Edgar Filing: ORIX CORP

Form 6-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 OF

THE SECURITIES EXCHANGE Act of 1934

For the month of February, 2008.

ORIX Corporation

(Translation of Registrant’s Name into English)

Mita NN Bldg., 4-1-23 Shiba, Minato-Ku,

Tokyo, 108-0014, JAPAN

(Address of Principal Executive Offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F x Form 40-F ¨

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes ¨ No x

Table of D ocuments Filed


		Page
1.	ORIX’s Third Quarter Consolidated Financial Results (April 1, 2007 – December 31, 2007) filed with the Tokyo Stock Exchange on Tuesday, February 5, 2008.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	ORIX Corporation

Date: February 5, 2008	By	/s/ Yasuhiko Fujiki
		Yasuhiko Fujiki
		Director
		Vice Chairman and CFO
		ORIX Corporation

Consolidated Financial Results

April 1, 2007 – December 31, 2007

February 5, 2008

In preparing its consolidated financial information, ORIX Corporation and its subsidiaries have complied with accounting principles generally accepted in the United States of America, except as modified to account for stock splits in accordance with the usual practice in Japan.

U.S. Dollar amounts have been calculated at Yen 114.15 to $1.00, the approximate exchange rate prevailing at December 31, 2007.

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.Business Risks” of the “Summary of Consolidated Financial Results” of the “Consolidated Financial Results April 1, 2007 - September 30, 2007.”

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 such rules, which are summarized in the Company’s annual report.

For further information please contact:

Investor Relations

ORIX Corporation

Mita NN Bldg., 4-1-23 Shiba, Minato-ku, Tokyo 108-0014

JAPAN

Tel: +81-3-5419-5102 Fax: +81-3-5419-5901

E-mail: xiaomai_feng@orix.co.jp

Consolidated Financial Results from April 1, 2007 to December 31, 2007

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


Corporate Name:		ORIX Corporation
Listed Exchanges:		Tokyo Stock Exchange (Securities No. 8591)
		Osaka Securities Exchange
		New York Stock Exchange (Trading Symbol : IX)
Head Office:		Tokyo JAPAN
		Tel: +81-3-5419-5102
		(URL http://www.orix.co.jp/grp/ir_e/ir_index.htm)

1. Performance Highlights for the Nine Months Ended December 31, 2007 and 2006, and the Year Ended March 31, 2007

(1) Performance Highlights - Operating Results (Unaudited)


	*(millions of JPY)1**

	Total Revenues	Year-on-Year Change		Operating Income	Year-on-Year Change		Income before *Income Taxes2**	Year-on-Year Change		Net Income	Year-on-Year Change
	Total Revenues	Year-on-Year Change		Operating Income	Year-on-Year Change		Income before *Income Taxes2**	Year-on-Year Change		Net Income	Year-on-Year Change
December 31, 2007	844,164	(0.5	)%	140,299	(37.1	)%	177,570	(27.9	)%	120,928	(19.9	)%
December 31, 2006	848,096	27.6	%	223,207	33.5	%	246,337	29.1	%	150,981	19.7	%
March 31, 2007	1,138,179	22.8	%	282,697	32.2	%	316,605	27.3	%	196,506	18.1	%


	Basic Earnings Per Share	Diluted Earnings Per Share
	Basic Earnings Per Share	Diluted Earnings Per Share
December 31, 2007	1,323.81	1,292.93
December 31, 2006	1,675.43	1,614.50
March 31, 2007	2,177.10	2,100.93


*Note 1:		Unless otherwise stated, all amounts shown herein are in millions of Japanese yen or millions of U.S. dollars, except for Per Share amounts which are in single yen.
*Note 2:		“Income before Income Taxes” as used throughout the report represents “Income before Income Taxes, Minority Interests in Earnings of Subsidiaries, Discontinued Operations and Extraordinary Gain.”

(2) Performance Highlights - Financial Position (Unaudited)


	Total Assets	Shareholders’ Equity	Shareholders’ Equity Ratio		Shareholders’ Equity Per Share
	Total Assets	Shareholders’ Equity	Shareholders’ Equity Ratio		Shareholders’ Equity Per Share
December 31, 2007	9,114,926	1,266,894	13.9	%	14,002.57
December 31, 2006	7,802,545	1,137,752	14.6	%	12,588.14
March 31, 2007	8,207,187	1,194,234	14.6	%	13,089.83

(3) Performance Highlights - Cash Flows (Unaudited)


	Cash Flows from Operating Activities	Cash Flows from Investing Activities		Cash Flows from Financing Activities	Cash and Cash Equivalents at End of Period
	Cash Flows from Operating Activities	Cash Flows from Investing Activities		Cash Flows from Financing Activities	Cash and Cash Equivalents at End of Period
December 31, 2007	30,994	(839,536	)	841,796	247,595
December 31, 2006	163,714	(561,663	)	278,251	126,782
March 31, 2007	226,128	(802,278	)	545,014	215,163

2. Dividends for the Years Ended March 31, 2008, 2007 and 2006 (Unaudited)


		Dividends Per Share
March 31, 2006		90.00
March 31, 2007		130.00
March 31, 2008 (Forecast)*3		260.00


*Note 3:		For details, please refer to “Announcement Regarding Dividend Forecast” dated February 5, 2008.

3. Forecasts for the Year Ending March 31, 2008 (Unaudited)


Fiscal Year	Total Revenues	Year-on-Year Change		Income before Income Taxes*2	Year-on-Year Change		Net Income	Year-on-Year Change		Basic Earnings Per Share
March 31, 2008 (Forecast)*4	1,163,000	2.2	%	261,000	(17.6	)%	170,000	(13.5	)%	1,861.01


*Note 4:		For details, please refer to “Announcement Regarding Downward Revision of Forecast for the Fiscal Year Ending March 31, 2008” dated February 5, 2008.

4. Other Information

(1)

Changes in Significant Consolidated Subsidiaries

Yes

( )

( x )

(2)

Adoption of Simplified Accounting Method

Yes

( )

( x )

(3)

Changes in Accounting Principles, Procedures and Disclosures

Yes

( )

( x )

1. Qualitative Information Regarding Consolidated Financial Results

Financial Results for the Nine Months Ended December 31, 2007


Income before Income Taxes*		177,570 million yen (Down 28% year on year)
Net Income		120,928 million yen (Down 20% year on year)
Earnings Per Share (Basic)		1,323.81 yen (Down 21% year on year)
Earnings Per Share (Diluted)		1,292.93 yen (Down 20% year on year)
Shareholders’ Equity Per Share		14,002.57 yen (Up 7% on March 31, 2007)
ROE (Annualized)		13.1% (December 31, 2006: 19.3%)
ROA (Annualized)		1.86% (December 31, 2006: 2.68%)

*	“Income before income taxes” refers to “income before income taxes, minority interests in earnings of subsidiaries, discontinued operations and extraordinary gain.”

Revenues: 844,164 million yen (Down 0% year on year)

Revenues were flat at 844,164 million yen in the first nine months of this fiscal year compared with the same period of the previous fiscal year. Although revenues from “direct financing leases,” “brokerage commissions and net gains on investment securities,” “life insurance premiums and related investment income,” “real estate sales” and “gains on sales of real estate under operating leases” decreased year on year, revenues from “operating leases,” “interest on loans and investment securities,” and “other operating revenues” were up compared to the same period of the previous fiscal year.

Revenues from “direct financing leases” decreased 15% to 58,099 million yen compared to the same period of the previous fiscal year. In Japan, revenues from “direct financing leases” were down 17% to 39,131 million yen compared to 47,192 million yen in the same period of the previous fiscal year due to a lower level of operating assets resulting from securitizations made in the latter half of the previous fiscal year and our prudent selectiveness of new projects, in addition to decreases in revenues from cancellations and revenues from sales of direct financing lease assets and decrease in gains from securitizations. Overseas, revenues were down 11% to 18,968 million yen compared to 21,331 million yen in the same period of the previous fiscal year due to the lower level of operating assets.

Revenues from “operating leases” increased 17% to 217,548 million yen compared to the same period of the previous fiscal year. In Japan, revenues were up 13% to 159,987 million yen compared to 141,254 million yen in the same period of the previous fiscal year due to an expansion in automobile, real estate operating leases and precision measuring and other equipment rental operations. Overseas, revenues were up 29% to 57,561 million yen compared to 44,754 million yen in the same period of the previous fiscal year due to factors including an expansion of automobile operating leases in the Asia, Oceania and Europe segment.

Revenues from “interest on loans and investment securities” increased 16% to 169,980 million yen compared to the same period of the previous fiscal year. In Japan, “interest on loans and investment securities” increased 22% to 135,199 million yen compared to 110,688 million yen in the same period of the previous fiscal year due primarily to an expansion of loans to corporate customers, including non-recourse loans. Overseas, revenues were down 2% to 34,781 million yen compared to 35,574 million yen in the same period of the previous fiscal year due to a decrease in contributions from interest on investment securities recorded in the second quarter of the previous fiscal year, despite an expansion of loans to corporate customers mainly in The Americas segment.

- 1 -

Revenues from “brokerage commissions and net gains on investment securities” decreased 65% to 20,026 million yen compared to the same period of the previous fiscal year. Brokerage commissions decreased 3% year on year. Net gains on investment securities decreased 72% year on year due to a decrease in revenues from the venture capital operations and the securities investment operations in The Americas segment, in addition to gains on the sale of a portion of our shares in Aozora Bank, Ltd. (herein referred to as “Aozora Bank”) in connection with its listing on the Tokyo Stock Exchange which were recorded in the third quarter of the previous fiscal year.

Although life insurance premiums were flat year on year, revenues from “life insurance premiums and related investment income” were down 1% year on year to 93,173 million yen due to a decrease in life insurance related investment income.

Although gains from sales were recorded in the Oceania region, “real estate sales” decreased 26% year on year to 58,338 million yen due mainly to a decrease in the number of condominiums sold to buyers in Japan compared to the same period of the previous fiscal year. Residential condominiums developed through certain joint ventures are recorded under “equity in net income of affiliates” net of revenues and costs.

“Gains on sales of real estate under operating leases” were down 62% year on year to 6,601 million yen due to a decrease in gains on sales of office buildings and other real estate under operating leases not classified under discontinued operations (refer to (Note 1) below).

“Other operating revenues” increased 11% year on year to 220,399 million yen. In Japan, revenues were up 13% to 174,986 million yen compared to 155,290 million yen in the same period of the previous fiscal year due mainly to an increase in revenues associated with real estate management operations including golf courses and training facilities, and contributions from the beginning of this fiscal year from companies in which we invested in the previous fiscal year. Overseas, revenues increased 5% to 45,413 million yen compared to 43,272 million yen in the same period of the previous fiscal year due to the recognition of ship finance-related revenues in the Asian region.

Note 1:

Subsidiaries, business units, and certain rental properties sold or to be disposed of by sale, are reported under continuing operations or discontinued operations, and are dependent on the existence of significant continuing involvements. In the absence of significant continuing involvements, they are reported under discontinued operations and the related amounts that had been previously reported have been reclassified retroactively.

Expenses: 703,865 million yen (Up 13% year on year)

Expenses increased 13% to 703,865 million yen compared with the same period of the previous fiscal year. Although “interest expense,” “costs of operating leases,” “other operating expenses,” “selling, general and administrative expenses,” “provision for doubtful receivables and probable loan losses” and “write-downs of securities” increased year on year, “life insurance costs” and “costs of real estate sales” were down year on year.

“Interest expense” was up 35% year on year to 79,060 million yen due mainly to an increase in Japan. In Japan, “interest expense” increased 54% year on year due to higher interest rates as well as higher average debt levels. Overseas, “interest expense” increased 10% year on year due mainly to higher average debt levels.

“Costs of operating leases” were up 17% year on year to 139,160 million yen accompanying the increase in operating lease assets.

“Life insurance costs” were down 1% year on year to 80,927 million yen.

“Costs of real estate sales” were down 21% year on year to 51,549 million yen along with the decrease in “real estate sales.”

“Other operating expenses” were up 21% year on year to 125,795 million yen accompanying the increase in “other operating revenues.”

- 2 -

“Selling, general and administrative expenses” were up 9% year on year to 198,895 million yen due to an increase in general and administrative expenses for write-downs of intangible assets, in addition to recorded expenses associated with companies in which we invested in the previous fiscal year from the beginning of this fiscal year, and expenses associated with the expansion of existing operations.

“Provision for doubtful receivables and probable loan losses” more than doubled year on year to 22,776 million yen due to some reversals of the provision for doubtful receivables and probable loan losses in the same period of the previous fiscal year, in addition to factors including an increase in installment loans.

There were no “write-downs of long-lived assets” recorded in the first nine months of this fiscal year.

“Write-downs of securities” were up 32% year on year to 5,347 million yen.

Net Income: 120,928 million yen (Down 20% year on year)

“Operating income” was down 37% year on year to 140,299 million yen due to the reasons noted above.

“Equity in net income of affiliates” increased 31% to 28,682 million yen due to an increase in profits from equity method affiliates mainly based in Japan and earnings from investments in residential condominiums developed through certain joint ventures.

“Gains on sales of subsidiaries and affiliates and liquidation losses” were up more than seven times year on year to 8,589 million yen, due to gains on sales of affiliates mainly in the Asian region.

As a result, “income before income taxes, minority interests in earnings of subsidiaries, discontinued operations and extraordinary gain” decreased 28% year on year to 177,570 million yen.

“Minority interests in earnings of subsidiaries, net” increased 3% year on year to 3,477 million yen.

“Income from continuing operations” decreased 28% year on year to 102,367 million yen.

“Discontinued operations (refer to (Note 1) on page 2), net of applicable tax effect” more than doubled year on year to 18,561 million yen due mainly to an increase in gains on sales of real estate under operating leases in Japan.

As a result of the foregoing changes, “net income” decreased 20% year on year to 120,928 million yen.

Segment Information

Segment profits (refer to (Note 2) below) declined year on year for the “Corporate Financial Services,”

“Automobile Operations,” “Real Estate-Related Finance,” “Life Insurance,” “Other,” and “The Americas” segments; and increased for the “Rental Operations,” “Real Estate,” and “Asia, Oceania and Europe” segments compared to the same period of the previous fiscal year.

The results of the reported segments from the first quarter of this fiscal year reflect the revised business classification of the Company. Accordingly, leasing operations of the affiliates, which had been included in the “Other” segment, have been included in the “Corporate Financial Services” segment from the first quarter of this fiscal year (refer to (Note 1) below on page 15 of the Segment Information).

Note 2:

The Company evaluates the performance of its segments based on income before income taxes as well as results of discontinued operations before applicable tax effect and minority interests in earnings of subsidiaries. Tax expenses are not included in segment profits.

- 3 -

Operations in Japan

Corporate Financial Services Segment:

Segment revenues were up 11% year on year to 98,825 million yen due primarily to an expansion of loans to corporate customers, despite a decrease in gains from securitizations.

Segment profits decreased 40% to 25,788 million yen compared to 42,998 million yen in the same period of the previous fiscal year, despite an increase in segment revenues, due to increases in “interest expense” and “provision for doubtful receivables and probable loan losses,” where some reversals were recognized in the same period of the previous fiscal year, in addition to the recognition of write-downs of intangible assets.

Segment assets increased 11% on March 31, 2007 to 2,061,383 million yen due to the expansion of loans to corporate customers.

Automobile Operations Segment:

Segment revenues increased 7% year on year to 116,752 million yen due to an increase in revenues from operating leases, despite a decrease in revenues from direct financing leases in the automobile leasing operations due to lower operating assets resulting from securitizations made in the previous fiscal year.

Segment profits decreased 7% to 18,318 million yen compared to 19,741 million yen in the same period of the previous fiscal year due to an increase in expenses accompanying an increase in revenues from operating leases, in addition to an increase in “interest expenses” and “selling, general and administrative expenses,” including advertisement costs.

Segment assets increased 2% on March 31, 2007 at 519,937 million yen due to an expansion of operating lease assets.

Rental Operations Segment:

Segment revenues were up 16% year on year to 57,434 million yen due to an increase in revenues from operating leases including precision measuring and other equipment.

Segment profits increased 40% to 8,890 million yen compared to 6,328 million yen in the same period of the previous fiscal year, as there were no losses on the sale of investment securities, which were recorded in the same period of the previous fiscal year, and due to an increase in segment revenues.

Segment assets increased 1% on March 31, 2007 to 122,823 million yen due to an increase in operating lease assets, despite a decrease in investment in direct financing leases.

Real Estate-Related Finance Segment:

Segment revenues increased 14% year on year to 65,996 million yen due to an expansion of revenues associated with corporate loans, including non-recourse loans, despite decreases in revenues from real estate sales and gains from securitizations.

Segment profits decreased 3% to 29,614 million yen compared to 30,685 million yen in the same period of the previous fiscal year, despite an increase in segment revenues, due to decreases in gains from real estate sales and gains from securitizations, in addition to the increases in “interest expense” and “provision for doubtful receivables and probable loan losses,” where some reversals were recognized in the same period of the previous fiscal year.

Segment assets increased 27% on March 31, 2007 to 1,924,709 million yen due to an increase in corporate loans, including non-recourse loans.

- 4 -

Real Estate Segment:

Segment revenues decreased 3% year on year to 188,132 million yen due to a decrease in real estate sales as a result of a decrease in the number of condominiums sold to buyers, despite an increase in revenues associated with real estate rental activities, including office buildings, and management operations, including golf courses and training facilities, and an increase in gains on sales of real estate under operating leases.

Segment profits increased 6% to 44,338 million yen compared to 41,958 million yen in the same period of the previous fiscal year due mainly to an increase in gains on sales of real estate under operating leases, in addition to an increase in the contribution from residential condominiums developed through certain joint ventures which were accounted for by the equity method. The total number of condominiums sold to buyers was 1,960 units in the first nine months of this fiscal year compared with 2,317 units in the same period of the previous fiscal year.

Segment assets increased 11% on March 31, 2007 to 998,426 million yen due mainly to an expansion of operating assets, including operating lease assets.

Life Insurance Segment:

Although revenues from life insurance premiums were flat year on year, segment revenues were down 1% year on year to 92,775 million yen, due to a decrease in life insurance related investment income.

Segment profits decreased 32% year on year to 4,947 million yen compared to 7,222 million yen in the same period of the previous fiscal year due to factors including an increase in “provision for doubtful receivables and probable loan losses,” where some reversals were recognized in the same period of the previous fiscal year, despite a slight decrease in segment revenues.

Segment assets decreased 1% on March 31, 2007 to 505,071 million yen.

Other Segment:

Although contributions were recorded from the beginning of this fiscal year from companies in which we invested in the previous fiscal year, segment revenues decreased 25% year on year to 87,609 million yen due to a decrease in revenues from venture capital operations, in addition to gains on the sale of a portion of our shares in Aozora Bank which were recorded in the third quarter of the previous fiscal year.

Segment profits decreased 58% to 24,444 million yen compared to 58,443 million yen in the same period of the previous fiscal year due to factors including a decrease in segment revenues and a decrease in gains on sales of subsidiaries and affiliates, despite an increase in contributions from equity method affiliates in Japan.

Segment assets decreased 1% on March 31, 2007 to 764,577 million yen.

Overseas Operations

The Americas Segment:

Segment revenues decreased 9% year on year to 78,013 million yen due to a decrease in one-off contributions made by gains on investment securities and interest on investment securities, which were recorded in the second quarter of the previous fiscal year, despite an increase in revenues associated with corporate loans and an increase in gains from sales of real estate under operating leases. Furthermore, the U.S. subprime mortgage loan problem had no direct impact, and the indirect effect was limited.

Segment profits decreased 37% to 15,001 million yen compared to 23,905 million yen in the same period of the previous fiscal year accompanying a decrease in segment revenues.

Segment assets increased 8% on March 31, 2007 to 525,962 million yen due mainly to an increase in corporate loans.

- 5 -

Asia, Oceania and Europe Segment:

Segment revenues were up 25% year on year to 95,700 million yen due to an expansion of operating leases, including automobile leasing, and the recognition of real estate sales and ship finance-related revenues this fiscal year, despite the absence of a recognition of gains on the sale of operations in the Oceania region in the third quarter of the previous fiscal year.

Segment profits increased 27% to 36,984 million yen compared to 29,230 million yen in the same period of the previous fiscal year due to an increase in segment revenues, in addition to factors including the recognition of gains on sales of subsidiaries and affiliates.

Segment assets were up 2% on March 31, 2007 to 637,369 million yen, due to an increase in investment in direct financing leases and operating lease assets, despite a decrease in investment in affiliates due to the sales of affiliates including Korea Life Insurance Co., Ltd.

Summary of Third Quarter (Three Months Ended December 31, 2007)

In the third quarter of this fiscal year revenues decreased 20,838 million yen year on year.

Revenues from “direct financing leases” were down compared to the third quarter of the previous fiscal year due to factors including a decrease in operating assets. Revenues from “operating leases” and “interest on loans and investment securities” were up compared to the same period of the previous fiscal year due to factors including an increase in operating assets. “Brokerage commissions and net gains on investment securities” were down due to the recognition of gains on the sale of a portion of our shares in Aozora Bank in the third quarter of the previous fiscal year. “Life insurance premiums and related investment income” was down year on year due to a decrease in life insurance related investment income, despite an increase in life insurance premiums compared to the same period of the previous fiscal year. “Real estate sales” were up year on year due to the recognition of gains from sales in the Oceania region. “Gains on sales of real estate under operating leases” were down year on year. “Other operating revenues” were up year on year.

Expenses were up 25,360 million yen compared to the third quarter of the previous fiscal year.

“Interest expense” was up year on year due to higher average debt levels and higher interest rates. “Costs of operating leases” were up year on year in line with the increase in operating assets. “Life insurance costs” were up compared with the same period of the previous fiscal year. “Costs of real estate sales” increased year on year in line with the higher “real estate sales.” “Other operating expenses” increased in line with the increased “other operating revenues.” “Selling, general and administrative expenses” were up year on year. “Provision for doubtful receivables and probable loan losses” increased compared to the third quarter of the previous fiscal year, due to some reversals of the provision for doubtful receivables and probable loan losses in the third quarter of the previous fiscal year, and reflecting an increase in installment loans. “Write-downs of securities” decreased year on year.

The foregoing changes resulted in a decrease in “operating income” by 46,198 million yen to 42,408 million yen compared with the third quarter of the previous fiscal year.

Although “gains on sales of subsidiaries and affiliates and liquidation losses” increased year on year, “equity in net income of affiliates” was down. As a result, “income before income taxes, minority interests in earnings of subsidiaries, discontinued operations and extraordinary gain” decreased by 46,459 million yen compared to the third quarter of the previous fiscal year to 49,104 million yen.

“Minority interests in earnings of subsidiaries” of 1,135 million yen were recorded and as a result, “income from continuing operations” decreased by 26,460 million yen compared to the third quarter of the previous fiscal year to 28,042 million yen.

“Discontinued operations, net of applicable tax effect” added 878 million yen and “net income” in the third quarter of this fiscal year decreased by 30,735 million yen to 28,920 million yen compared with “net income” of 59,655 million yen in the third quarter of the previous fiscal year.

- 6 -

2. Qualitative Information Regarding Consolidated Financial Condition

Analysis of Assets, Liabilities and Shareholders’ Equity

Operating Assets: 7,402,376 million yen (Up 12% on March 31, 2007)

In the first nine months of this fiscal year, operating assets were up 12% on March 31, 2007 to 7,402,376 million yen. As a result of our continuing selectiveness of projects, “investment in direct financing leases” was down on March 31, 2007, while “installment loans,” “investment in operating leases,” “investment in securities” and “other operating assets” increased.

Summary of Cash Flows

Cash and cash equivalents increased by 32,432 million yen to 247,595 million yen compared to March 31, 2007.

“Cash flows from operating activities” provided 30,994 million yen in the first nine months of this fiscal year due to the addition of non-cash items to “net income,” including “depreciation and amortization” and “provision for doubtful receivables and probable loan losses,” despite outflows from “increase in loans held for sale,” “increase in inventories” and “decrease in accrued expenses.”

“Cash flows from investing activities” used 839,536 million yen in the first nine months of this fiscal year and used 561,663 million yen in the first nine months of the previous fiscal year due to factors including an increase in outflows associated with the increase in “installment loans made to customers” (refer to (Note 3) below), as a result of the expansion of loans to corporate customers, and the increase in “purchases of available-for-sale securities.”

“Cash flows from financing activities” provided 841,796 million yen in the first nine months of this fiscal year and provided 278,251 million yen in the first nine months of the previous fiscal year due to an increase in debt accompanying the increase in operating assets.

Note 3:

Based on cash flow classifications under U.S. GAAP, installment loans made to customers and principal collected on installment loans (excluding issues and collections of loans held for sale) are classified under “Cash flows from investing activities.”

- 7 -

3. Qualitative Information Regarding Forecast for Consolidated Financial Results

Outlook for the Fiscal Year Ending March 31, 2008

In terms of the business environment for the fiscal year ending March 31, 2008, overseas, due to the continuing subprime mortgage loan problem and the decrease in housing investment, fears of a slowdown in the U.S. economy have heightened, and the outlook for the European economy has also become uncertain. In Japan, further uncertainty is growing with the decision at the Bank of Japan’s Monetary Policy Meeting at the end of 2007 to revise downwards the outlook for the Japanese economy. Going forward, by taking into account the turmoil in the international financial markets and the credit crunch trend, we believe that the unstable circumstances of the world economy will continue, and the Japanese economy will also become more severe.

The economic environment has changed considerably from our initial forecast for the fiscal year, and while the ORIX Group’s medium- and long-term growth path has not fundamentally changed, we have concluded that presently, soundness must be prioritized over growth. Specifically, we have taken a more prudent approach on taking credit risk from the third quarter of this fiscal year onwards.

Based on the above mentioned economic environment and measures, we have revised downward our forecast for the fiscal year ending March 31, 2008, announced on May 10, 2007, to “total revenues” of 1,163,000 million yen (up 2.2% compared with the fiscal year ended March 31, 2007), “income before income taxes” of 261,000 million yen (down 17.6%), and “net income” of 170,000 million yen (down 13.5%).


	(millions of yen)

	Total Revenues		Income before Income Taxes*		Net Income
Previous Forecast (A)	1,216,000		353,000		202,500
New Forecast (B)	1,163,000		261,000		170,000
Change (B-A)	(53,000	)	(92,000	)	(32,500	)
Change (%)	(4.4	)%	(26.1	)%	(16.0	)%
(Reference) Fiscal 2007 Results	1,138,179		316,605		196,506

*	”Income before income taxes” refers to “income before income taxes, minority interests in earnings of subsidiaries, discontinued operations and extraordinary gain.”

Although forward-looking statements in this document such as forecasts are attributable to current information available to the Company as well as on assumptions deemed rational, actual financial results may differ materially due to various factors.

The ORIX Group has been diversifying its business expansion into areas centering on its financial service operations, including real estate-related and investment-related operations. Due to the characteristics of these operations, which are affected by changes in economic conditions in Japan and overseas, our operating environment, as well as market trends, it has become difficult to accurately estimate figures, such as earnings forecasts.

Therefore, readers are urged not to place undue reliance on these figures, as they may differ materially from the actual financial results.

Various factors causing these figures to differ materially are discussed, but not limited to, those described under “Risk Factors” (includes additional items listed on page 9 of Consolidated Financial Results from April 1, 2007 to September 30, 2007 announced on November 6, 2007) in the Form 20-F submitted to the U.S. Securities and Exchange Commission.

- 8 -

Consolidated Financial Highlights

(For the Nine Months Ended December 31, 2006 and 2007, and the Year Ended March 31, 2007)

(Unaudited)


	(millions of JPY, except for per share data)

Operating Assets	December 31, 2006		Year -on- year Change		December 31, 2007		Year -on- year Change		Relationship to March 31, 2007		March 31, 2007		Year -on- year Change
Investment in Direct Financing Leases	1,343,413		90	%	1,197,444		89	%	95	%	1,258,404		88	%
Installment Loans	3,341,163		122	%	3,881,360		116	%	111	%	3,490,326		119	%
Investment in Operating Leases	816,050		131	%	1,013,559		124	%	118	%	862,049		120	%
Investment in Securities	773,546		115	%	1,125,532		146	%	129	%	875,581		128	%
Other Operating Assets	142,337		147	%	184,481		130	%	121	%	152,106		166	%

Total	6,416,509		114	%	7,402,376		115	%	112	%	6,638,466		113	%

Operating Results
Total Revenues	848,096		128	%	844,164		100	%	—		1,138,179		123	%
Income before Income Taxes, Minority Interests in Earnings of Subsidiaries, Discontinued Operations and Extraordinary Gain	246,337		129	%	177,570		72	%	—		316,605		127	%
Net Income	150,981		120	%	120,928		80	%	—		196,506		118	%
Earnings Per Share
Net Income
Basic	1,675.43		117	%	1,323.81		79	%	—		2,177.10		116	%
Diluted	1,614.50		119	%	1,292.93		80	%	—		2,100.93		117	%
Shareholders’ Equity Per Share	12,588.14		125	%	14,002.57		111	%	107	%	13,089.83		123	%

Financial Position
Shareholders’ Equity	1,137,752		127	%	1,266,894		111	%	106	%	1,194,234		125	%
Number of Outstanding Shares (thousands of shares)	90,383		102	%	90,476		100	%	99	%	91,234		101	%
Long-and Short-Term Debt and Deposits	5,231,652		116	%	6,374,711		122	%	116	%	5,483,922		111	%
Total Assets	7,802,545		117	%	9,114,926		117	%	111	%	8,207,187		113	%
Shareholders’ Equity Ratio	14.6	%	—		13.9	%	—		—		14.6	%	—
Return on Equity (annualized)	19.3	%	—		13.1	%	—		—		18.3	%	—
Return on Assets (annualized)	2.68	%	—		1.86	%	—		—		2.54	%	—

New Business Volumes
Direct Financing Leases
New Receivables Added	551,204		82	%	504,078		91	%	—		720,840		81	%
New Equipment Acquisitions	491,499		82	%	443,683		90	%	—		636,723		80	%
Installment Loans	1,575,705		126	%	1,778,629		113	%	—		2,226,282		121	%
Operating Leases	252,842		137	%	341,642		135	%	—		348,561		110	%
Investment in Securities	170,293		104	%	462,637		272	%	—		331,055		140	%
Other Operating Transactions	147,295		168	%	112,019		76	%	—		215,409		163	%

- 9 -

Condensed Consolidated Statements of Income

(For the Nine Months Ended December 31, 2006 and 2007, and the Year Ended March 31, 2007)

(Unaudited)


	(millions of JPY, millions of US$)

	Nine Months ended December 31, 2006		Year -on- year Change (%)	Nine Months ended December 31, 2007		Year -on- year Change (%)	Year ended March 31, 2007		Year -on- year Change (%)	U.S. dollars Nine Months ended December 31, 2007
Total Revenues :	848,096		128	844,164		100	1,138,179		123	7,395

Direct financing leases	68,523		97	58,099		85	90,266		94	509
Operating leases	186,008		117	217,548		117	252,953		122	1,906
Interest on loans and investment securities	146,262		125	169,980		116	201,531		126	1,489
Brokerage commissions and net gains on investment securities	57,830		205	20,026		35	70,684		145	175
Life insurance premiums and related investment income	94,198		96	93,173		99	132,835		96	816
Real estate sales	79,245		148	58,338		74	87,178		116	511
Gains on sales of real estate under operating leases	17,468		185	6,601		38	22,958		256	58
Other operating revenues	198,562		153	220,399		111	279,774		145	1,931

Total Expenses :	624,889		126	703,865		113	855,482		120	6,166

Interest expense	58,537		136	79,060		135	81,209		138	693
Costs of operating leases	118,833		120	139,160		117	162,719		123	1,219
Life insurance costs	81,711		98	80,927		99	115,565		98	709
Costs of real estate sales	64,989		141	51,549		79	73,999		112	452
Other operating expenses	104,175		124	125,795		121	147,693		120	1,102
Selling, general and administrative expenses	182,690		143	198,895		109	253,416		136	1,742
Provision for doubtful receivables and probable loan losses	9,387		79	22,776		243	13,798		85	199
Write-downs of long-lived assets	405		78	—		—	1,027		12	—
Write-downs of securities	4,047		104	5,347		132	5,592		123	47
Foreign currency transaction loss, net	115		—	356		310	464		—	3

Operating Income	223,207		134	140,299		63	282,697		132	1,229

Equity in Net Income of Affiliates	21,967		106	28,682		131	31,946		100	251
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses	1,163		39	8,589		739	1,962		72	75

Income before Income Taxes, Minority Interests in Earnings of Subsidiaries, Discontinued Operations and Extraordinary Gain	246,337		129	177,570		72	316,605		127	1,555

Provision for Income Taxes	101,349		130	71,726		71	126,576		131	628

Income before Minority Interests in Earnings of Subsidiaries, Discontinued Operations and Extraordinary Gain	144,988		129	105,844		73	190,029		125	927

Minority Interests in Earnings of Subsidiaries, Net	3,376		264	3,477		103	4,858		150	30

Income from Continuing Operations	141,612		127	102,367		72	185,171		124	897

Discontinued Operations:
Income from discontinued operations, net	14,452			31,142			17,468			272
Provision for income taxes	(5,656	)		(12,581	)		(6,706	)		(110	)

Discontinued operations, net of applicable tax effect	8,796		60	18,561		211	10,762		61	162

Extraordinary Gain, Net of Applicable Tax Effect	573		—	—		—	573		—	—

Net Income	150,981		120	120,928		80	196,506		118	1,059

Note:

Pursuant to FASB Statement No. 144 (“Accounting for the Impairment or Disposal of Long-Lived Assets”), the results of operations which meet the criteria for discontinued operations are reported as a separate component of income, and those related amounts that had been previously reported are reclassified.

- 10 -

Condensed Consolidated Statements of Income

(For the Three Months Ended December 31, 2006 and 2007)

(Unaudited)


	(millions of JPY, millions of US$)

	Three Months ended December 31, 2006		Year -on- year Change (%)	Three Months ended December 31, 2007		Year -on- year Change (%)	U.S. dollars Three Months ended December 31, 2007
Total Revenues :	297,620		133	276,782		93	2,425

Direct financing leases	21,770		91	19,355		89	169
Operating leases	63,816		120	72,686		114	637
Interest on loans and investment securities	51,460		126	57,482		112	504
Brokerage commissions and net gains on investment securities	39,296		505	4,979		13	44
Life insurance premiums and related investment income	30,431		102	29,024		95	254
Real estate sales	11,350		51	17,746		156	155
Gains on sales of real estate under operating leases	5,288		—	762		14	7
Other operating revenues	74,209		159	74,748		101	655

Total Expenses :	209,014		122	234,374		112	2,053

Interest expense	21,130		142	27,328		129	239
Costs of operating leases	43,009		127	47,202		110	413
Life insurance costs	24,275		98	25,092		103	220
Costs of real estate sales	9,983		55	14,902		149	131
Other operating expenses	39,354		132	43,437		110	380
Selling, general and administrative expenses	63,647		145	65,817		103	577
Provision for doubtful receivables and probable loan losses	5,830		116	8,644		148	76
Write-downs of long-lived assets	—		—	—		—	—
Write-downs of securities	1,905		157	1,590		83	14
Foreign currency transaction loss (gain), net	(119	)	24	362		—	3

Operating Income	88,606		168	42,408		48	372

Equity in Net Income of Affiliates	6,950		136	4,162		60	36
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses	7		1	2,534		—	22

Income before Income Taxes, Minority Interests in Earnings of Subsidiaries, Discontinued Operations and Extraordinary Gain	95,563		162	49,104		51	430

Provision for Income Taxes	39,438		162	19,927		51	175

Income before Minority Interests in Earnings of Subsidiaries, Discontinued Operations and Extraordinary Gain	56,125		162	29,177		52	255

Minority Interests in Earnings of Subsidiaries, Net	1,623		510	1,135		70	10

Income from Continuing Operations	54,502		159	28,042		51	245

Discontinued Operations:
Income from discontinued operations, net	8,376			1,326			12
Provision for income taxes	(3,223	)		(448	)		(4	)

Discontinued operations, net of applicable tax effect	5,153		65	878		17	8

Extraordinary Gain, Net of Applicable Tax Effect	—		—	—		—	—

Net Income	59,655		142	28,920		48	253

- 11 -

Condensed Consolidated Balance Sheets

(As of December 31, 2006 and 2007, and March 31, 2007)

(Unaudited)


	(millions of JPY, millions of US$)

	December 31, 2006		December 31, 2007		March 31, 2007		U.S. dollars December 31, 2007
Assets
Cash and Cash Equivalents	126,782		247,595		215,163		2,169
Restricted Cash	127,383		173,873		121,569		1,523
Time Deposits	946		3,328		913		29
Investment in Direct Financing Leases	1,343,413		1,197,444		1,258,404		10,490
Installment Loans	3,341,163		3,881,360		3,490,326		34,002
Allowance for Doubtful Receivables on Direct Financing Leases and Probable Loan Losses	(91,835	)	(100,251	)	(89,508	)	(878	)
Investment in Operating Leases	816,050		1,013,559		862,049		8,879
Investment in Securities	773,546		1,125,532		875,581		9,860
Other Operating Assets	142,337		184,481		152,106		1,616
Investment in Affiliates	359,849		315,889		367,762		2,767
Other Receivables	193,909		257,948		212,324		2,260
Inventories	175,483		242,456		216,150		2,124
Prepaid Expenses	46,542		60,039		54,855		526
Office Facilities	90,245		90,876		90,682		796
Other Assets	356,732		420,797		378,811		3,687

Total Assets	7,802,545		9,114,926		8,207,187		79,850


Liabilities and Shareholders’ Equity
Short-Term Debt	1,112,673		1,564,928		1,174,391		13,709
Deposits	390,681		460,773		446,474		4,036
Trade Notes, Accounts Payable and Other Liabilities	353,538		423,334		381,110		3,709
Accrued Expenses	88,272		91,924		122,202		805
Policy Liabilities	488,130		485,814		491,946		4,256
Current and Deferred Income Taxes	302,943		255,566		320,412		2,239
Security Deposits	162,970		173,251		174,196		1,518
Long-Term Debt	3,728,298		4,349,010		3,863,057		38,099

Total Liabilities	6,627,505		7,804,600		6,973,788		68,371

Minority Interests	37,288		43,432		39,165		381

Common Stock	90,992		102,066		98,755		894
Additional Paid-in Capital	112,292		134,655		119,402		1,180
Retained Earnings:
Legal reserve	2,220		2,220		2,220		19
Retained earnings	876,275		1,032,539		921,823		9,045
Accumulated Other Comprehensive Income	59,584		29,086		55,253		255
Treasury Stock, at Cost	(3,611	)	(33,672	)	(3,219	)	(295	)

Total Shareholders’ Equity	1,137,752		1,266,894		1,194,234		11,098

Total Liabilities and Shareholders’ Equity	7,802,545		9,114,926		8,207,187		79,850


	December 31, 2006		December 31, 2007		March 31, 2007		U.S. dollars December 31, 2007
Note : Accumulated Other Comprehensive Income
Net unrealized gains on investment in securities	80,101		52,839		72,994		463
Defined benefit pension plans	—		3,051		3,604		27
Minimum pension liability adjustments	(621	)	—		—		—
Foreign currency translation adjustments	(22,053	)	(29,375	)	(22,620	)	(257	)
Net unrealized gains on derivative instruments	2,157		2,571		1,275		22

	59,584		29,086		55,253		255

- 12 -

Condensed Consolidated Statements of Shareholders’ Equity

(For the Nine Months Ended December 31, 2006 and 2007, and the Year Ended March 31, 2007)

(Unaudited)


	(millions of JPY, millions of US$)

	Nine Months ended December 31, 2006		Nine Months ended December 31, 2007		Year ended March 31, 2007		U.S. dollars Nine Months ended December 31, 2007
Common Stock:
Beginning balance	88,458		98,755		88,458		865
Exercise of warrants and stock acquisition rights	1,504		950		2,259		8
Conversion of convertible bond	1,030		2,361		8,038		21

Ending balance	90,992		102,066		98,755		894

Additional Paid-in Capital:
Beginning balance	106,729		119,402		106,729		1,046
Exercise of warrants, stock acquisition rights and stock options	1,502		947		2,257		8
Conversion of convertible bond	945		1,848		6,250		16
Stock-based compensation	2,681		1,700		3,515		15
Share swap merger	—		10,215		—		90
Other, net	435		543		651		5

Ending balance	112,292		134,655		119,402		1,180

Legal Reserve:
Beginning balance	2,220		2,220		2,220		19

Ending balance	2,220		2,220		2,220		19

Retained Earnings:
Beginning balance	733,386		921,823		733,386		8,076
Cash dividends	(8,092	)	(11,863	)	(8,092	)	(104	)
Net income	150,981		120,928		196,506		1,059
Capital transactions of equity-method investee	—		1,641		—		14
Other, net	—		10		23		0

Ending balance	876,275		1,032,539		921,823		9,045

Accumulated Other Comprehensive Income:
Beginning balance	27,603		55,253		27,603		484
Net change of unrealized gains on investment in securities	29,245		(20,155	)	22,138		(176	)
Defined benefit pension plans	—		(553	)	—		(5	)
Net change of minimum pension liability adjustments	11		—		(5	)	—
Adjustment to initially apply FASB Statement No. 158	—		—		4,241		—
Net change of foreign currency translation adjustments	4,079		(6,755	)	3,512		(59	)
Net change of unrealized gains on derivative instruments	(1,354	)	1,296		(2,236	)	11

Ending balance	59,584		29,086		55,253		255

Treasury Stock:
Beginning balance	(4,750	)	(3,219	)	(4,750	)	(28	)
Exercise of stock options	1,142		151		1,518		1
Acquisition of treasury stock	—		(30,000	)	—		(263	)
Other, net	(3	)	(604	)	13		(5	)

Ending balance	(3,611	)	(33,672	)	(3,219	)	(295	)

Total Shareholders’ Equity:
Beginning balance	953,646		1,194,234		953,646		10,462
Increase, net	184,106		72,660		240,588		636

Ending balance	1,137,752		1,266,894		1,194,234		11,098

Summary of Comprehensive Income:
Net income	150,981		120,928		196,506		1,059
Other comprehensive income (loss)	31,981		(26,167	)	23,409		(229	)

Comprehensive income	182,962		94,761		219,915		830

- 13 -

Condensed Consolidated Statements of Cash Flows

(For the Nine Months Ended December 31, 2006 and 2007, and the Year Ended March 31, 2007)

(Unaudited)


	(millions of JPY, millions of US$)

	Nine Months ended December 31, 2006		Nine Months ended December 31, 2007		Year ended March 31, 2007		U.S. dollars Nine Months ended December 31, 2007
Cash Flows from Operating Activities:
Net income	150,981		120,928		196,506		1,059
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	110,822		123,812		152,441		1,085
Provision for doubtful receivables and probable loan losses	9,387		22,776		13,798		199
Decrease in policy liabilities	(15,578	)	(6,132	)	(11,762	)	(54	)
Gains from securitization transactions	(3,643	)	(1,839	)	(7,762	)	(16	)
Equity in net income of affiliates	(21,967	)	(28,682	)	(31,946	)	(251	)
Gains on sales of subsidiaries and affiliates and liquidation losses	(1,163	)	(8,589	)	(1,962	)	(75	)
Extraordinary gain	(573	)	—		(573	)	—
Minority interests in earnings of subsidiaries, net	3,376		3,477		4,858		30
Gains on sales of available-for-sale securities	(41,609	)	(4,236	)	(49,262	)	(37	)
Gains on sales of real estate under operating leases	(17,468	)	(6,601	)	(22,958	)	(58	)
Gains on sales of operating lease assets other than real estate	(10,061	)	(12,295	)	(12,105	)	(108	)
Write-downs of long-lived assets	405		—		1,027		—
Write-downs of securities	4,047		5,347		5,592		47
Decrease (increase) in restricted cash	45,491		(52,506	)	51,299		(460	)
Increase in loans held for sale	—		(17,577	)	(52,811	)	(154	)
Decrease in trading securities	11,776		178		11,248		2
Increase in inventories	(46,530	)	(26,212	)	(85,899	)	(230	)
Increase in prepaid expenses	(5,478	)	(5,064	)	(13,708	)	(44	)
Increase (decrease) accrued expenses	(4,226	)	(30,884	)	36,594		(271	)
Increase (decrease) in security deposits	10,198		(1,365	)	21,182		(12	)
Other, net	(14,473	)	(43,542	)	22,331		(380	)

Net cash provided by operating activities	163,714		30,994		226,128		272

Cash Flows from Investing Activities:
Purchases of lease equipment	(776,535	)	(804,369	)	(1,031,591	)	(7,047	)
Principal payments received under direct financing leases	473,473		403,344		610,780		3,533
Net proceeds from securitization of lease receivables, loan receivables and securities	139,812		102,444		275,998		897
Installment loans made to customers	(1,575,556	)	(1,721,857	)	(2,173,322	)	(15,084	)
Principal collected on installment loans	1,125,270		1,310,266		1,554,422		11,478
Proceeds from sales of operating lease assets	122,364		153,435		158,396		1,344
Investment in affiliates, net	(1,902	)	(26,082	)	(6,000	)	(228	)
Proceeds from sales of investment in affiliates	6,102		84,682		7,905		742
Purchases of available-for-sale securities	(117,237	)	(384,733	)	(254,044	)	(3,370	)
Proceeds from sales of available-for-sale securities	73,197		47,119		105,829		413
Proceeds from redemption of available-for-sale securities	24,942		102,832		39,252		901
Purchases of other securities	(52,770	)	(75,430	)	(76,710	)	(661	)
Proceeds from sales of other securities	60,597		31,569		73,316		277
Purchases of other operating assets	(33,575	)	(28,562	)	(50,238	)	(250	)
Acquisitions of subsidiaries, net of cash acquired	(18,235	)	(6,476	)	(19,270	)	(57	)
Sales of subsidiaries, net of cash disposed	3,019		—		3,019		—
Other, net	(14,629	)	(27,718	)	(20,020	)	(243	)

Net cash used in investing activities	(561,663	)	(839,536	)	(802,278	)	(7,355	)

Cash Flows from Financing Activities:
Net increase (decrease) in debt with maturities of three months or less	(177,807	)	156,619		(111,360	)	1,372
Proceeds from debt with maturities longer than three months	1,738,128		2,123,172		2,230,830		18,600
Repayment of debt with maturities longer than three months	(1,321,091	)	(1,431,837	)	(1,655,581	)	(12,543	)
Net increase (decrease) in deposits due to customers	37,366		14,362		93,175		126
Issuance of common stock	3,006		1,897		4,516		16
Dividends paid	(8,092	)	(11,863	)	(8,092	)	(104	)
Net increase (decrease) in call money	5,600		20,000		(10,000	)	175
Other, net	1,141		(30,554	)	1,526		(268	)

Net cash provided by financing activities	278,251		841,796		545,014		7,374

Effect of Exchange Rate Changes on Cash and Cash Equivalents	624		(822	)	443		(7	)

Net Increase (Decrease) in Cash and Cash Equivalents	(119,074	)	32,432		(30,693	)	284
Cash and Cash Equivalents at Beginning of Period	245,856		215,163		245,856		1,885

Cash and Cash Equivalents at End of Period	126,782		247,595		215,163		2,169

- 14 -

Segment Information

(For the Nine Months Ended December 31, 2006 and 2007, and the Year Ended March 31, 2007)

(Unaudited)


	(millions of JPY, millions of US$)

	Nine Months ended December 31, 2006					Nine Months ended December 31, 2007					Year ended March 31, 2007
	Segment Revenues		Segment Profits		Segment Assets	Segment Revenues		Segment Profits		Segment Assets	Segment Revenues		Segment Profits		Segment Assets
Operations in Japan
Corporate Financial Services	89,071		42,998		1,809,285	98,825		25,788		2,061,383	123,328		58,231		1,861,403
Automobile Operations	109,140		19,741		512,987	116,752		18,318		519,937	146,966		28,224		510,805
Rental Operations	49,446		6,328		120,826	57,434		8,890		122,823	67,859		10,869		121,621
Real Estate-Related Finance	57,988		30,685		1,398,997	65,996		29,614		1,924,709	82,345		44,682		1,517,927
Real Estate	194,949		41,958		816,148	188,132		44,338		998,426	245,336		51,236		901,237
Life Insurance	93,621		7,222		512,622	92,775		4,947		505,071	132,060		9,921		511,051
Other	117,400		58,443		747,418	87,609		24,444		764,577	145,443		60,387		773,595

Sub-Total	711,615		207,375		5,918,283	707,523		156,339		6,896,926	943,337		263,550		6,197,639

Overseas Operations
The Americas	85,830		23,905		494,359	78,013		15,001		525,962	119,940		31,315		487,900
Asia, Oceania and Europe	76,523		29,230		615,064	95,700		36,984		637,369	103,593		37,763		625,036

Sub-Total	162,353		53,135		1,109,423	173,713		51,985		1,163,331	223,533		69,078		1,112,936

Segment Total	873,968		260,510		7,027,706	881,236		208,324		8,060,257	1,166,870		332,628		7,310,575

Difference between Segment Totals and Consolidated Amounts	(25,872	)	(14,173	)	774,839	(37,072	)	(30,754	)	1,054,669	(28,691	)	(16,023	)	896,612

Consolidated Amounts	848,096		246,337		7,802,545	844,164		177,570		9,114,926	1,138,179		316,605		8,207,187


	U.S. dollars Nine Months ended December 31, 2007
	Segment Revenues		Segment Profits		Segment Assets
Operations in Japan
Corporate Financial Services	866		226		18,058
Automobile Operations	1,023		161		4,555
Rental Operations	503		78		1,076
Real Estate-Related Finance	578		260		16,861
Real Estate	1,648		388		8,747
Life Insurance	813		43		4,425
Other	767		214		6,698

Sub-Total	6,198		1,370		60,420

Overseas Operations
The Americas	684		131		4,608
Asia, Oceania and Europe	838		324		5,583

Sub-Total	1,522		455		10,191

Segment Total	7,720		1,825		70,611

Difference between Segment Totals and Consolidated Amounts	(325	)	(270	)	9,239

Consolidated Amounts	7,395		1,555		79,850


Notes:	1.	The results of the reported segments from the first quarter of this fiscal year reflect the revised business classification of the Company. Accordingly, leasing operations of the affiliates, which had been included in the “Other” segment, have been included in the “Corporate Financial Services” segment from the first quarter of this fiscal year. Therefore, certain related amounts that had been previously reported are reclassified.

	2.	The Company evaluates the performance of its segments based on income before income taxes as well as results of discontinued operations before applicable tax effect and minority interests in earnings of subsidiaries. Tax expenses are not included in segment profits.

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