Exhibit 8.1

SUBSIDIARY DIRECTORY

Name	Country of Incorporation	Principal Business	ORIX Voting Power(1)
NS Lease Co., Ltd	Japan	Leasing, Lending, Other Financial Services		100	%
ORIX Auto Corporation	Japan	Automobile Leasing & Rentals, Car Sharing		100	%
ORIX Rentec Corporation	Japan	Test, Measurement, and IT-Related Equipment Leasing and Rentals		100	%
ORIX Real Estate Corporation	Japan	Development and Rentals of Commercial Real Estate, Condominium Development and Sales		100	%
ORIX Golf Holdings Corporation	Japan	Golf Course Management		100	%
ORIX Real Estate Investment Advisors Corporation	Japan	Real Estate Investment and Advisory Services		100	%
ORIX Asset Management & Loan Services Corporation	Japan	Loan Servicing		100	%
ORIX Capital Corporation	Japan	Venture Capital		100	%
ORIX Investment Corporation	Japan	Alternative Investment		100	%
ORIX Life Insurance Corporation	Japan	Life Insurance		100	%
ORIX Trust and Banking Corporation	Japan	Trust and Banking		100	%
ORIX Baseball Club Co., Ltd.	Japan	Professional Baseball Team Management		100	%
ORIX USA Corporation	U.S.A.	Corporate Finance, Investment Banking, Real Estate		100	%
ORIX Asia Limited	China (Hong Kong)	Leasing, Automobile Leasing		100	%
ORIX Leasing Malaysia Berhad	Malaysia	Leasing, Lending, Hire Purchase		100	%
PT. ORIX Indonesia Finance	Indonesia	Leasing, Automobile Leasing		85	%
ORIX Investment and Management Private Limited	Singapore	Equity Investment		100	%
ORIX Taiwan Corporation	Taiwan	Leasing, Hire Purchase, Loan Servicing		95	%
ORIX Australia Corporation Limited	Australia	Automobile Leasing, Truck Rentals		100	%
ORIX Aviation Systems Limited	Ireland	Aircraft Leasing		100	%
Another 764 Subsidiaries

⁽¹⁾ ORIX voting power includes ORIX’s indirect voting power.

8.1-1