX Life Insurance (from securities to loans). The decline overseas stemmed from the appreciation of the yen. In Japan, the listing and sale of shares in a REIT in June 2002 resulted in a decline of about 100 billion yen of assets, while the decline overseas was a result of the appreciation of yen. 46

JPY Million Q1 Q1 YOY 2001.4-6 2002.4-6 Change (%) Direct financing leases 29,611 30,742 4% Japan 19,145 21,987 15% Overseas 10,466 8,755-16% Operating leases 28,354 30,534 8% Japan 20,419 22,012 8% Overseas 7,935 8,522 7% Interest on loans and investment securities 28,898 30,757 6% Interest on loans 22,861 26,203 15% Japan 15,218 19,795 30% Overseas 7,643 6,408-16% Interest on investment securities 6,037 4,554-25% Japan 1,105 319-71% Interest income on deposits 473 177-63% Other operating revenues 47,699 30,674-36% Japan 45,671 28,681-37% Overseas 2,028 1,993-2% Total Revenues 179,367 160,957-10% Memo Revenues Notes Automobile leases performed strongly in Japan, aided in part by acquisitions made in the previous fiscal year. A lower balance of leasing assets in the U.S. leasing operations resulted in the decline in revenues from overseas. While rentals of precision measuring equipment declined, the sale of some real estate assets as well as increases in automobile rentals aided by acquisitions made in the previous fiscal year resulted in increased revenues in Japan. Overseas, automobile leasing operations in Australia and Thailand performed strongly. Interest on loans: Increased due to larger consumer card loan and housing loan balances in Japan, with decreases overseas due to lower interest rates. Overseas 4,932 4,235-14% Brokerage commissions and gains on Lower brokerage fees were recorded at ORIX Securities due to the sluggish stock market in Japan. Some 4,045 5,127 27% investment securities increases in gains on investment securities were seen in venture capital and gains from investment funds. Brokerage commissions 903 774-14% Gains on investment securities 3,142 4,353 39% Life insurance premiums and related 40,287 32,946-18% A shift in product mix in the life insurance business from savings-type products to guarantee-type products investment income resulted in lower premiums. Lower gains on the sale of securities resulted in a drop in related investment Life insurance premiums 35,345 28,745-19% income. Related investment income 4,942 4,201-15% The condominium business in Japan remained strong, but revenues were lower than the previous fiscal year when revenues were concentrated in the first quarter as a result of government tax incentives on new housing. 47

JPY Million Q1 Q1 YOY 2001.4-6 2002.4-6 Change (%) Interest expense 26,128 18,974-27% Depreciation operating leases 18,692 19,429 4% Life insurance costs 36,123 29,649-18% Expenses Decreased in line with drop in other operating revenues. Other operating expenses 34,006 18,364-46% Notes Dropped due to lower market interest rates and efficient fund procurement from the capital markets. Remained essentially unchanged as the balance of operating leases also remained unchanged. Dropped in line with life insurance premiums as a result of a shift in product mix in the life insurance business from savings-type products to guarantee-type products. Selling, general and administrative expenses Provision for doubtful receivables and possible loan losses 29,591 34,163 15% 9,634 12,803 33% Increased personnel expenses as a result of an increase in the number of consolidated companies. Increase due to higher average operating assets, including increases as a result of acquisitions. Write-downs of long-lived assets - - - Write-downs of securities 2,132 2,166 2% 0.9 billion yen for high yield bonds in the U.S., 0.4 billion yen for WorldCom, with the remainder coming from equity and other securities in Japan. Foreign currency transaction loss (gain), net 1,142 710-38% Total Operating Assets 157,448 136,258-13% Memo 48

Segment Profit JPY Million Q1 Q1 YOY Notes 2001.4-6 2002.4-6 Change (%) Domestic Segments Continued steady performance in direct financing leases, in particular automobile leases, and Corporate Finance 11,403 10,411-9% corporate lending, but lower fee income and an increase in provisions resulted in a slight decline. Decline due to lower utilization rates for rentals of precision measuring and other equipment. Equipment Operating Leases 2,655 1,271-52% Real Estate-Related Finance 323 6,106 1790% Real Estate 4,587 2,735-40% Increased due to gains from the listing of a REIT, along with strong performance of non-recourse loans and housing loans. The condominium business continued to perform strongly this quarter, but gains were concentrated in the first quarter of the previous fiscal year. Gains on the sale of securities were concentrated in the first quarter of last fiscal year. Life Insurance 3,397 1,282-62% Contributions from consumer card loan and venture capital operations resulted in the increase. Other 800 2,554 219% Sub-Total 23,165 24,359 5% Overseas Segments The commercial mortgage-backed securities and related businesses continued to perform strongly. The Americas (1,100) 1,229 - Improvements in the leasing business and an equity-method affiliate aided the recovery. Asia and Oceania 798 1,673 110% Lending and automobile leasing operations performed well, while currency gains were made this quarter compared with losses in the Indonesian rupiah in the same period last fiscal year. Decline due to losses associated with investment securities. Europe 1,153 (545) - Sub-Total 851 2,357 177% Segment Income before Income Taxes 24,016 26,716 11% Reconciliation of Segment Totals to Consolidated Amounts (2,967) (394) - Consolidated Amounts 21,049 26,322 25% Memo 49

Segment Revenues JPY Million Q1 Q1 YOY Notes 2001.4-6 2002.4-6 Change (%) Domestic Segments Increased due to contributions from M&A made last fiscal year. Corporate Finance 27,420 31,465 15% Equipment Operating Leases 16,854 16,233-4% Strong increase as a result of contributions from non-recourse loans, housing loans and the listing of a REIT. Real Estate-Related Finance 6,898 13,995 103% Real Estate 33,160 18,983-43% Car rentals increased, aided by acquisitions made in the previous fiscal year, but lower utilization rates of precision measuring equipment resulted in the decline. The condominium business continued to perform well, but gains were concentrated in the first quarter of the previous fiscal year. Declined due to a shift from savings-type products to guarantee-type products. Life Insurance 41,181 32,946-20% Increased due to contributions from the consumer card loan operations. Other 10,975 12,773 16% Sub-Total 136,488 126,395-7% Overseas Segments The Americas 17,747 14,739-17% Declined due to lower direct financing lease revenues. The previous fiscal year included the sale of a ship. Asia and Oceania 17,838 13,741-23% Drop in interest income as a result of decline in assets. Europe 4,041 3,091-24% Sub-Total 39,626 31,571-20% Segment Revenues 176,114 157,966-10% Reconciliation of Segment Totals to Consolidated Amounts 3,253 2,991-8% Consolidated Amounts 179,367 160,957-10% Memo 50

Segment Assets JPY Million Change on 2002.3 2002.6 2002.3 (%) Domestic Segments Increases in installment loans and automobile leases. Corporate Finance 1,960,380 2,008,152 2% Notes Slight decrease in precision measuring equipment. Equipment Operating Leases 147,444 141,905-4% Drop in REIT-related assets due to the listing of a REIT. Real Estate-Related Finance 1,012,896 906,193-11% Decreased due to drop in land used for condominium development and the sale of an office building. Real Estate 326,473 293,189-10% Decline due to drop in life insurance premiums. Life Insurance 543,738 497,593-8% Increase in card loan balance of about 30 billion yen. Other 352,433 389,605 11% Sub-Total 4,343,364 4,236,637-2% Overseas Segments The Americas 794,330 695,351-12% Declined due to appreciation of the yen. While the appreciation of the yen led to some declines, acquisitions resulted in increases in direct financing leases and installment loans. Asia and Oceania 435,093 467,456 7% Declined due to drop in investment securities and the appreciation of the yen. Europe 113,844 98,200-14% Sub-Total 1,343,267 1,261,007-6% Segment Assets 5,686,631 5,497,644-3% Reconciliation of Segment Totals to Consolidated Amounts (158,482) (169,876) 7% Consolidated Amounts 5,528,149 5,327,768-4% Memo 51

(4) Additional Data Available-for-sale securities 2001.3 2002.3 2002.6 ORIX Life Insurance 532,670 438,523 377,191 ORIX 86,045 65,093 52,638 Venture Capital 3,624 5,374 3,361 CMBS 84,452 109,930 105,168 High Yield bonds 59,073 45,649 44,302 Others 75,545 54,350 47,568 Total 841,409 718,919 630,228 Note: High Yield bonds include trading securities. Gross unrealized gains (losses) 2001.3 2002.3 2002.6 ORIX Life Insurance 19,338 1,288 (534) ORIX 29,466 20,702 19,873 Venture Capital 1,903 3,735 1,829 CMBS 5,373 948 2,284 High Yield bonds (3,545) (3,318) (3,953) Others Total 4,484 57,019 2,268 25,623 2,019 21,518 Gains on investment securities 2001.3 2002.3 2002.6 ORIX 1,961 2,842 376 Venture Capital 542 3,626 1,125 CMBS 2,424 1,356 0 High Yield bonds 194 329 526 Others 3,682 7,274 2,326 Total 8,803 15,427 4,353 Investments by ORIX Life Insurance Fixed-income securities 2001.3 519,995 2002.3 433,463 2002.6 372,460 Marketable equity securities 7,167 73 62 Other securities 9,975 23,596 29,359 Total investment in securities 537,137 457,132 401,881 Other investments 6,749 86,606 95,712 Total 543,886 543,738 497,593 Breakdown of life insurance related investment inc 2001.3 2002.3 2002.6 Life insurance related investment income 16,786 16,854 4,201 Gains on investment securities, net 3,505 7,318 1,467 Interest on investment securities and others 13,281 9,536 2,734 Selling, general and administrative expenses 2001.3 2002.3 2002.6 Personnel expenses 41,464 57,115 16,415 Selling Expenses 17,934 21,197 5,329 Administrative expenses 39,299 45,310 11,718 Depreciation, amortization and other expenses 2,459 2,694 701 Total 101,156 126,316 34,163 Residential apartment business 2001.3 2002.3 2002.6 Proceeds on sales of residential apartments 36,928 58,078 11,666 Costs for sales of residential apartments 32,078 49,517 9,985 Net 4,850 8,561 1,681 Direct financing leases (DFL) 90+ days overdue 2001.3 2002.3 2002.6 Japan 29,572 33,175 33,047 Overseas 23,943 34,749 29,343 Total 53,515 67,924 62,390 General loans 90+ days overdue 84,827 74,199 68,186 Impaired loans (FASB 114) 120,090 113,000 109,463 Provisions and charge-offs for 2002/6 Loans DFL General FASB114 Total Beginning balance 50,837 56,188 45,862 152,887 Provisions charged to income 4,141 5,908 2,754 12,803 Charge-offs (5,157) (6,167) (1,370) (12,694) Other (1,575) (513) (644) (2,732) Ending balance 48,246 55,416 46,602 150,264 52