ORIX : to Issue the 188th and 189th Unsecured Senior Debt Securities with inter-bond pari passu clause

TOKYO, Japan - February 21, 2017 - ORIX Corporation (TSE: 8591; NYSE: IX) announced today that the issuance of the 188th and 189th unsecured senior debt securities for institutional investors denominated in Japanese yen with inter‐bond pari passu clause have been resolved in accordance with the approval by the Board of Directors on June 23, 2015 and by the Representative Executive Officer on March 22, 2016. The details are as follows.

The 188th Unsecured Senior Debt Securities for institutional investors with inter‐bond pari passu clause Total Amount of notes: JPY 10 Billion

Coupon rate: Annual rate 0.150%

Issue price: JPY 100 per JPY 100 of face value

Maturity: Five years (February 25, 2022)

Settlement date: February 27, 2017

Rating: A+ (Rating and Investment Information, Inc. (R&I))

The 189th Unsecured Senior Debt Securities for institutional investors with inter‐bond pari passu clause Total Amount of notes: JPY 10 Billion

Coupon rate: Annual rate 0.445%

Issue price: JPY 100 per JPY 100 of face value

Maturity: Ten years (February 26, 2027)

Settlement date: February 27, 2017

Rating: A+ (Rating and Investment Information, Inc. (R&I))

These materials are not an offer for sale of our securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. Any public offering of our securities to be made in the United States will be made by means of a prospectus that may be obtained from us and that will contain detailed information about us and our management, as well as our financial statements.

ORIX Corporation

Corporate Planning Department Tel: +81‐3‐3435‐3121

ORIX Corporation (TSE: 8591; NYSE: IX) is an opportunistic, diversified, innovation‐driven global powerhouse with a proven track record of profitability. Established in 1964, ORIX at present operates a diverse portfolio of businesses in the operations, financial services, and investment spaces. ORIX's highly complementary business activities span industries including: energy, private equity, infrastructure, automotive, ship and aircraft, real estate and retail financial services. ORIX has also spread its business globally by establishing locations in a total of 37 countries and regions across the world. Through its business activities, ORIX has long been committed to corporate citizenship and environmental sustainability. For more details, please visit our website: http://www.orix.co.jp/grp/en/

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 and under "4. Risk Factors" of the "Summary of Consolidated Financial Results" of the "Consolidated Financial Results April 1, 2015 - March 31, 2016."