Second-Party Opinion Download

Sustainalytics is of the opinion that the ORIX Corporation (“ORIX” or “the Company”) Green Bond Framework (the “Framework”) is credible and impactful and aligns with the four core components of the Green Bond Principles 2018 (GBP). This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds - 1) Renewable Energy, 2) Clean Transportation, 3) Green Buildings are aligned with those recognized by the GBP. Sustainalytics considers that ORIX’s eligible projects will lead to positive environmental impacts and advance the UN Sustainable Development Goals 7, 9 and 11.

PROJECT EVALUATION/SELECTION

ORIX’s evaluation and selection process is in line with market practice. Candidate green projects are selected by respective final approval authorities at ORIX Group’s related departments and companies (Energy and Eco Services Business Headquarters, ORIX Auto, ORIX Real Estate), and the projects to be financed will be selected by the Treasury Department. Those selected projects will be reviewed by the Corporate Planning Department, which includes the Sustainability Promotion Team, as well as the Treasury Department, to ensure the alignment with eligibility criteria, and the final approval will be made by the Executive Officer Responsible for Treasury Department.

MANAGEMENT OF PROCEEDS

ORIX’s Treasury Department will track and manage the allocated and unallocated amounts of proceeds biannually through an internal management file. Until the proceeds are allocated to the eligible green projects, unallocated proceeds will be invested in cash or cash equivalents. ORIX’s management of proceeds is aligned with market practice.

REPORTING

ORIX has committed to disclose on its website annually information on the allocation and impact reporting (including projects funded, allocated amounts and quantitative environmental impact indicators for each categories). Sustainalytics views this process to be in line with market practice.