Solid business profile in Japan supported by diverse earnings sources Strong track record of efforts to stabilize its financial profile and strengthen its risk management in response to changes in the external environment Diversified funding sources with adequate long-term debt financing ratio Sizeable exposure to real estate-related assets, albeit declining, that are subject to market volatility with slightly high credit costs Susceptibility to financial market turmoil owing to its dependence on capital markets funding Potential risk of increases in business complexity and risk appetite given its trend of active investments The outlook on the long-term counterparty rating on ORIX Corp. is stable. Standard&Poor's Ratings Services holds the view that Orix may incur some losses from its real estate-related
