OREANDA-NEWS.ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) announced today its policy on the company’s holdings of the First Series of Class J preferred shares issued by Orient Corporation (hereinafter “Orico”) as well as its view following the announcement today by Mizuho Financial Group, Inc. and Mizuho Bank, Ltd. (hereinafter “Mizuho”) concerned enhanced cooperation with Orico and the increase in the voting rights ratio.

The announcement – involving Mizuho and Orico collaborating in the credit card arena along with the increase in the voting rights ratio by converting Orico’s First Series Class J preferred shares – is expected to solidify the achievement of the New Medium-Term Business Plan already announced by Orico, as it will further strengthen cooperation in the promising fields of credit cards and payment services, in addition to the existing businesses covering installment credit for individual products and bank loan guarantees.

As Orico’s major shareholder, ITOCHU will, while collaborating with Mizuho, work to increase Orico’s corporate value and create profit opportunities, continuing to support Orico on the sales front as well as in areas including developing and promoting new businesses in Orico’s credit card and payment services.

ITOCHU’s holdings of Orico’s First Series Class J preferred shares will be converted into common shares by exercising put options on the preferred shares by the end of September 2015, like those held by Mizuho. In the event that all of Orico’s First Series Class J shares are converted, ITOCHU’s voting rights ratio would decline from 25.0% to 16.5%, but ITOCHU’s positioning of Orico as an equity method affiliate company and its cooperative relationship with Orico will not change.

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