Exhibit 8.1

DIRECTORY (BY SEGMENT)

Operations in Japan

	Principal Business	Established (Acquired)		ORIX Ownership
Corporate Financial Services
ORIX Corporation	Leasing, Lending, Other	Apr. 1964
Tokyo Sales Headquarters Kinki (Osaka) Sales Headquarters District Sales Headquarters OQL Headquarters	Financial Services
ORIX Alpha Corporation	Leasing, Lending	Mar. 1972		100	%
Momiji Lease Corporation	Leasing	(Mar. 2002	)	95	%
Nittetsu Lease Co., Ltd.	Leasing, Lending, Other Financial Services	(Jul. 2002	)	90	%
ORIX Kitakanto Corporation	Leasing, Lending, Other Financial Services	(Jan. 2005	)	95	%
ORIX Tokushima Corporation	Leasing, Lending, Other Financial Services	(Oct. 2005	)	95	%
Automobile Operations
ORIX Auto Corporation	Automobile Leasing & Rentals	Jun. 1973		100	%
Rental Operations
ORIX Rentec Corporation	Rentals of Test, Measurement	Sep. 1976		100	%
ORIX Rentec (Singapore) Pte. Limited (Singapore)	and IT-Related Equipment	Oct. 1995		100	%
ORIX Rentec (Korea) Corporation (South Korea)		Apr. 2001		100	%
ORIX Rentec (Tianjin) Corporation (China)		Aug. 2004		100	%
Real Estate-Related Finance
ORIX Corporation	Real Estate-Related Finance	Apr. 1964
Real Estate Finance Headquarters
ORIX Trust and Banking Corporation	Trust & Banking Services, Housing Loans	(Apr. 1998	)	100	%
ORIX Asset Management & Loan Services Corporation	Loan Servicing	Apr. 1999		100	%
Real Estate
ORIX Corporation	Real Estate Development &	Apr. 1964
Real Estate Business Headquarters	Management
ORIX Estate Corporation (3)	Golf Course Management	(Dec. 1986	)	100	%
BlueWave Corporation	Training Facility & Hotel Management	Aug. 1991		100	%
ORIX Interior Corporation (3)	Real Estate, Sales & Manufacture of Interior Furnishings, Driving School Management	Oct. 1998		100	%

	Principal Business	Established (Acquired)		ORIX Ownership
ORIX Real Estate Corporation (1)	Real Estate Development & Management	Mar. 1999		100	%
ORIX Golf Corporation	Golf Course Development & Management	Jul. 2000		100	%
ORIX Facilities Corporation	Integrated Facilities Management	(Sep. 2001	)	85	%
ORIX Asset Management Corporation	REIT Asset Management	Sep. 2000		100	%
ORIX Golf Management Corporation	Golf Course Management	(Nov. 2004	)	100	%
ORIX Living Corporation	Senior Housing Management	Apr. 2005		75	%
Life Insurance
ORIX Life Insurance Corporation (1)	Life Insurance	Apr. 1991		100	%
Other
ORIX Corporation	Investment Banking	Apr. 1964
Investment Banking Headquarters (2)
Alternative Investment & Development Headquarters
ORIX Insurance Services Corporation	Casualty & Life Insurance Agency	Sep. 1976		100	%
ORIX Credit Corporation	Card Loans	Jun. 1979		100	%
ORIX Capital Corporation	Venture Capital	Oct. 1983		100	%
ORIX Securities Corporation	Securities Brokerage & Online Trading	(Mar. 1986	)	100	%
ORIX Baseball Club Co., Ltd.	Professional Baseball Team Management	(Oct. 1988	)	80	%
ORIX COMMODITIES Corporation	Securities & Commodity Futures Trading	Jan. 1990		100	%
ORIX Eco Services Corporation	Environmental Management & Consulting Services	Apr. 1998		100	%
ORIX Investment Corporation	Alternative Investment	Jun. 1999		100	%
ORIX Resource Recycling Services Corporation	Waste Recycling	Sep. 2002		100	%
ORIX M&A Solutions Corporation	M&A & Corporate Restructuring Advisory Services	Feb. 2003		100	%
Kuribayashi Leasing Co., Ltd.	Leasing	(Apr. 1977	)	35	%
The Chugin Lease Company Limited	Leasing	Apr. 1982		30	%
YAMAGUCHI LEASE CO., LTD.	Leasing	May 1983		35	%
Hokugin Lease Co., Ltd.	Leasing	Jul. 1983		30	%
Nissay Leasing Co., Ltd.	Leasing	Mar. 1984		30	%
The Minato Leasing Co., Ltd.	Leasing	Jun. 1984		35	%
The Torigin Leasing Co., Ltd.	Leasing	Oct. 1984		45	%
Hyakugo Leasing Company Limited	Leasing	Oct. 1984		45	%

8.1-2

	Principal Business	Established (Acquired)	ORIX Ownership
Shigagin Leasing Capital Co., Ltd.	Leasing	May 1985	34	%
Sengin Sogo Leasing Co., Ltd.	Leasing	Oct. 1985	29	%
Kagawagin Leasing Co., Ltd.	Leasing	May 1986	30	%
YAMAGUCHI MORTGAGE CO., LTD.	Mortgage Lending	Jul. 1989	40	%
ORIX Insurance Planning Corporation	Agency Sales & Development of Non-Life Insurance Products	Sep. 1999	50	%
ORIX Headquarter Functions (Not included in Segment Financial Information)
ORIX Corporation International Headquarters	Administration of Overseas Activities	Apr. 1964
ORIX Computer Systems Corporation	Software Engineering & Systems Management	Mar. 1984	100	%
ORIX Create Corporation	Coordination of Advertising Activities	Jul. 1998	100	%
ORIX Management Information Center Corporation	Accounting & Administration Services	Oct. 1999	100	%
ORIX Callcenter Corporation	Call Center	Nov. 1999	100	%
ORIX Human Resources Corporation	Outplacement Services	Feb. 2002	100	%

(1) Indicates a “significant” subsidiary.

(2) Of the businesses conducted by the Investment Banking Headquarters, the aircraft finance and ship finance activities are recorded in the “Asia, Oceania and Europe” segment.

(3) In December 2005, a portion of ORIX Estate Corporation’s operations was transferred to ORIX Interior Corporation.

Overseas Operations

	Country	Principal Business	Established (Acquired)		ORIX Ownership
			(As of March 31, 2005)
The Americas
ORIX USA Corporation (1)(4)	U.S.A.	Corporate Finance, Investment Banking Leasing, Real Estate, (Debt Investment, Development)	Aug. 1981		100	%
Asia, Oceania and Europe
ORIX Asia Limited	China (Hong Kong)	Leasing, Automobile Leasing	Sep. 1971		100	%
ORIX China Corporation	China	Leasing	Aug. 2005		95	%
ORIX Railway Leasing Co., Ltd.	China	Railway-related Finance, Operating Leasing	(Jan. 2006	)	25	%
ORIX Leasing Singapore Limited	Singapore	Leasing, Hire Purchase, Factoring	Sep. 1972		50	%
ORIX Investment and Management Private Limited	Singapore	Equity Investment	May 1981		100	%

8.1-3

	Country	Principal Business	Established (Acquired)		ORIX Ownership
			(As of March 31, 2005)
ORIX CAR RENTALS PTE. LTD.	Singapore	Automobile Leasing & Rentals, Hire Purchase	Sep. 1981		45	%
ORIX Capital Resources Limited	Singapore	Ship Finance	Nov. 1997		100	%
ORIX Ship Resources Private Limited	Singapore	Ship Finance	Nov. 1997		100	%
ORIX Maritime Corporation	Japan	Ship-related Services	Nov. 1977		100	%
ORIX Leasing Malaysia Berhad	Malaysia	Leasing, Lending, Hire Purchase	Sep. 1973		80	%
ORIX Car Rentals Sdn. Bhd.(5)	Malaysia	Automobile Rentals	Feb. 1989		28	%
ORIX Auto Leasing Malaysia Sdn. Bhd.	Malaysia	Automobile Leasing	Oct. 2000		80	%
PT. ORIX Indonesia Finance(6)	Indonesia	Leasing, Automobile Leasing	Apr. 1975		96	%
ORIX METRO Leasing and Finance Corporation	Philippines	Leasing, Automobile Leasing	Jun. 1977		40	%
ORIX Auto Leasing Philippine Corporation	Philippines	Automobile Leasing	Sep. 1989		40	%
Thai ORIX Leasing Co., Ltd.	Thailand	Leasing	Jun. 1978		49	%
ORIX Auto Leasing (Thailand) Co., Ltd.(7)	Thailand	Automobile Leasing & Rentals	(Aug. 2001	)	85	%
Lanka ORIX Leasing Company Limited	Sri Lanka	Automobile Leasing, Hire Purchase	Mar. 1980		30	%
ORIX Taiwan Corporation	Taiwan	Leasing, Hire Purchase,	Oct. 1982		95	%
ORIX Auto Leasing Taiwan Corporation	Taiwan	Automobile Leasing	Apr. 1998		100	%
ORIX Taiwan Asset Management Company	Taiwan	Loan Servicing	Jul. 2005		95	%
ORIX Auto Leasing Korea Corporation	Korea	Automobile Leasing	Feb. 2004		100	%
ORIX Leasing Pakistan Limited	Pakistan	Leasing, Automobile Leasing, Lending	Jul. 1986		50	%
ORIX Investment Bank Pakistan Limited	Pakistan	Investment Banking, Securities Brokerage, Lending	Jul. 1995		37	%
INFRASTRUCTURE LEASING & FINANCIAL SERVICES LIMITED	India	Investment Banking, Corporate Finance	(Mar. 1993	)	21	%
ORIX Auto and Business Solutions Limited	India	Automobile Leasing	Mar. 1995		58	%
IL&FS Education & Technology Services Limited	India	Education Related Services	(Aug. 2000	)	31	%
Oman ORIX Leasing Company SAOG	Oman	Automobile Leasing, Hire Purchase	Jul. 1994		13	%

8.1-4

	Country	Principal Business	Established (Acquired)		ORIX Ownership
			(As of March 31, 2005)
ORIX Leasing Egypt SAE	Egypt	Leasing	Jun. 1997		34	%
Saudi ORIX Leasing Company	Kingdom of Saudi Arabia	Leasing, Automobile Leasing	Jan. 2001		25	%
MAF ORIX Finance PJSC	U.A.E.	Leasing	Apr. 2002		36	%
ORIX Australia Corporation Limited	Australia	Leasing, Automobile Leasing & Rentals,	Jul. 1986		100	%
ORIX New Zealand Limited	New Zealand	Leasing, Automobile Leasing & Rentals	Aug. 1988		100	%
ORIX Ireland Limited	Ireland	Corporate Finance, Accounting & Administrative Services	May 1988		100	%
ORIX Aviation Systems Limited	Ireland	Aircraft Leasing	Mar. 1991		100	%
ORIX Aircraft Corporation	Japan	Aircraft Leasing	May 1986		100	%
ORIX Polska S.A.	Poland	Leasing, Automobile Leasing	Oct. 1995		100	%
BTA ORIX Leasing JSC	Kazakhstan	Leasing, Factoring	(Jun. 2005	)	40	%

(4) Houlihan Lokey Howard & Zukin joined ORIX Group in January 2006.

(5) The voting power percentage is 100%.

(6) The voting power percentage is 85%.

(7) The voting power percentage is 70%.

8.1-5