On June 7, ITOCHU Corporation gained a capital share in CAL Credit Guarantee K. K. (hereinafter referred to as "CAL"), which is engaged in the provision of guarantees for auto loans, by receiving a transfer of 15 percent of its stock. CAL was a wholly-owned subsidiary of Orient Corporation (headquartered in Chiyoda Ward, Tokyo; Mr. Yoshimasa Nishida, President and CEO; hereinafter referred to as "Orico"). With capital participation by ITOCHU, it has started to do business on a full scale nationwide.

CAL was established on March 1, 2007 as part of measures taken to promote retail sales in the used car business of Orico's associate dealers. Car dealers sometimes lost sales opportunities due to the requirements for additional down payments or an additional guarantor to hold joint and several liability as conditions for credit approval, as well as the inability to find such guarantors when contracting for loans. Through the introduction of new financing structures providing guarantees by CAL, Orico can cultivate new customers that have not been reached yet, and thereby contribute to expanded sales for the associate dealers.

Orico pre-released this new financing structure in certain areas, targeting the period of March and April, which is one of the busiest periods during the year in the used car market. Orico is planning to expand this structure gradually to new car dealers and import car dealers.

ITOCHU and Orico have been considering the development of new business through collaboration in the auto loan sector since last year. Following our collaboration with CAL, we plan to work towards further collaboration in the auto loan sector, which is one of the core business domains of Orico.

Outline of new company "CAL Credit Guarantee K.K."

• 2013
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