年次報告書2008年3月期

Reliability in a Challenging Environment Creating Value for Clients Creating Value for Business Partners Creating Value for Society ORIX is generating medium- and long-term growth by enabling value creation

INDEX To page 2 ORIX at a Glance 2 2 3 4 To page 6 CEO To page 10 COO To page 13 Reliability in a Challenging Environment How ORIX Is Creating Value for Clients 14 How ORIX Is Creating Value for Business Partners 16 How ORIX Is Creating Value for Society 18 SECForm 20-F Risk Factors Form 20-Fwww.orix.co.jp

ORIX Corporation Annual Report 2008 To page 20 20 25 26 27 28 30 32 34 36 38 To page 40 40 42 44 To page 49 49 57 To page 58 58 60 60 61 79 83 87 89 99 156 157 To page 159 To page 164 To page 165 1

ORIX at a Glance 2

ORIX Corporation Annual Report 2008 331 2004 2005 2006 2007 2008 3.................... 760,601 908,872 913,932 1,124,960 1,154,054 3% 8%.................... 673,220 778,172 701,021 842,524 964,853 15 7............. 104,763 153,719 247,697 316,349 249,766-21 18.................. 54,020 91,496 166,388 196,506 169,597-14 23.................... 4,849,194 5,129,098 5,858,277 6,638,466 7,203,473 9% 12%.................... 564,047 727,333 953,646 1,194,234 1,267,917 6 20..................... 5,624,957 6,068,953 7,242,455 8,207,187 8,994,970 10 14.... 10.10% 14.17% 19.80% 18.30% 13.78%..... 0.93% 1.56% 2.50% 2.54% 1.97%................. 10.03% 11.98% 13.17% 14.55% 14.10%.................. 645.52 1,087.82 1,883.89 2,177.10 1,860.63-15% 20%................ 601.46 1,002.18 1,790.30 2,100.93 1,817.81-13 22....... 6,739.64 8,322.96 10,608.97 13,089.83 14,010.62 7 19................. 25 40 90 130 260......... 0.39% 0.53% 0.95% 1.10% 1.92%............... 9,633 11,946 32,945 28,009 12,308................. 12,481 13,734 15,067 16,662 18,702 2,500 25 20 2,000 1,500 1,000 2,100.93 1,790.30 1,817.81 1,002.18 20 15 10 10.10 14.17 19.80 18.30 13.78 16 12 8 10.03 11.98 13.17 14.55 14.10 601.46 500 5 4 0 2004 2005 2006 2007 2008 0 2004 2005 2006 2007 2008 0 2004 2005 2006 2007 2008 3

ORIX at a Glance 13 9 4 1964 1970 1975 11980 1985 4

ORIX Corporation Annual Report 2008 2,100 4 1,800 1,500 1,200 900 7 600 300 1990 1995 2000 2 2005 2006 2007 2008 3 0 5

CEO 6

ORIX Corporation Annual Report 2008 7

CEO 8

ORIX Corporation Annual Report 2008 9

COO 10

ORIX Corporation Annual Report 2008 11

COO 12

ORIX Corporation Annual Report 2008 Reliability in a Challenging Environment Creating Value for Clients Creating Value for Business Partners Creating Value for Society 13

Reliability in a Challenging Environment How ORIX Is Creating Value for Clients 14

ORIX Corporation Annual Report 2008 ETC 20079 15

Reliability in a Challenging Environment How ORIX Is Creating Value for Business Partners 2 16

ORIX Corporation Annual Report 2008 07.02 07.10 08.01 08.02 08.06 UOL UOB ACAP Federal LandMetro Bank IL&FS Investment ManagersIL&FS MAJID AL FUTTAIM UAE 17

Reliability in a Challenging Environment How ORIX Is Creating Value for Society 18

ORIX Corporation Annual Report 2008 19

2006 2007 2008... 97,683 123,328 131,139... 49,294 58,231 35,932... 1,629,877 1,861,403 1,965,200... 3.1 3.3 1.9 20083 12% 25% 20083 20

ORIX Corporation Annual Report 2008 2006 2007 2008... 130,775 146,966 158,093... 26,661 28,224 25,577... 509,149 510,805 519,643... 5.5 5.5 5.0 2006 2007 2008... 67,066 67,859 78,317... 9,911 10,869 11,658... 123,532 121,621 130,171... 8.2 8.9 9.3 20083 20083 20083 20083 9% 7% 4% 2% 21

2006 2007 2008... 69,472 82,345 91,179... 33,384 44,682 42,089... 1,223,063 1,517,927 1,932,874... 3.1 3.3 2.4 2006 2007 2008... 198,780 245,336 278,096... 28,650 51,236 80,778... 682,166 901,237 1,053,364... 4.8 6.5 8.3 20083 20083 20083 20083 14% 24% 28% 13% 22

ORIX Corporation Annual Report 2008 2006 2007 2008... 137,468 132,060 128,742... 13,212 9,921 7,318... 491,857 511,051 480,745... 2.5 2.0 1.5 2006 2007 2008... 111,854 145,443 126,343... 41,024 60,387 24,720... 655,386 773,595 745,318... 7.2 8.5 3.3 20083 20083 20083 20083 3% 6% 8% 9% 23

2006 2007 2008... 70,223 119,940 101,739... 34,701 31,315 16,198... 441,285 487,900 452,976... 8.2 6.7 3.4 2006 2007 2008... 88,914 103,593 121,988... 31,956 37,763 45,391... 562,654 625,036 598,486... 6.0 6.4 7.4 20083 20083 20083 20083 6% 6% 16% 8% 24

25 ORIX Corporation Annual Report 2008

1,965 520 130 1,933 1,053 481 745 6,827 453 599 1,052 7,879............ 483 295 25 0 19 4 2 828 39 230 269 1,097...... 16 224 104 33 456 0 3 836 25 160 185 1,021............................... 1,416 0 0 1,406 25 130 426 3,403 289 77 366 3,769............................ 20 1 1 468 1 343 130 964 89 33 122 1,086......................... 2 0 0 26 124 0 40 192 0 5 5 197.......... 12 0 0 0 331 0 3 346 7 36 43 389............................ 16 0 0 0 97 4 141 258 4 58 62 320 131 158 78 91 278 129 127 992 102 122 224 1,216............ 29 20 1 0 3 0 0 53 5 20 25 78...... 25 83 68 1 37 0 2 216 2 73 75 291.......... 58 0 0 80 2 0 41 181 39 6 45 226... 4 0 0 1 1 0 19 25-3 2-1 24....... 0 0 0 0 0 129 0 129 0 0 0 129......................... 5 0 0 0 73 0 0 78 0 10 10 88...................... 0 0 0 0 17 0 0 17 0 0 0 17...................... 10 55 9 8 99 0 54 235 54 11 65 300................ 0 0 0 1 46 0 11 58 5 0 5 63 26

ORIX Corporation Annual Report 2008 To page 28 To page 30 To page 32 To page 34 To page 36 To page 38 27

60.0 50.0 40.0 30.0 3.0 2.5 2.0 1.5 1.0 0.5 0.0 03/4 04/4 05/4 06/4 07/4 08/3 0 05/7 06/1 06/7 07/1 07/7 08/1 DIDiffusion Index 510 28

ORIX Corporation Annual Report 2008 29

01 02 03 04 05 06 07 08 01 02 03 04 05 06 07 08 2,396 2,529 2,672 2,706 2,886 3,020 3,063 298 312 315 323 330 355 285 390 423 470 497 529 559 570 11.9 15.4 15.8 17.4 17.2 17.5 18.3 21 30 30 43 43 46 47 46 7.0 9.8 9.5 13.3 13.0 13.0 30

ORIX Corporation Annual Report 2008 700 600 500 585 585 574 535 400 300 200 100 0 2004 2005 2006 2007 500 400 300 200 100 3.59 3.78 3.93 3.97 271 289 302 306 5 4 3 2 1 0 2004 2005 2006 2007 0 31

32 1.4 1 4 1.4 51.4 3.5 31.2 31.2 31.2 1.8 0.5 9.0 1.9 1.9 0.7 23 37.5 23 7.1 6.8

ORIX Corporation Annual Report 2008 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% -1.00% -2.00% 05/ 6 05/ 12 06/ 6 06/ 12 07/ 6 07/ 12 OSAKA OSAKA8 200852 The Tower Osaka 33

20 15 10 5 0 2000 2001 2002 2003 2004 2005 2006 2007 34

ORIX Corporation Annual Report 2008 35

120 100 104 3,600 3,000 80 2,590 2,400 60 1,800 40 1,200 20 600 0 03/3 04/3 05/3 06/3 07/3 08/3 0 36

ORIX Corporation Annual Report 2008 37

14 12 10 8 6 4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 NIE s ASEAN 4 38

ORIX Corporation Annual Report 2008 Houlihan Lokey 125 Credit Suisse 118 Citi 110 Goldman Sachs & Co. 109 UBS 94 Jefferies & Co. Inc. 93 Lehman Brothers 92 JP Morgan 91 Morgan Stanley 79 RBC Capital Markets 71 Houlihan Lokey 566 Credit Suisse 450 JP Morgan 440 Goldman Sachs & Co. 434 Morgan Stanley 378 Merrill Lynch 366 Citi 311 USB 305 Lehman Brothers 280 Banc of America Securities 256 39

2008624 M 56 P P P P M 40

ORIX Corporation Annual Report 2008 () 41

42

ORIX Corporation Annual Report 2008 P M P 43

44

ORIX Corporation Annual Report 2008 M 45

5 59 33 986 28 927 (5) (59) (5) (59) 28 165 28 165 59 1,092 1,151 46

ORIX Corporation Annual Report 2008 M M 47

() 48

ORIX Corporation Annual Report 2008 49

50

ORIX Corporation Annual Report 2008 51

52

ORIX Corporation Annual Report 2008 53

54

ORIX Corporation Annual Report 2008 55

331 2009 2010 2011 2012 2013...................... 306,028 147,503 133,271 87,336 60,061 148,025 882,224............................. 5.4% 7.7% 7.6% 8.8% 9.3% 5.5% 6.7%...................... 576,569 406,739 362,981 257,760 297,254 776,135 2,677,438............................. 4.0% 4.0% 4.2% 4.5% 4.0% 4.8% 4.3%.................... 13,534 53,798 72,241 33,657 29,034 213,473 415,737............................. 2.2% 1.7% 2.3% 1.8% 1.7% 2.3% 2.1%..................... 56,613 63,006 109,549 27,328 73,269 32,090 361,855............................. 3.2% 3.0% 3.0% 2.3% 2.3% 4.5% 3.0%......................... 1,330,147 1,330,147............................. 1.8% 1.8%............................... 206,992 117,242 48,627 62,565 35,247 10 470,683............................. 0.8% 1.1% 1.0% 1.6% 1.4% 1.4% 1.0%..................... 383,333 416,600 501,630 432,647 230,887 229,587 2,194,684............................. 1.4% 1.5% 1.5% 2.5% 1.7% 1.8% 1.7%..................... 364,171 586,779 478,460 431,568 272,496 134,029 2,267,503............................. 1.7% 1.5% 1.5% 1.6% 1.5% 1.9% 1.6% 331 2009 2010 2011 2012 2013...................... 51,546 105,017 88,536 17,280 1,543 29,254 293,176......................... 4.1% 1.9% 2.3% 4.6% 1.9% 2.8% 2.7%......................... 4.3% 2.2% 2.5% 3.9% 1.0% 1.9% 2.7%...................... 2,414 22,943 33,300 7,740 3,754 3,000 73,151......................... 1.4% 1.0% 1.2% 1.2% 1.3% 1.4% 1.2%......................... 1.4% 1.0% 0.9% 0.9% 1.4% 2.1% 1.0% 56

ORIX Corporation Annual Report 2008 57

P60P107 3 1 3 2 3 120083 25 1 20083 78,592 290,743 227,020 23,521 128,616 88,445 16,756 300,361 1,154,054 78,592 105,465 227,020 23,521 15,747 7,389 16,756 129,885 1 604,375 106,140 185,278 112,869 81,056 170,476 265,863 33,226 1,742 8,290 (87) 964,853 189,201 48,343 12,222 249,766 98,984 3,918 146,864 21,800 168,664 933 169,597 2 106,140 1 1 1 1 3 265,863 4 43,171 4 4 4 5 189,201 6 60,565 6 7 249,766 8 98,984 9 3,918 = 22,733 = A 169,597 144 58

ORIX Corporation Annual Report 2008 4 1Step + 1 P58 2 2Step -- 3 4 = 5 3Step + 6 = 7 4Step -- 8 9 + = = A 2 5 2004 2005 2006 2007 2008 1 363,905 406,193 481,889 632,785 604,375 2 56,825 51,934 58,703 80,871 106,140 3 153,032 166,775 181,279 248,587 265,863 4 66,667 56,784 28,996 20,891 43,171 5 87,381 130,700 212,911 282,436 189,201 6 17,382 23,019 34,786 33,913 60,565 7 104,763 153,719 247,697 316,349 249,766 8 51,387 67,396 96,247 126,320 98,984 9 1,046 2,447 3,257 4,844 3,918 = 1,690 7,620 18,195 11,321 22,733 A 54,020 91,496 166,388 196,506 169,597 20083 59

(MD&A) 1. 14 2007 141,696 (ROE)13.814.1 15,000 10,000 9,649 2,500 75,000 72,035 12,000 11,541 8,000 2,000 1,696 60,000 9,000 6,000 1,500 45,000 6,000 4,000 1,000 30,000 3,000 2,000 500 15,000 0 04 05 06 07 08 0 04 05 06 07 08 0 04 05 06 07 08 0 04 05 06 07 08 60

ORIX Corporation Annual Report 2008 2. 20073 20083 (%)...................................... 1,124,960 1,154,054 29,094 3...................................... 842,524 964,853 122,329 15...................................... 282,436 189,201 (93,235) (33)............................... 316,349 249,766 (66,583) (21)..................................... 196,506 169,597 (26,909) (14) 20073 20083 (%).......................... 90,272 78,592 (11,680) (13)...................... 251,482 290,743 39,261 16........................ 201,531 227,020 25,489 13 70,684 23,521 (47,163) (67)....................... 132,835 128,616 (4,219) (3)................................. 87,178 88,445 1,267 1............................... 22,958 16,756 (6,202) (27) 268,020 300,361 32,341 12........................................ 1,124,960 1,154,054 29,094 3 31,154,054 20073 20083 (%)...................................... 80,871 106,140 25,269 31..................... 162,014 185,278 23,264 14................................... 115,565 112,869 (2,696) (2) 73,999 81,056 7,057 10............................... 140,597 170,476 29,879 21.......................... 248,587 265,863 17,276 7............................... 13,805 33,226 19,421 141 1,027 1,742 715 70 5,592 8,290 2,698 48 467 (87) (554)........................................ 842,524 964,853 122,329 15 15964,853 61

(MD&A) 33189,201 21 14169,597 11 1,860.631,817.81 2,177.102,100.93 249,766 1 2,500 1,817.81 2,000 1,500 1,000 500 0 04 05 06 07 08 20073 20083 (%)...................... 1,258,404 1,098,128 (160,276) (13).................................. 3,490,326 3,766,310 275,984 8.................. 862,049 1,019,956 157,907 18................................ 875,581 1,121,784 246,203 28 152,106 197,295 45,189 30................................. 6,638,466 7,203,473 565,007 9.................................. (89,508) (102,007) (12,499) 14 1,658,229 1,893,504 235,275 14..................................... 8,207,187 8,994,970 787,783 10 9 7,203,473 ROEROA 61,267,917 921,8231,081,219 1014.55 14.10ROEROA 18.3013.782.541.97 19,109 62

ORIX Corporation Annual Report 2008 ROE ROA 15,000 12,000 9,000 6,000 12,679 20 15 10 14.10 25 20 15 10 13.78 4 3 2 1.97 3,000 5 5 1 0 04 05 06 07 08 0 04 05 06 07 08 0 04 05 06 07 08 0 04 05 06 07 08 1 1 20073 20083 (%)....................... 90,272 78,592 (11,680) (13).................................... 62,442 53,727 (8,715) (14).................................... 27,830 24,865 (2,965) (11)............................. 720,840 654,987 (65,853) (9).................................... 566,863 444,401 (122,462) (22).................................... 153,977 210,586 56,609 37............................. 636,723 574,859 (61,864) (10).................................... 501,699 390,377 (111,322) (22).................................... 135,024 184,482 49,458 37.................... 1,258,404 1,098,128 (160,276) (13).................................... 966,907 829,139 (137,768) (14).................................... 291,497 268,989 (22,508) (8) () 1378,592 62,4421453,727 27,8301124,865 5.12 5.05 9.438.65 10574,859 22 37 13 1,098,128 63

(MD&A) 14 8 3 7624 65 5 1,200 10,000 16,000 900 600 300 786 249 537 8,000 6,000 4,000 2,000 5,749 1,845 3,904 12,000 8,000 4,000 10,981 2,690 8,291 0 0 0 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 20073 20083 (%)....................... 171,389 130,075 (41,314) (24)............................... 189,319 169,952 (19,367) (10).................... 147,436 115,675 (31,761) (22).................................. 465,923 425,694 (40,229) (9).................................... 284,337 256,732 (27,605) (10).................................... 1,258,404 1,098,128 (160,276) (13) 241022 9 10 167,567 116,445() 4,2371,688 289,694 303,034 1,548,0981,401,162 9(P121) 90 20073 20083 90...................................................... 21,149 22,637 90....................... 1.68% 2.06%........................... 0.14% 0.73%........................................................ 25,545 25,481........................... 2.03% 2.32% 64

ORIX Corporation Annual Report 2008 902 0.2 90 2.06 1 0.520.66 2 20073 20083 (%)..................... 251,482 290,743 39,261 16..................................... 189,563 214,422 24,859 13..................................... 61,919 76,321 14,402 23.................................. 348,561 465,909 117,348 34..................................... 258,338 366,187 107,849 42..................................... 90,223 99,722 9,499 11.................................... 862,049 1,019,956 157,907 18..................................... 689,646 850,489 160,843 23..................................... 172,403 169,467 (2,936) (2) 16290,743 189,56313214,422 61,919 2376,321 12,10515,217 65

(MD&A) 34465,909 1,019,956 23 2 18 4,000 2,907 3,000 763 2,000 2,144 1,000 6,000 4,659 4,500 997 3,000 3,662 1,500 12,000 10,200 9,000 1,695 8,505 6,000 3,000 0 0 0 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 20073 20083 (%).................................... 340,850 383,298 42,448 12.................... 61,463 67,871 6,408 10.................................. 440,082 552,239 112,157 25............................. 19,654 16,548 (3,106) (16).................................... 862,049 1,019,956 157,907 18 12383,298 10 25 3 20073 20083 (%).................................. 181,972 204,577 22,605 12..................................... 149,628 169,629 20,001 13..................................... 32,344 34,948 2,604 8.......................... 2,226,282 2,331,331 105,049 5..................................... 1,941,828 2,083,643 141,815 7..................................... 284,454 247,688 (36,766) (13)............................... 3,490,326 3,766,310 275,984 8..................................... 3,145,424 3,407,568 262,144 8..................................... 344,902 358,742 13,840 4 66

ORIX Corporation Annual Report 2008 12204,577 13 8 4.71 4.69 10.50 9.49 83,766,310 8 4 908 4121,884 52,331,331 2,500 2,000 1,500 1,000 2,046 349 1,696 30,000 20,000 10,000 23,313 2,477 20,836 50,000 40,000 30,000 20,000 37,663 3,587 34,076 500 10,000 0 0 0 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 20073 20083 (%)........................... 627,659 661,911 34,252 5.......................... 335,288 343,963 8,675 3.............................. 92,666 59,638 (33,028) (36)................................ 1,055,613 1,065,512 9,899 1............................. 620,946 844,985 224,039 36.................... 1,302,595 1,318,621 16,026 1................................ 1,923,541 2,163,606 240,065 12........................... 2,979,154 3,229,118 249,964 8........................... 304,391 330,544 26,153 9................................. 191,959 192,275 316 0............................... 14,822 14,373 (449) (3).............................. 3,490,326 3,766,310 275,984 8 03-3() () 67

(MD&A) 25927,678 141,939 6,574 7256,494 1 30,0904,782 11,065,512 88,15059,161 3,1461,155 154,357152,208 3,644,6833,918,518 9(P121) 122,163,606 2 () 20073 20083.......................................................... 100,589 165,283....................................................... 67,934 108,921...................................................... 29,189 38,081 4,94213,664 7,2224,633 8,722 2,589 20073 20083.......................................................... 17,878 20,595......................................................... 12,749 37,658................................................ 48,785 80,356............................................................. 61,534 118,014........................................................ 6,412 12,080............................................................. 14,765 14,594......................................................... 100,589 165,283 68

ORIX Corporation Annual Report 2008 1 90 20073 20083 90........................................ 12,656 15,333 90....................... 0.37% 0.43%..................................... 0.22% 0.30%.............................. 34,774 38,445......................... 1.03% 1.07% 9021 90 90 20073 20083................................................................................................................. 10,177 9,425.............................................. 2,376 5,861................................................... 103 47............................................................. 12,656 15,333 90 0.220.16 69

(MD&A) 30 20073........................................ 45,912 45,912............................................... 283,648 243,857 527,505............................................... 9,054 113,338 122,392........................................ 47,635 132,137 179,772................................................. 340,337 535,244 875,581 20083........................................ 34,535 34,535............................................... 297,780 486,621 784,401............................................... 12,920 87,456 100,376........................................ 31,179 171,293 202,472................................................. 341,879 779,905 1,121,784 () 20073 20083 (%)............................... 19,559 22,443 2,884 15.................................... 4,406 12,685 8,279 188.................................... 15,153 9,758 (5,395) (36)...................... 331,055 688,148 357,093 108.................................... 314,678 666,296 351,618 112.................................... 16,377 21,852 5,475 33........................... 875,581 1,121,784 246,203 28.................................... 753,078 1,021,537 268,459 36.................................... 122,503 100,247 (22,256) (18) 70

ORIX Corporation Annual Report 2008 250 200 150 100 224 98 127 8,000 6,000 4,000 6,881 219 6,663 12,000 9,000 6,000 11,218 1,002 10,215 50 2,000 3,000 0 0 0 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 188 12,685 369,758 2.43 2.87 9.669.76 112 33 281,121,784 36 18 108688,148 20073 20083 (%)......................... 45,912 34,535 (11,377) (25)............................. 649,897 884,777 234,880 36........................... 179,772 202,472 22,700 13................................. 875,581 1,121,784 246,203 28 25 36 41,1527,835 13 12,51910,851 379638 41,53546,707 9(P121) 8(P119) 71

(MD&A) 4 20073 20083 (%)........................ 7,851 6,879 (972) (12) ()......................... 62,833 16,642 (46,191) (74)................................. 70,684 23,521 (47,163) (67) 6723,521 12 74 97,493 61,706 2,8439,222 5 () 20073 20083 (%)............................. 121,373 120,527 (846) (1)................... 11,462 8,089 (3,373) (29).................................... 132,835 128,616 (4,219) (3) 3128,616 29 1 72

ORIX Corporation Annual Report 2008 20073 20083 (%)................................ 283,648 297,780 14,132 5................................ 9,054 12,920 3,866 43 47,635 31,179 (16,456) (35).............................. 340,337 341,879 1,542 0 170,714 138,866 (31,848) (19)........................................ 511,051 480,745 (30,306) (6) 19 20073 20083 (%) ()........................ 3,208 1,342 (1,866) (58) 8,254 6,747 (1,507) (18)........................................ 11,462 8,089 (3,373) (29) 21(p142) 1,000 800 600 400 200 0 235 166 69 04 05 06 07 08 1,500 1,286 81 1,000 500 0 04 05 06 07 08 1,205 6,000 4,000 2,000 0 04 05 06 07 08 4,807 1,389 3,419 6 20073 20083 (%)............................... 87,178 88,445 1,267 1 2,1941,931 1 88,445 73

(MD&A) 7 20073 20083 (%)............................. 22,958 16,756 (6,202) (27) 27 16,756 24(P143) 1,500 300 1,000 884 200 168 500 100 0 04 05 06 07 08 0 04 05 06 07 08 8 20073 20083 (%)............................. 268,020 300,361 32,341 12..................................... 203,823 236,341 32,518 16..................................... 64,197 64,020 (177) (0)...................... 215,409 152,480 (62,929) (29)..................................... 214,115 152,480 (61,635) (29)..................................... 1,294 (1,294)........................... 152,106 197,295 45,189 30..................................... 146,487 192,628 46,141 31..................................... 5,619 4,667 (952) (17) 12300,361 203,82316 236,34164,020 PFI 29 152,480 30197,295 74

ORIX Corporation Annual Report 2008 4,000 3,000 2,000 1,973 47 3,000 2,000 1,000 3,004 640 2,363 2,000 1,000 1,525 1,525 1,500 1,000 500 1,926 0 0 0 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 2 1 3 31 106,140 50 2 112,869 1312 6 1.091.33 5.66 5.41 6(P89) 4 10 81,056 158 2 14185,278 5 21170,476 1,500 1,200 1,061 900 600 300 0 04 05 06 07 08 75

(MD&A) 6 20073 20083 (%)..................................... 138,794 141,985 3,191 2................................... 34,730 38,025 3,295 9..................................... 71,399 81,758 10,359 15................................ 3,664 4,095 431 12................................... 248,587 265,863 17,276 7 7 3,000 2,659 2,000 1,000 0 04 05 06 07 08 7 141 349 55 176 500 400 300 332 200 100 0 04 05 06 07 08 76

ORIX Corporation Annual Report 2008 20073 20083 (%).................................. 97,002 89,508 (7,494) (8)........................ 30,723 25,545 (5,178) (17)...................... 35,223 34,774 (449) (1)........................ 31,056 29,189 (1,867) (6).................................... 13,805 33,226 19,421 141........................ 1,974 8,868 6,894 349...................... 6,889 10,694 3,805 55........................ 4,942 13,664 8,722 176 ()............................... (21,330) (18,568) 2,762 (13)........................ (7,121) (8,085) (964) 14...................... (6,987) (5,850) 1,137 (16)........................ (7,222) (4,633) 2,589 (36) *................................... 31 (2,159) (2,190)........................ (31) (847) (816) 2,632...................... (351) (1,173) (822) 234........................ 413 (139) (552).................................. 89,508 102,007 12,499 14........................ 25,545 25,481 (64) (0)...................... 34,774 38,445 3,671 11........................ 29,189 38,081 8,892 30 8 144( ) 31 2,169 ( 1,742) 1,555 144 144 () 1,435,2341,148,027 197,810 712,258 30(P152) 9 0 8,290 87 5,59248 1(i)(P109) 77

(MD&A) 200 150 100 100 80 60 40 83 50 22 20 0 04 05 06 07 08 0 04 05 06 07 08 3 5148,343 11(P126) 4 6 12,222 5 126,32098,98427,336 15(P131) 6 Houlihan Lokey 19 3,918 7 144 144 10321,800 8 141() 1 933 500 483 200 2,000 375 150 122 1,500 250 100 50 1,000 990 125 0 500 0 04 05 06 07 08-100 04 05 06 07 08 0 04 05 06 07 08 78

ORIX Corporation Annual Report 2008 3. 30(P152) 7979 876,827,315 2121 6452,9767598,486 20073 20083 (%)........................ 123,328 131,139 7,811 6................................ 146,966 158,093 11,127 8............................... 67,859 78,317 10,458 15................... 82,345 91,179 8,834 11................................ 245,336 278,096 32,760 13............................... 132,060 128,742 (3,318) (3)............................... 145,443 126,343 (19,100) (13)..................................... 943,337 991,909 48,572 5..................................................................... 119,940 101,739 (18,201) (15)......................... 103,593 121,988 18,395 18..................................... 223,533 223,727 194 0......................... 1,166,870 1,215,636 48,766 4......................... (41,910) (61,582) (19,672) (47)..................... 1,124,960 1,154,054 29,094 3 79

(MD&A) 20073 20083 (%)........................ 58,231 35,932 (22,299) (38)................................ 28,224 25,577 (2,647) (9)............................... 10,869 11,658 789 7................... 44,682 42,089 (2,593) (6)................................ 51,236 80,778 29,542 58............................... 9,921 7,318 (2,603) (26)............................... 60,387 24,720 (35,667) (59)..................................... 263,550 228,072 (35,478) (13)..................................................................... 31,315 16,198 (15,117) (48)......................... 37,763 45,391 7,628 20..................................... 69,078 61,589 (7,489) (11)......................... 332,628 289,661 (42,967) (13)......................... (16,279) (39,895) (23,616) (145).............. 316,349 249,766 (66,583) (21) 20073 20083 (%)........................ 1,861,403 1,965,200 103,797 6................................ 510,805 519,643 8,838 2............................... 121,621 130,171 8,550 7................... 1,517,927 1,932,874 414,947 27................................ 901,237 1,053,364 152,127 17............................... 511,051 480,745 (30,306) (6)............................... 773,595 745,318 (28,277) (4)..................................... 6,197,639 6,827,315 629,676 10..................................................................... 487,900 452,976 (34,924) (7)......................... 625,036 598,486 (26,550) (4)..................................... 1,112,936 1,051,462 (61,474) (6)......................... 7,310,575 7,878,777 568,202 8......................... 896,612 1,116,193 219,581 24...................... 8,207,187 8,994,970 787,783 10 80

ORIX Corporation Annual Report 2008 a. 6131,139 58,231 3835,932 61,965,200 b. 8158,093 925,577 2519,643 28,224 c. 1578,317 10,869 711,658 7130,171 d. 1191,179 44,6826 42,089 ( ) 271,932,874 81

82 (MD&A) e. 13 278,096 51,2365880,778 3,0983,710 171,053,364 f. 3128,742 9,921267,318 6480,745 g. 13126,343 60,3875924,720 4745,318

ORIX Corporation Annual Report 2008 a. 15101,739 31,3154816,198 7452,976 b. 18 121,988 Korea Life Insurance Co.,Ltd.( ) 37,76320 45,391 4598,486 4. 4647 77 52 485149 8889 8587 83

84 (MD&A) 1 230 502,897655,549 2,432,1252,693,233 2008627 MTNR&I A+JCRAA A A3 (CP) R&Ia-1JCRJ-1+ 13(P129) 2 767,004 689,698 673,978 480,250 92,879125,691 92,87984,942

ORIX Corporation Annual Report 2008 3 CPMTN MTN MTN 2008331 568,000683,000 350,000 435,000200611SEC 25,000 MTN MTN MTN 80,819136,654 80,819 90,812 1,0002011 11ORIX Leasing Malaysia Berhad 2006115020091200710 200201010 485,586 501,949 CP CPCP 260,529374,920 CPCP CP 671,494661,550 CPCP 7270 19989 200310SEC F3500 (ADS) 85

(MD&A) 200611 F3 AA- A+ A JCR R&I Aa3 A1 A2 A- BBB+ S&P A3 Baa1 BBB Baa2 BBB- BB+ Moody's 04/3 04/9 05/3 05/9 06/3 06/9 08/3 Baa3 Ba1 4 215,163320,655 a. 20073 20083 (%)........................... 502,897 655,549 152,652 30........................ 671,494 661,550 (9,944) (1)...................... 13,048 13,048.................................... 1,174,391 1,330,147 155,756 13 1,330,147 23 49 b. 20073 20083 (%)........................... 2,432,125 2,693,233 261,108 11..................................... 1,089,584 1,270,428 180,844 17.................... 80,819 123,606 42,787 53.............. 260,529 374,920 114,391 44.................................... 3,863,057 4,462,187 599,130 16 4,462,187 77 60 49 TIBORLIBOR 13(P129) 26(P145) 86

ORIX Corporation Annual Report 2008 c. ORIX Asia Limited 470,683 524,209 14(P131) 3(P114) 105,492320,655 156,287 802,278 838,331 545,014 792,966 13,072 29(P150) 5. (SPE) SPE SPE SPE ( ) SPE 140( ) SPE140SPE SPE 87

(MD&A) SPE ( ) SPE SPE SPE SPE SPE SPECP SPE SPE 9(P121) 1 SPE ( ) SPE 2 SPE SPE 46(200312)( )SPE SPE SPE SPE10(P124) 1 13 35 5..................... 177,475 50,900 72,624 34,559 19,392 789,543 218,464 135,647 92,478 342,954.......................... 967,018 269,364 208,271 127,037 362,346 88 29(P150)

ORIX Corporation Annual Report 2008 1 13 35 5....................... 470,683 206,992 165,869 97,812 10.................. 4,462,187 747,504 1,983,469 1,367,598 363,616... 17,740 3,453 4,675 2,523 7,089.......... 13,072 12,970 102... 2,630 1,016 1,387 227 ()........... 293,176 51,546 193,553 18,823 29,254 73,151 2,414 56,243 11,494 3,000.......................... 5,332,639 1,025,895 2,405,298 1,498,477 402,969 1,330,147 163,872374,062486,379110 16(P134)26(P145) 13(P129) 14(P131) 6. 2008627 1 89

90 (MD&A) 2 3 (ALM)

ORIX Corporation Annual Report 2008 4 5 1 a. c. a. M&A 91

92 (MD&A) b. c. 2 3 2002404 Form 20-F 20073Form 20-F 404 4

93 ORIX Corporation Annual Report 2008 2 ( (CP) ) CP 3 1 4

94 (MD&A) 5 6 1 (REIT) (2003215)( )

95 ORIX Corporation Annual Report 2008 2() MA MA MA ()

96 3 2 4 ( ) 2005 2005 5 6 (MD&A) 7 20066 PFI20083 ( ) PFI ( )

ORIX Corporation Annual Report 2008 8 PFI 9 Houlihan Lokey Howard & Zukin 0 ( ) 1998 1998 97

98 (MD&A) 2 5 3 ( ) A B 1

100 10 102 104 105 106 107 107 01 114 02 114 03 115 04 115 05 116 06 118 07 119 08 121 09 124 10 126 11 127 12 129 13 131 14 131 15 134 16 137 17 139 18 141 19 141 20 142 21 142 22 143 23 143 24 144 251 145 26 146 27 147 28 150 29 152 30 156 157 99

ORIX Corporation Annual Report 2008 10...................................................................... 1,952,842.................................................................................. 1,761,887................................................................... 411,156................................................................................. 576,206............................................................................... 73,345............................................................................. 4,775,436.................................................................................. (132,606)................................ 3.6%........................................................................ 4,274,280.................................................................................... 327,843...................................................................................... 5,347,636.................................................................................... 639,274.................................................................................... 140,827........................................................................ 82,304............................................................................. 27,294............................................................................ 25,664.................................................................................. 25,621..................................................................... 0.47%................................................................... 7.99% 1......................................................................... 330.43....................................................................... 330.43.................................................................................. 4,232.02.................................................................. 1,076,387.................................................................. 913,221................................................................................. 706,758................................................................................. 92,272................................................................................. 302,035................................................................................. 39,733................................................................................ 9,037 1999 1. 20023 248,101252,436 5,8411,042 132,12720033 112,007112,605 2. 20013200051911.21 3. 144 100

331 2000 2001 2002 2003 2004 2005 2006 2007 2008 1,744,953 1,657,709 1,658,669 1,572,308 1,453,575 1,451,574 1,437,491 1,258,404 1,098,128 1,791,439 1,846,511 2,273,280 2,288,039 2,234,940 2,386,597 2,926,036 3,490,326 3,766,310 397,576 451,171 474,491 529,044 536,702 619,005 720,096 862,049 1,019,956 758,381 942,158 861,336 677,435 551,928 589,271 682,798 875,581 1,121,784 68,943 98,175 245,897 76,343 72,049 82,651 91,856 152,106 197,295 4,761,292 4,995,724 5,513,673 5,143,169 4,849,194 5,129,098 5,858,277 6,638,466 7,203,473 (136,939) (141,077) (152,887) (133,146) (128,020) (115,250) (97,002) (89,508) (102,007) 3.9% 4.0% 3.9% 3.4% 3.5% 3.0% 2.2% 1.9% 2.1% 4,010,468 4,070,545 4,679,566 4,239,514 3,859,180 4,146,322 4,925,753 5,483,922 6,263,017 425,671 461,323 502,508 505,458 564,047 727,333 953,646 1,194,234 1,267,917 5,341,542 5,591,311 6,350,219 5,931,067 5,624,957 6,068,953 7,242,455 8,207,187 8,994,970 651,425 617,758 705,048 732,999 760,601 908,872 913,932 1,124,960 1,154,054 114,828 109,020 87,973 68,942 56,825 51,934 58,703 80,871 106,140 88,381 98,219 121,946 138,077 153,032 166,775 181,279 248,587 265,863 50,679 56,473 71,163 47,237 104,763 153,719 247,697 316,349 249,766 29,668 32,480 38,980 26,151 52,330 83,876 148,193 185,185 146,864 30,642 34,157 40,269 30,243 54,020 91,496 166,388 196,506 169,597 0.57% 0.62% 0.67% 0.49% 0.93% 1.56% 2.50% 2.54% 1.97% 8.13% 7.70% 8.36% 6.00% 10.10% 14.17% 19.80% 18.30% 13.78% 385.27 417.77 489.19 361.44 645.52 1,087.82 1,883.89 2,177.10 1,860.63 377.02 400.99 467.11 340.95 601.46 1,002.18 1,790.30 2,100.93 1,817.81 5,199.12 5,646.11 6,007.52 6,039.43 6,739.64 8,322.96 10,608.97 13,089.83 14,010.62 1,073,074 842,396 1,083,070 1,000,896 801,787 863,137 888,912 720,840 654,987 905,898 723,330 980,379 895,848 713,240 767,672 800,802 636,723 574,859 807,477 740,639 1,340,400 1,268,170 1,124,276 1,545,517 1,834,192 2,226,282 2,331,331 101,020 143,158 146,203 173,567 189,737 248,327 317,645 348,561 465,909 333,249 397,218 348,347 231,294 122,066 244,600 235,932 331,055 688,148 70,443 128,984 204,121 116,736 186,265 129,604 132,017 215,409 152,480 9,503 9,529 11,271 11,833 12,481 13,734 15,067 16,662 18,702 101

ORIX Corporation Annual Report 2008 20072008331 2007 2008 2008............................................... 215,163 320,655 $ 3,200.................................................... 121,569 143,883 1,436......................................................... 913 511 5............................................ 1,258,404 1,098,128 10,961........................................................ 3,490,326 3,766,310 37,592........................................................ (89,508) (102,007) (1,018)........................................ 862,049 1,019,956 10,180...................................................... 875,581 1,121,784 11,197.................................................... 152,106 197,295 1,969...................................................... 367,762 327,763 3,271.................................................... 212,324 284,286 2,837......................................................... 216,150 232,850 2,324......................................................... 54,855 47,657 476......................................................... 90,682 89,533 894........................................................ 378,811 446,366 4,455........................................................... 8,207,187 8,994,970 $89,779 102

ORIX Corporation Annual Report 2008 2007 2008 2008...................................................... 1,174,391 1,330,147 $13,276............................................................. 446,474 470,683 4,698............................................. 381,110 392,346 3,916......................................................... 122,202 112,461 1,122...................................................... 491,946 486,379 4,855......................................................... 75,678 65,178 651......................................................... 244,734 202,514 2,021........................................................ 174,196 163,872 1,636......................................................... 3,863,057 4,462,187 44,537.............................................................. 6,973,788 7,685,767 76,712...................................................... 39,165 41,286 412 259,000,000 2007331 91,518,194 2008331 92,193,067............... 98,755 102,107 1,019...................................................... 119,402 135,159 1,349.................................................... 2,220 2,220 22............................................. 921,823 1,081,219 10,792..................................... 55,253 (19,295) (193) 2007331 284,484 20083311,696,204................................ (3,219) (33,493) (334)... 1,194,234 1,267,917 12,655... 8,207,187 8,994,970 $89,779 103

ORIX Corporation Annual Report 2008 200620072008331 2006 2007 2008 2008............................. 96,001 90,272 78,592 $ 784.......................... 205,949 251,482 290,743 2,902............................. 159,727 201,531 227,020 2,266...................... 48,809 70,684 23,521 235............................ 138,118 132,835 128,616 1,284...................................... 74,943 87,178 88,445 883.................................... 8,970 22,958 16,756 167.................................... 181,415 268,020 300,361 2,998...................................... 913,932 1,124,960 1,154,054 11,519........................................... 58,703 80,871 106,140 1,059.......................... 131,973 162,014 185,278 1,849........................................ 117,622 115,565 112,869 1,126...................................... 65,904 73,999 81,056 809.................................... 116,544 140,597 170,476 1,702............................... 181,279 248,587 265,863 2,654.................................... 16,216 13,805 33,226 332.................................... 8,336 1,027 1,742 17...................................... 4,540 5,592 8,290 83....................................... (96) 467 (87) (1)...................................... 701,021 842,524 964,853 9,630............................................. 212,911 282,436 189,201 1,889........................................ 32,054 31,951 48,343 482................... 2,732 1,962 12,222 122...................................... 247,697 316,349 249,766 2,493............................................. 96,247 126,320 98,984 988............................... 151,450 190,029 150,782 1,505.......................................... 3,257 4,844 3,918 39.................................... 148,193 185,185 146,864 1,466................................. 29,459 17,710 36,431 364........................................... (11,264) (6,962) (14,631) (146).................... 18,195 10,748 21,800 218................................. 166,388 195,933 168,664 1,684......... 573 933 9........................................... 166,388 196,506 169,597 $ 1,693................................. 1,677.88 2,051.67 1,611.23 $16.08............................... 206.01 119.08 239.16 2.39...................................... 6.35 10.24 0.10........................................ 1,883.89 2,177.10 1,860.63 18.57................................. 1,596.31 1,980.93 1,575.91 15.73............................... 193.99 113.93 231.97 2.31...................................... 6.07 9.93 0.10........................................ 1,790.30 2,100.93 1,817.81 18.14........................................... 40.00 90.00 130.00 1.30 104

ORIX Corporation Annual Report 2008 200620072008331 2006 2007 2008 2008........................................... 73,100 88,458 98,755 $ 986............ 2,829 2,259 991 10..................... 12,529 8,038 2,361 23........................................... 88,458 98,755 102,107 1,019........................................... 91,045 106,729 119,402 1,192............................... 2,831 2,257 986 10..................... 12,528 6,250 1,848 18.......................... 3,515 2,150 21................................. 10,215 102.................................. 325 651 558 6........................................... 106,729 119,402 135,159 1,349............................................. 2,220 2,220 2,220 22............................................. 2,220 2,220 2,220 22........................................... 570,494 733,386 921,823 9,201......................................... (3,496) (8,092) (11,863) (118)......................................... 166,388 196,506 169,597 1,693................... 1,641 16.................................. 23 21 0........................................... 733,386 921,823 1,081,219 10,792........................................... (1,873) 27,603 55,253 551........................... 10,706 22,138 (36,708) (366).............................. (7,727) (77)............................ 458 (5) 158........................ 4,241.............................. 13,478 3,512 (31,182) (311)....................... 4,834 (2,236) 1,069 10........................................... 27,603 55,253 (19,295) (193)........................................... (7,653) (4,750) (3,219) (32)........................... 3,025 1,518 190 2........................... (30,749) (307).................................. (122) 13 285 3........................................... (4,750) (3,219) (33,493) (334)............................................. 727,333 953,646 1,194,234 11,920................................... 226,313 240,588 73,683 735............................................. 953,646 1,194,234 1,267,917 $12,655........................................... 166,388 196,506 169,597 $ 1,693.............................. 29,476 23,409 (74,548) (744)........................................... 195,864 219,915 95,049 $ 949 105

ORIX Corporation Annual Report 2008 200620072008331 106 2006 2007 2008 2008.................................................. 166,388 196,506 169,597 $ 1,693................................... 133,587 151,624 168,767 1,684.......................................... 16,216 13,805 33,226 332......................................... (47,172) (11,762) (5,567) (56)........................................ 29,625 8,730 (10,466) (104)......................................... (7,139) (7,762) (3,481) (35)............................................ (32,054) (31,951) (48,343) (482)....................... (2,732) (1,962) (12,222) (122).......................... (573) (933) (9).............................................. 3,257 4,844 3,918 39................................... (10,385) (49,262) (7,563) (75).......................................... (8,970) (22,958) (16,756) (167).......... (7,184) (12,105) (15,217) (152).......................................... 8,336 1,027 1,742 17............................................ 4,540 5,592 8,290 83................................. (119,202) 51,299 (23,219) (232)................................. (52,811) (23,721) (237)........................... (9,091) 11,248 3,275 33............................................ (56,596) (85,899) (19,606) (196)............................................ (2,316) (13,708) (403) (4)...................................... 2,755 36,594 (4,591) (46).................................... 48,597 21,182 (6,289) (63)........................................ 25,543 14,430 (34,151) (341)............................... 136,003 226,128 156,287 1,560............................................ (1,136,538) (1,031,591) (1,088,237) (10,862)................................ 670,781 610,780 546,964 5,459........ 194,806 275,998 174,922 1,746..................................... (1,834,192) (2,173,322) (2,267,527) (22,632)......................................... 1,200,337 1,554,422 1,893,172 18,896............................ 130,992 158,396 229,065 2,286...................................... 10,754 (6,000) (30,350) (303)........................................... 18,500 7,905 102,383 1,022....................................... (201,123) (254,044) (595,445) (5,943)....................................... 166,251 105,829 187,095 1,867....................................... 38,706 39,252 127,084 1,269....................................... (34,634) (76,710) (90,088) (899)....................................... 23,142 73,316 46,964 469......................................... (25,630) (50,238) (38,922) (388)......................................... 6,452 7,668 1,324 13................................. (38,837) (19,270) (15,220) (152)................................. 2,664 3,019 3,948 39.......................................... 8,212 (27,688) (25,463) (254)............................... (799,357) (802,278) (838,331) (8,367) 3................ 326,285 (111,360) (69,644) (695) 3........................... 2,102,054 2,230,830 2,777,541 27,723 3............................... (1,697,828) (1,655,581) (1,920,865) (19,172)...................................... 16,628 93,175 24,695 246.................................................... 5,975 4,516 1,977 20............................................ (3,496) (8,092) (11,863) (118).............................. 10,000 (10,000) 21,500 214.............................................. (30,749) (307).......................................... 2,910 1,526 374 4................................. 762,528 545,014 792,966 7,915.................. 1,302 443 (5,430) (55)........................ 100,476 (30,693) 105,492 1,053.................................... 145,380 245,856 215,163 2,147.................................... 245,856 215,163 320,655 $ 3,200

ORIX Corporation Annual Report 2008 2050 9616 46200312 3 9 107

7430 90 2006200720083202115 60 108

144144 6 6 6 2008348 109 50 109

110 133 87 158 8788106132 123 2004123 12325123

2001101 2001101200651 2001101200833124674 2462000519 3 2007200833116035 17838178505620 20072008331 20084021031220991531022538225 20083522252 200720083313472435857358 6220 111

141142 141 21 142 1 144 2006200720083 69636234523 200620072008312465 1366414004140 144144 2008331110019 11 1 0481 1 112

20062155133140 1331133140 125 2006915 20063156140 1402006 915 2006648109 20061215 20069157 20071115 20072159115 11520071115 2007121412007 20081215 20071216051 20081215 20083161133 133 20081115 20062007320083 113

20063734545430619148 46950 2275322579 2007357941 1860042531312 19100720083 124236871 2117151312191138 200833547635425261252 1021510214314143 38842008331 12 2006200720083 2006 2007 2008 2008.................................................... 65,812 88,671 113,941 $1,137.................................................... 57,920 94,718 142,751 1,425 2006200720083505671246819957199 20062008319148 102151022006200720083 2505714288420942 114

20072008331 2007 2008 2008 1,350,622 1,186,581 $11,844 55,983 57,581 575............................................................... 13,295 11,015 110............................................................. (161,496) (157,049) (1,568)................................................................. 1,258,404 1,098,128 $10,961 2028320083315 331 2009.............................................................................. 434,705 $ 4,339 2010.............................................................................. 300,384 2,998 2011.............................................................................. 196,852 1,965 2012.............................................................................. 102,531 1,024 2013.............................................................................. 50,190 501............................................................................ 101,919 1,017......................................................................... 1,186,581 $11,844 2006200720083 20072008331 2007 2008 2008.................................................................. 529,654 578,988 $ 5,779.................................................. 173,336 180,835 1,805.................................................................. 477,351 594,169 5,930................................................................... 1,180,341 1,353,992 13,514............................................................. (337,946) (350,584) (3,499)............................................................... 842,395 1,003,408 10,015............................................................. 19,654 16,548 165................................................................... 862,049 1,019,956 $10,180 20062007200837184 1210515217152 115

2006 2007 2008 2008..................................................... 99,732 119,980 137,523 $1,373........................................................ 32,241 42,034 47,755 476.......................................................... 131,973 162,014 185,278 $1,849 1202008331 331 2009.............................................................................. 132,378 $1,321 2010.............................................................................. 90,093 899 2011.............................................................................. 57,887 578 2012.............................................................................. 32,953 329 2013.............................................................................. 16,180 161............................................................................ 26,183 262......................................................................... 355,674 $3,550 20072008331 2007 2008 2008..................................................... 627,659 661,911 $ 6,606................................................... 335,288 343,963 3,433........................................................ 92,666 59,638 596............................................................. 1,055,613 1,065,512 10,635....................................................... 620,946 844,985 8,434............................................... 1,302,595 1,318,621 13,162............................................................. 1,923,541 2,163,606 21,596............................................................. 2,979,154 3,229,118 32,231........................................................ 304,391 330,544 3,299................................................................. 191,959 192,275 1,919............................................................... 14,822 14,373 143............................................................. 3,490,326 3,766,310 $37,592 116