May 7, 2010
ITOCHU Corporation

Exhibit B

Highlight of Consolidated Financial Results for the Fourth Quarter of FY 2010 (U.S. GAAP)(from January 1, 2010 to March 31, 2010)

Financial topics for the Fourth Quarter (4th Q) of FY 2010

(Unit: billion yen, (losses, decrease))・ 4Q "Net income attributable to ITOCHU" increased by \44.8bil. compared with the prev. 4Q and was the highest of \47.5bil. as 4Q. despite the total impairment loss of \9.4bil. on investments in a
restaurant chain and a finance-related associated companies. In this 4Q, the net income in all the segments except for "Fin. Rlty, Insur. & LS" increased compared with the prev. 4Q.

・ Net income attributable to ITOCHU by segment, "Ener. Met. & Min." recorded \23.2bil. due to price rises in mineral resources, oil & gas and increased dividends received, and "Chem., FP & GM"
recorded \6.6bil. due to recovery of chemical markets. "Textile" and "ICT & Aero., & Elec" recorded expected 4Q profit, they make profits intensively in 4Q. "Textile" recorded \9.2bil. due to cost
reduction and addition of a new associated company in spite of market slowdown in textile materials, fabrics and apparels. "ICT & Aero., & Elec" recorded \5.6bil. although domestic IT businessearned less profit compared with the prev. 4Q. "Food", even in a low-demand season, increased to \1.9bil. Though "Mach." recognized significant loss of inventory in the prev. 4Q, the segment
recorded \1.9bil. as the result of reducing inventories gradually. On the other hand, "Fin. Rlty, Insur. & LS" recorded loss of \5.9bil. due to the impairment loss on a finance-related investment.

Consolidated Financial
Results of Operations
Revenue
Gross trading profit
Selling, general andadministrative expenses
Provision for doubtful receivables

Net interest expense
Dividends received
Net financial income

Loss on investments-net
Loss on property and equipment-net
Gain on bargain purchasein acquisition

Other-net
Total other expenses
Income before income taxes
Income taxes
Income after income taxes
Equity in earnings ofassociated companies

Net income
the noncontrolling interest
Net income attributable to ITOCHU

4th Quarter
FY 2010

4th Quarter
FY 2009902.7
248.3889.2
236.0

Summary of changes from the same periodof the previous fiscal year

Increase (Decrease)
%

13.5
12.3

1.5%
5.2%

Adjusted profit(191.8)
(2.1)
(6.5)
14.5
8.1
(8.9)
(9.4)

(198.0)
(4.2)
(7.4)
7.9
0.5
(9.5)
(10.3)

6.2
2.1
0.9
6.7
7.6
0.5
0.9

(3.1%)(50.7%)(12.4%)
84.6%
-

4.9

-

4.9

-

2.9
(196.3)
52.0
(2.4)
49.6
2.1
51.7
(4.2)
47.5

5.1
(216.4)
19.6
(2.5)
17.1
(9.4)
7.8
(5.1)
2.7(2.1)
20.0
32.4
0.1
32.5
11.5
43.9
0.9
44.8(9.3%)
165.1%(3.9%)
189.4%
565.3%(17.5%)

2,809.7
8.8%

2,458.7
9.6%

350.9(0.8%)

14.3%

66.7

29.2

37.5

128.8%

1,650.9%

Gross trading profit (Note 3)
4th Quarter
FY 2010

4th Quarter Increase
FY 2009 (Decrease)

Textile / Decr : Market slowdown in textile materials, fabrics and apparels
Machinery / Incr : The absence of inventory write-down resulting from sluggish automobile
market in the previous 4Q
ICT, Aerospace & Electronics / Decr : Low performance in domestic IT and mobile phone businesses
Energy, Metals & Minerals / Incr : Increase in sales volume in coal and price upturns in oil & gas
Chemicals, Forest Products & General Merchandise / Incr : Market recovery in chemicals,
the acquisition of C.I.Kasei Co., Ltd.
Food / Decr : Decrease in a food distribution subsidiary
Finance, Realty, Insurance & Logistics Services / Incr : The gradual recovery of condominium sales,
the sale of investment office properties and warehouses, the acquisition of ITOCHU LOGISTICS
CORP.
SG&A:
Mainly due to effects from continuous cost reduction effort in existing associated group・companies, and yen’s appreciation
・ Provision for doubtful receivables: Mainly due to decrease in ｐrovision for doubtful receivables fordomestic customers
・ Net financial income: Improvement of net interest expenses due to decline in U.S. dollars interest rate,dividends received from an oil and gas-related investment +5.5, dividends received from LNG-related
investments +1.3
・ Loss on investments-net: Impairment loss on investments +5.1, net gain on sales of investments+2.8 and loss on business disposals and others -7.4
・ Loss on property and equipment-net: Absence of the loss from Entrada Oil/Natural Gas FieldDevelopment Project including the reclassification of +3.4 billion yen from Other-net (i); and increaseof the other impairment losses on property and equipment from the previous 4Q(ii) +0.6〔(i):+2.6 / (ii): -2.0〕, net gain on sales of property and equipment, and others +0.3
・ Gain on bargain purchase in acquisition : Gain in the acquisitions of Leilian Co., LTD.
(Net after income tax effect: +2. 9)・ Other-net: Absence of the loss from Entrada Oil/Natural Gas Field Development Project including thereclassification to Loss on property and equipment-net -3.4, foreign currency exchange gains andlosses +2.1, others -0.8
・ Equity in earnings of associated companies: TING HSIN (CAYMAN ISLANDS) HOLDING CORP.
+6.5, Brazil Japan Iron Ore Corporation +1.7, Equity-method associated companies of I-PowerInvestment Inc. +1.6, Yoshinoya Holdings Co., Ltd (Note 1) -3.0, Orient Corporation (Note 2)[Impairment loss on investment (Note 1) -1.2

Net income attributable to ITOCHU
4th Quarter
FY 2010

4th Quarter
FY 2009

Increase(Decrease)

Textile

26.3

28.3

(2.0)

9.2

6.6

2.7

Machinery

11.8

5.0

6.8

1.9(12.5)

14.4

ICT, Aerospace & Electronics

41.5

44.8

(3.3)

5.6

5.4

0.2

Energy, Metals & Minerals

46.2

37.9

8.3

23.2

12.0

11.2

Chemicals, Forest Products& General Merchandise

29.0

22.4

6.6

6.6

0.8

5.8

Food

78.0

79.9

(1.9)

1.9

1.7

0.2

10.8

8.8

2.0

(5.9)

(5.1)

(0.8)

4.6

8.8

(4.2)

4.9

(6.2)

11.1

248.3

236.0

12.347.5

2.7

44.8

Finance, Realty, Insurance& Logistics Services
Other, Adjustments& Eliminations

Total
Components of Net Income
attributable to ITOCHU
Parent company
Group companies
Overseas trading subsidiaries

Consolidation adjustments
Net income attributable to ITOCHU

4th Quarter
FY 201023.9
36.5
1.9(14.8)
47.5

4th Quarter Increase
FY 2009 (Decrease)

19.4
6.7
1.9(25.3)
2.7

4.5
29.8
0.0
10.4
44.8

Please refer to "OperatingSegment Information".

(Note 1) Income tax effect on the impairment loss is not included.
(Note 2) Refer to the results announced by each corresponding company, as their announcement dates areon and after ITOCHU's announcement date of Fiscal Year 2010.

Adjusted profit = Gross trading profit + SG&A expenses + Net financial income+ Equity in earnings of associated companies

Operating Segment
Information

period of the prev. FY in addition to the effect from the acquisitions of several companies

・ Gross trading profit: (Incr/Decr fields & business)（Reference）

Total trading transactions
Gross trading profit ratio

・ Revenue: Increase due to gradual recovery in condominium sales compared with the same

Net income attributable to ITOCHU[Net income attributable to ITOCHU]
Summary of changes from the same period of the previous fiscal year
(Note 3) Refer to "Summary of changes from the same period of theprevious fiscal year" in "Consolidated Financial Results of Operations"

Increase due to addition of a new associated company as well as gain onbargain purchase in acquisition of Leilian Co., LTD.

Increase in gross trading profit and improved equity in earnings ofassociated companies
Almost the same level due to improved gain on sales of investments
and marketable securities and increased equity in earnings of assoc.
co., despite decrease in gross trading profit
Increase in gross trading profit and increased dividends received
despite worsening from impairment loss on oil and gas assets inEnergy

Increase in gross trading profit and equity in earnings ofassociated companies
Increase due to decreased SG&A in a food distribution subsidiaryand improved equity in earnings of assoc. co. despite loss frombusiness withdrawal and impairment loss on marketable
Decrease due to less equity in earnings in finance-related businessand increased impairment loss on investments despite improved
gross trading profit
Increase due to improved interest expenses, gain on sales ofinvestments and marketable securities, local tax and foreign tax
credit despite decrease in gross trading profit

4th Quarter
FY 2010

4th Quarter
FY 2009

Increase(Decrease)

47.5

2.7

44.8

Earnings from
(Note 4)
28.7
11.5
17.2
overseas businesses
Share of earnings from60%
423%
overseas businesses(Note 4) "Earnings from overseas businesses" is the total of net income attributable to ITOCHU ofoverseas trading subsidiaries and overseas group companies, plus net income attributable toITOCHU of overseas branch of parent company and domestic group companies substantiallyoperating in overseas.