ORIX Corporation USA May 2018 PRIVATE CONFIDENTIAL ORIX

ORIX Corporation USA May 2018 PRIVATE & CONFIDENTIAL

ORIX USA | Disclaimer This presentation and the information contained herein are strictly confidential and may not be reproduced or redistributed, in whole or in part, by you or your advisors, consultants, or agents to any other person. The information contained in this presentation is in summary form and does not purport to be complete. The information contained in this presentation includes various estimates. All information contained in this presentation is subject to verification, correction, completion, or change without notice. This presentation has been prepared solely for your information to provide a brief overview of ORIX Corporation USA (“ORIX”, “ORIX USA” or “the Company”), its business, and the markets in which it operates. estimates, and projections reflect various judgments and assumptions, which assumptions and assumptions may or may not prove to be correct, and are subject to many economic and competitive uncertainties that are beyond the control of the Company. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the accuracy or completeness of the information contained herein. None of the Company or any of its affiliates, advisors, or representatives shall have any liability whatsoever for any loss arising from any use of this presentation or its contents or otherwise arising out of or in connection with this presentation or any of its contents. This presentation does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. This presentation includes certain statements, estimates, and projections provided by the Company with respect to its management’s subjective views as to the anticipated future performance of the Company’s business. Such statements, The information contained herein has been prepared to assist interested parties in making their own evaluation of the Company and does not purport to be all-inclusive or contain all of the information that a prospective participant may desire. The information and data contained herein are not a substitute for the recipient’s independent evaluation and analysis. Each person that reviews or otherwise makes any use of this presentation will be deemed to have agreed to keep this presentation and its contents confidential and to have acknowledged and agreed to be bound by the foregoing limitations on dissemination, use, reliance, and liability. 2

Private and confidential ORIX Corporation | At a Glance Built on a Strong Foundation Founded in 1964, ORIX Corporation is a publicly traded, Tokyo-based international financial services company with over 32, 000 employees worldwide. Global Reach - Operating in 38 countries and regions More than 2, 100 locations Ranked No. 256 on 2017 Forbes Global 2000: World’s Biggest Public Companies Publicly Traded - Listed on the Tokyo (8591) and New York (NYSE: IX) stock exchanges Approximately $25 billion market capitalization as of September 2017 Capital Ready - Assets exceeding $107 billion Approximately $356 billion in assets under management Rated - Long-term debt credit rating of A- by S&P’s and Baa 1 by Moody’s (As of April 16, 2018) May 2018 3

Private and confidential ORIX Corporation | ORIX USA Highlights ORIX USA: ORIX USA operates as a non-bank financial conglomerate that has both buy-side and sell-side characteristics. ORIX USA seeks to take advantage of market opportunities as a debt provider and equity investor. Capital solutions include private equity, leveraged finance, fixed income, growth capital, real estate, and alternative investments. Headquartered in Dallas, ORIX USA, with over 900 employees spanning more than 30 offices across the U. S. and Brazil, and its family of companies have $57 billion of assets under management, administration and servicing (including $8. 6 billion held by the company and its subsidiaries). ORIX Corporation - JAPAN Corporate Financial Services • • Environment and energyrelated business Principal investment Loan servicing Concession Maintenance and Leasing • Automobile leasing and rentals • Car sharing • Test and measurement instruments and IT -related equipment rentals and leasing Investment and Operations • • • Loan Leasing Fee Business Retail • • • Life insurance Banking Card loan OVERSEAS Asia, Oceania and Europe Real Estate • • Development and rental Facility operations REIT asset management Real estate investment and advisory services • • • Leasing Loan Bond investment Asset management Aircraft and ship - related operations AMERICAS ORIX USA • • • Asset management Commercial real estate Energy debt and equity solutions Fund investments and alternative strategies Growth capital Low-income housing tax credits (LIHTC) Majority and minority private equity Middle-market lending Multifamily / senior living bridge & agency capital Municipal and infrastructure lending and investment Strategic investments Structured products Latin America • • • Advisory services Asset management Commercial and residential real estate Fund investments and alternative strategies Growth capital Majority and minority private equity Middle-market lending Strategic investments Structured Products May 2018 4

ORIX USA | Business Fundamentals DIVERSE INVESTMENT CAPABILITY Idea-driven, opportunistic investing focused on providing capital solutions for under-served and/or niche markets to help firms navigate through investment cycles EXPERIENCED TEAMS STRONG SURVEILLANCE Recruit top industry talent with deep investment experience - and promote strong collaboration with investment partners and portfolio companies Comprehensive understanding of assets and markets with rigorous internal credit underwriting and monitoring INVESTMENT GRADE BALANCE SHEET Global investment perspective with longterm, low-cost capital, and significant equity capital with low leverage AFFILIATE SYNERGIES Synergies between international affiliated companies, especially financial advisory services including M&A, corporate development, tax, valuation, and restructuring 5

Private and confidential ORIX USA | Organizational Chart | Investment Platforms 6

Private and confidential ORIX USA | Energy Capital ORIX Energy Capital targets a broad range of middle-market energy-related companies, including E&P, midstream and related services. ORIX Energy Capital provides flexible debt structures and/or makes non-control preferred/common equity investments in standard and bespoke transactions where financing may be difficult to obtain. HIGHLIGHTS / SERVICES INVESTMENT PARAMETERS § Opportunistically created in 2015 to exploit the § Size: Invest $10 million - $50 million § Experience across a broad range of energy- dislocation in the energy market § Deep technical skills and expertise in oil and gas asset evaluation experience with geologist on staff § Customized capital solutions that address an array of challenges that oil and gas companies encounter CAPITAL PRODUCTS § § First lien Second lien Mezzanine Equity related companies throughout the U. S. , Canada, and Latin America § Investment criteria: ‐ On-shore North America ‐ Primarily focused on E&P, midstream, and energy services and manufacturing, with capabilities in power and other energyrelated sectors ‐ Mineral acquisition capital available § Investment horizon on debt: ‐ Average loan term of 3 to 5 years 7

Private and confidential ORIX USA | Real Estate Americas ORIX Real Estate Americas is a fully-integrated commercial real estate finance, asset management, and investment company that provides creative balance sheet capital solutions. ORIX Real Estate Americas targets a variety of loans and securities, backed by both traditional and specialized property types, and invests across all levels of the capital structure. HIGHLIGHTS / SERVICES INVESTMENT PROFILE ASSET MANAGEMENT Balance sheet lending and investment: § Active since 1990 § Currently, over $500 million of invested capital § Experienced origination & credit team providing commercial property loans, mezzanine debt, participating equity and development capital in the U. S. and Canada § Flexible prepayment structures § Average loan term of 3 to 5 years § Size: Invest $5 million - $50 million § Property types: ‐ Multifamily - Retail ‐ Self Storage - Lodging ‐ Industrial - Office ‐ Manufactured Housing § Provides debt & participating equity: ‐ Construction ‐ Bridge financing ‐ Short-term restructures Loan Servicing: § Integrated servicing and construction management team that works alongside our Originators and Underwriters to provide excellent service and prompt draw processing to our customers § Veteran asset management personnel with deep experience in the management of all property and loan types Capital markets: § Currently, over $750 million of invested capital § Unrated first loss positions to AAA rated securities § Fixed rate and floating rate, long and short duration capital § Deep experience with complex capital structures, all commercial real estate property types and capital markets Asset Management: Managed over $4. 5 billion of properties (all property types & US geographic markets) Development: Developed +$2 billion of properties 8

Private and confidential ORIX USA | Municipal Finance ORIX Municipal Finance is an innovative and flexible investor with the ability to provide debt, mezzanine, and equity capital to a variety of public and private financings. The Municipal strategy focuses on investing in both taxable and tax exempt issuers and projects. HIGHLIGHTS / SERVICES § Active since 2008 with 5 -year audited track record § Currently over $650 million of invested capital § Leading-edge trading and investment team with § deep credit and quantitative expertise Participant in all major market segments with extensive broker/dealer contacts and full institutional and retail coverage by all key market makers CAPITAL PRODUCTS Full range of capital structures (Taxable and Tax Exempt): § § § Bonds and notes: Unrated to AAA Loans: Direct lending to municipalities or private entities Leases: Equipment leasing Private placements Subordinated debt and equity INVESTMENT PARAMETERS § Size: Invest $2 million - $50 million § Sectors of particular interest: - Real estate - Toll roads - Public use buildings - Healthcare - Education - Transportation - Water/waste - Utilities - Power gen. & renewables § Structures: ‐ Public offerings (rated or non-rated) ‐ Private placements ‐ Loans/Leases ‐ Secured (mortgage, tax lien, etc. ) § Investment horizon: ‐ Hold to maturity (5 -12 year maturities) ‐ Trading account (5 -35 year maturities) ‐ Restructurings (5 -35 year maturities) ‐ Special situations (case by case basis) 9

Private and confidential ORIX USA | Infrastructure and Renewable ORIX Infrastructure and Renewable Energy invests in a broad array of infrastructure and renewable energy assets across the Americas. The infrastructure and renewable energy strategy focuses both on investments in specific projects as well as platform companies. Investments can take the form of equity, tax-advantaged equity, or debt, depending on what is most appropriate in a given situation. HIGHLIGHTS / SERVICES § Created in 2015 to consolidate and expand § infrastructure and renewable energy investment within ORIX USA Deep expertise in the sector and ability to structure transactions in ways that work for all parties CAPITAL PRODUCTS § Equity § Tax-advantaged equity § Senior debt § Mezzanine debt INVESTMENT PARAMETERS § Size: Invest $10 million - $200 million per § transaction Target sectors include: ‐ Power & Energy (including conventional & renewable power generation, energy storage & grid management, transmission & distribution, and midstream transportation) ‐ Transportation (including rail, toll roads, tunnels & bridges, ports & airports, and logistics providers) ‐ Water & Wastewater (including water distribution, wastewater removal, and water treatment) ‐ Other Infrastructure (including select industrial production facilities, solid waste disposal facilities, infrastructure operators, and social infrastructure) 10

Private and confidential ORIX USA | Sample Transactions 2015 § Equity and sub- 2015 § Equity and sub- § Second lien § LBO § Senior term loan § LBO debt § LBO ORIX Lev. Finance ORIX Mezz. & PE 2015 2016 South 400 § Senior term loan, construction § Multifamily in TX § Hotel in CA § Senior term loan § LBO § Senior term loan § Sold to Pandora for $450 mm § Second lien § Organic growth 2015 § Equity § LBO ORIX Mezz. & PE ORIX Growth Capital 2016 2015 2013 Element by Westin Life Storage (Sovern managed) construction § Participating equity § Self-storage in NY § Series C § Oncology services ORIX Growth Capital ORIX Real Estate ORIX Healthcare 2014 2016 2010 § Equity and term loan § Sold to Perrigo ORIX Healthcare § Senior term loan, § Equity § DJ Basin mineral acquisition ORIX Energy construction § Water handing facilities in TX ORIX Energy § Second lien § Sold to EMC for $1. 2 B ORIX Growth Capital Matawan Pharmaceuticals, LLC 2013 § Senior term loan § Acquisition support ORIX Energy § Acquisition § Lower income housing tax credit industry ORIX Corporate Dev. § Acquisition § Mortgage banking industry § Equity § CRO pharma/ biotech ORIX Healthcare 2014 § Equity § Financial services in Bogota, Colombia ORIX Corporate Dev. ORIX Latin America 11

Private and confidential ORIX USA | Contact Information DALLAS (HQ) 1717 Main Street Suite 1100 Dallas, TX 75201 214. 237. 2000 MID-ATLANTIC 3033 Wilson Blvd. Suite 702 Arlington, VA 22201 703. 947. 4140 NEW ENGLAND 100 Pearl Street 14 th Floor Hartford, CT 06103 860. 249. 7111 NEW YORK 280 Park Avenue, 40 West New York, NY 10017 212. 468. 5888 PHILADELPHIA 101 West Elm Street Suite 425 Conshohocken, PA 19428 610. 937. 0443 SEATTLE 10900 NE 4 th Street Suite 2300 Bellevue, WA 98004 425. 440. 2632 SAN FRANCISCO 505 Montgomery Street 11 th Floor San Francisco, CA 94111 415. 874. 3724 SAO PAULO, BRAZIL Rua Fidencio Ramos, no. 160, Sala 1106 Vila Olímpia São Paulo - SP, Brazil CEP 04551 -010 (+55) 11. 2667 -5233 BOSTON FINANCIAL INVESTMENT MANAGEMENT 101 Arch Street Boston, MA 02110 800. 782. 7890 LANCASTER POLLARD 65 East State Street Suite 1600 Columbus, OH 43215 614. 224. 8800 RED CAPITAL GROUP 10 W Broad Street 8 th Floor Columbus, OH 43215 614. 857. 1400 RB CAPITAL Rua Amauri, 255/ 5 andar, Jardim Europa Edificio Metropolitan Office São Paulo - SP, Brazil (+55) 11. 3127 -2700 MARINER INVESTMENT GROUP 500 Mamaroneck Avenue Suite 405 Harrison, NY 10528 914. 777. 3320 ORIX USA │ www. orix. com │ (214) 237 -2000 │ 1(800)-877 -6781 12