News Release

Announcement Regarding Investment in Major Vietnamese Drug Wholesaler and Pharmacy Chain
-Third Investment by DI Asian Industrial Fund-

Dec 20, 2013

TOKYO, Japan - December 20, 2013 - Dream Incubator Inc. (TSE: 4310; hereinafter, "DI") and ORIX Corporation (TSE: 8591; NYSE IX) announced today that DI Asian Industrial Fund (hereinafter, "DIAIF"), a joint venture between both companies, has agreed to invest in Santedo Corporation (hereinafter, "Santedo"), a holding company operating a drug wholesale operation and pharmacy chain in Vietnam. Through the acquisition of issued shares and subscription to new shares, DIAIF plans to acquire an equity interest of approximately 25% in Santedo.

Duy Tan Pharmaceutical Joint Stock Company, which operates a generic drug wholesale business as part of Santedo, has exclusive distribution rights in Vietnam for the major global generic pharmaceutical company TEVA Pharmaceutical Industries, Ltd., and has built a wide distribution network of hospitals and pharmacies in Vietnam. Furthermore, Pha No Pharmaceutical Joint Stock Company is Vietnam's largest private-sector pharmacy chain, which operates 22 pharmacies within Ho Chi Minh City.

Santedo plans to use the investment funds from DIAIF to establish and acquire additional pharmacies. With more than 99% of pharmacies in Vietnam's pharmacy market managed by individual owners, major companies are expected to capture a growing share of the market by developing pharmacy chains going forward. For its part, DIAIF's policy is to explore partnerships between Santedo and Japanese drug manufacturers, drugstores, and other parties, in an effort to enhance Santedo's corporate value further.

Established in June 2010, DIAIF is Japan's largest investment fund targeting promising companies in Vietnam. The fund is jointly operated by DI which has experience in management consulting for large corporations and venture investment, and ORIX which has overseas investment and fund operation know-how, with the Japan Bank for International Corporation (JBIC) and leading Japanese companies participating as investors. Moving forward, DI and ORIX aim to contribute to industry growth in Japan and Vietnam by fully capitalizing on the capabilities and know-how of both companies to facilitate new business between investee companies and Japanese companies.

Overview of Santedo
Company Name Santedo Corporation
Chairman Truong Viet Vu
Established October 2013
Location Ho Chi Minh City, Socialist Republic of Vietnam
Stock Listing Not listed
Business Activities A holding company which has pharmaceutical wholesaler Duy Tan Pharmaceutical Joint Stock Company and pharmacy chain Pha No Pharmaceutical Joint Stock Company as subsidiaries
Overview of DI Asian Industrial Fund (DIAIF)
Capital Commitment 5 billion yen
Inception June 2010
Operation Joint operation by DI and ORIX
Operational Period 8 years
Investment Target Mainly promising companies in domestic-focused areas such as consumable products and distribution industries in Vietnam

(1) News release issued on June 8, 2010: "DI Asian Industrial Fund L.P. Begins Operation -Focusing on Promising Vietnamese Companies-" PDF in New Window[17KB]

(2) News release issued on May 13, 2011: "Announcement Regarding Investment in Promising Vietnamese Milk Beverage Manufacturer"

(3) News release issued on February 6, 2012: "Announcement Regarding Investment in Major Vietnamese Medical Equipment Sales Company"

Contact Information
Dream Incubator Inc.
TEL : +81-3-5532-3200
URL : Open Link in New Window

ORIX Corporation, Corporate Planning Department
TEL : +81-3-3435-3121

About DI
Dream Incubator, Inc. (TSE: 4310) provides support for venture companies and foreign companies expanding into Japan. Dream Incubator also provides consulting services for corporations, such as drafting business strategies, assisting in their implementation, designing organizational structures, and offering consulting services on product development. For more details, please visit: Link in New Window

About ORIX
ORIX Corporation (TSE: 8591; NYSE: IX) is an integrated financial services group based in Tokyo, Japan, providing innovative value-added products and services to both corporate and retail customers. With operations in 34 countries and regions outside of Japan, ORIX's activities include corporate financial services, such as leases and loans, as well as automobile operations, rental operations, real estate, life insurance, banking and loan servicing. For more details, please visit our website:

These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under "Risk Factors" in the Company's annual report on Form 20-F filed with the United States Securities and Exchange Commission and under "4. Risk Factors" of the "Summary of Consolidated Financial Results" of the "Consolidated Financial Results April 1, 2012 - March 31, 2013."
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