Exhibit 8.1

LIST OF SUBSIDIARIES

Name	Country of Incorporation	Principal Business	ORIX Voting Power1
Yayoi Co., Ltd.	Japan	Development, Marketing, and Support of Business Management Software and Related Services		99	%
ORIX Auto Corporation	Japan	Automobile Leasing, Rental, Car Sharing, Sales of Used Automobiles		100	%
ORIX Rentec Corporation	Japan	Rental and Leasing of Test and Measurement Instruments and IT-Related Equipment		100	%
ORIX Real Estate Corporation	Japan	Real Estate Investment, Development, Rental, Facilities Operation and Management		100	%
ORIX Real Estate Investment Advisors Corporation	Japan	Real Estate Investment and Advisory Services		100	%
Osaka City Dome Co., Ltd.	Japan	Multipurpose Hall Management		90	%
ORIX Asset Management Corporation	Japan	Asset Management of J-REIT		100	%
DAIKYO INCORPORATED	Japan	Housing Development and Sales, Redevelopment		100	%
ORIX Eco Services Corporation	Japan	Trading of Recycled Metals and Other Resources, Collection and Transportation of Industrial Waste, and Intermediate Waste Processing		100	%
ORIX Asset Management & Loan Services Corporation	Japan	Loan Servicing		100	%
ORIX Life Insurance Corporation	Japan	Life Insurance		100	%
ORIX Bank Corporation	Japan	Banking		100	%
ORIX Credit Corporation	Japan	Consumer Finance Services		100	%
ORIX Corporation USA	U.S.A.	Financial Services		100	%
ORIX Corporation Europe N.V.	Netherlands	Asset Management		100	%
ORIX Aviation Systems Limited	Ireland	Aircraft Leasing, Aircraft Asset Management, Aircraft-Related Technical Services		100	%
ORIX Asia Limited	China (Hong Kong)	Leasing, Automobile Leasing, Lending, Banking		100	%
ORIX Leasing Malaysia Berhad	Malaysia	Leasing, Lending		100	%
PT. ORIX Indonesia Finance	Indonesia	Leasing, Automobile Leasing		85	%
ORIX Australia Corporation Limited	Australia	Automobile Leasing and Truck Rentals		100	%
ORIX (China) Investment Co., Ltd.	China	Leasing, Equity Investment, Other Financial Services		100	%
ORIX Capital Korea Corporation	South Korea	Automobile Leasing, Leasing, Lending		100	%
Thai ORIX Leasing Co., Ltd	Thailand	Leasing, Automobile Leasing and Rentals		96	%
ORIX Auto Infrastructure Services Limited	India	Automobile Leasing, Rentals, Leasing, Commercial Vehicle Loans, Commercial Mortgage Loans		99	%
Another 899 Subsidiaries
LIST OF AFFILIATES
Avolon Holdings Limited	Ireland	Aircraft Leasing		30	%
Kansai Airports	Japan	Airport Operation		40	%
Another 202 Affiliates

ORIX voting power includes ORIX’s indirect voting power.

8.1-1