February 2, 2010

Consolidated Financial Results for the Third Quarter of Fiscal Year 2010 ending March 31, 2010

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: Consolidated Financial Results for the Third Quarter of Fiscal Year 2010 ending March 31, 2010

Qualitative Information & Consolidated Financial Statements3: 1. Qualitative Information on Consolidated Operating Results

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: 3. Performance of Group Companies attributable to ITOCHU

25: 4. Quarterly Information on Consolidated Operating Results

2. Consolidated Financial Statements(1) Consolidated Statements of Income (For the nine months ended December 31, 2009 and 2008)(2) Consolidated Statements of Comprehensive Income (For the nine months ended December 31, 2009 and 2008)(3) Consolidated Statements of Income (For the three months ended December 31, 2009 and 2008)(4) Consolidated Statements of Comprehensive Income (For the three months ended December 31, 2009 and 2008)(5) Consolidated Balance Sheets (As of December 31, 2009 and March 31, 2009)(6) Consolidated Statements of Cash Flows (For the nine months ended December 31, 2009 and 2008)(7) Segment Information (For the nine/three months ended December 31, 2009 and 2008)(8) Assumption for Going Concern(9) Information Concerning Dividend Payment(10) Significant Changes in Stockholders' Equity(11) New Accounting Pronouncements

ITOCHU Corporation

- Unaudited February 2, 2010

Consolidated Financial Results for the Third Quarter of Fiscal Year 2010 ending March 31, 2010
[Prepared in conformity with accounting principles generally accepted in the United States of America]
Company name:

ITOCHU Corporation

Stock exchange code:
8001
President and Chief Executive Officer:
General Manager of Corporate Communications Division:
The date of payout of dividend:

URL: http://www.itochu.co.jp/en/ir/
Eizo Kobayashi
Isamu Nakayama－

TEL: 81 - 3 - 3497 - 7291

1. Consolidated operating results for the third quarter of fiscal year 2010 (from April 1, 2009 to December 31, 2009)（%: Changes from the same period of the previous fiscal year)(1) Consolidated operating results (Summary)
Total trading transactions

Income before income taxes andequity in earnings ofassociated companies

Trading income (＊)

Net income attributable to
ITOCHUFor the first to third quarter ofmillions of yen％

millions of yen％

millions of yen％

millions of yen％

Fiscal year 2010
Fiscal year 2009

7,497,131
9,606,377(22.0)
10.5

92,984
241,874(61.6)
23.6

103,017
188,656(45.4)(9.9)

80,615
162,675(50.4)(4.4)

Net income attributable to Net income attributable to
ITOCHU per share
ITOCHU per share(diluted)(basic)yen

For the first to third quarter of

yen

51.01
50.78
Fiscal year 2010
Fiscal year 2009102.92102.33(Reference) Equity in earnings of associated companies (millions of yen)

3rd quarter of FY 2010 : 34,159

3rd quarter of FY 2009 : 50,669(2) Consolidated financial position
Total assets

ITOCHU Stockholders' equity

millions of yen

Stockholders' equity per share％

millions of yen

5,613,292
5,192,092

December 31, 2009
March 31, 2009

Ratio of stockholders' equity
to total assets

yen

17.8
16.4

1,000,419
849,411633.02537.43

2. Dividend distribution
Dividend distribution per share
End ofsecondquarter(Record date)

End offirst quarter

Fiscal year 2009

-

10.50

-

Fiscal year 2010

-

7.50

-

yen

End ofthird quarteryen

Fiscal year 2010
(Planned)Year-endyen

Annual

yen

yen

8.00

18.50

7.50
(Planned)

15.00(Planned)(Note) No changes from the plan of dividend distribution previously announced on April 30, 2009

3. Outlook of consolidated operating results for fiscal year 2010 (from April 1, 2009 to March 31, 2010)
Total trading transactions％

Income before income taxes andequity in earnings ofassociated companies

Trading income (＊)
millions of yen％

millions of yen％

Fiscal year 2010
10,500,000 (13.0)
150,000(Note) No changes from the forecast announced on October 30, 2009(45.6)

175,000(16.0)

millions of yen（%: Changes from the previous fiscal year)
Net income attributable to
ITOCHU per share(basic)millions of yenyen％

Net income attributable to
ITOCHU130,000(21.4)(*) "Trading income" = "Gross trading profit" + "Selling, general and administrative expenses" + "Provision for doubtful receivables"

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82.26

4. Other information(1) Changes of classification of specified subsidiaries(*) accompanied by changes in the consolidation scopeduring the third quarter of fiscal year 2010:
N/A(*) Specified subsidiaries: Major subsidiaries selected according to the Japanese Cabinet Office Ordinance(2) Adoption of simplified or specific accounting methods for quarterly financial reporting:N/A(3) Changes of accounting policies or presentation ways in the consolidated financial statements
Yes(a) Changes due to amendment of accounting standards:
N/A(b) Other changes:
Please refer to "New Accounting Pronouncements" on (11), page 20.
(4) Number of common shares issued(a) Number of common shares outstanding: 3rd quarter of FY 2010 1,584,889,504（including the number of treasury stock）
3rd quarter of FY 2010
4,500,173(b) Number of treasury stock:(c) Average number of common
3rd quarter of FY 2010 1,580,449,932
shares outstanding:Fiscal Year 2009

1,584,889,504

Fiscal Year 2009

4,374,899

3rd quarter of FY 2009 1,580,613,666[Note]
1. This document is an English translation of a statement written initially in Japanese. The Japanese original should be considered
the primary version.
2. The financial statements contain forward-looking statements regarding ITOCHU Corporation's corporate plans, strategies, forecasts,
and other statements that are not historical facts. They are based on current expectations, estimates, forecasts and projections about
the industries in which ITOCHU Corporation operates. As the expectations, estimates, forecasts and projections are subject to a numberof risks, uncertainties and assumptions, including without limitation, changes in economic conditions; fluctuations in currency exchange
rates; changes in the competitive environment; the outcome of pending and future litigation; and the continued availability of financing,financial instruments and financial resources, they may cause actual results to differ materially from those presented in such forwardlooking statements. ITOCHU Corporation, therefore, wishes to caution that readers should not place undue reliance on forward-looking
statements, and, further that ITOCHU Corporation undertakes no obligation to update any forward-looking statements as a result of
new information, future events or other developments.
3. "Total trading transactions" and "Trading income" are presented in accordance with Japanese accounting practice.
-"Total trading transactions" in the consolidated statements of income consists of sales with respect to transactions in which
the companies act as principal and the total amount of transactions in which the companies act as agent.
-"Trading income" = "Gross trading profit" + "Selling, general and administrative expenses" + "Provision for doubtful receivables"
4. The consolidated financial statements are expressed in yen and, solely for the convenience of the reader, have been translated into
11U.S. dollars at the rate of 92.10 yen = 1 U.S. dollar, the exchange rate prevailing on December 31, 2009. The translation should not
11be construed as a representation that the Japanese yen amounts could be converted into U.S. dollars at the above or any other rate.
5. In the first quarter of the fiscal year SFAS160 was applied. It has been codified to "FASB Accounting Standards Codification™ (ASC)"
Topic 810 (Consolidation). For details, please refer to "New Accounting Pronouncements" on (11), page 20.
6. "Total trading transactions", which is in accordance with Japanese accounting practice, for the same period of the previous fiscal
years had reflected the figures-restatement in an overseas subsidiary operating international trade of crude oil and petroleum products.
7. "ITOCHU" in items of A/C on the consolidated financial statements represents ITOCHU Corporation.

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[Qualitative Information & Consolidated Financial Statements]
1. Qualitative Information on Consolidated Operating Results[The Third Quarter of Fiscal Year 2010 (from April 1, 2009 to December 31, 2009)]<General Economic Situations>
For the nine months ended December 31, 2009, there was a gradual recovery in the world economy from its recession phase,because of huge economic stimulus packages taken in major countries, stabilized financial markets brought by financial policies, andresults of world-wide destocking as well. Regarding the crude oil price (based on WTI), it gradually rose from around 50 U.S. dollars
in April to around 80 U.S. dollars, with much expectation for world economy recovery. For Japanese economy, it also made a gradual
recovery, resulting from revived export caused by the world economy coming out of recession, and from the expanded public
investments based on the extensive financial policy. Through those economic situations, in foreign exchange markets, yen got more
appreciated so as the exchange rate rose to 85 yen per U.S. dollar in the end of November, with backgrounds of the growing concerns
about the budget deficit of the United States of America, and decreased inter-currency interest spread. With more expectations of theAmerican economy recovery again in December, the market resulted in the low 90 yen per U.S. dollar. Concerning the Nikkei Stock
Average, it started from in the low 8,000 yen level in April, then marked over 10,000 yen in the end of June. Later on it temporarily
dropped to around 9,000 yen with the negative forecast about export companies’ less profitability against yen’s appreciation. In
December, the less trend for yen’s appreciation led the price to recover more than 10,000 yen. As for 10-year Japanese government
bond yield, although it temporarily rose around 1.5% due to concern over Japanese financial deficit, it settled around 1.3% at the end of
December.
<Consolidated Operating Results>
Revenue for the nine months ended December 31, 2009, decreased by 0.6% or 15.9 billion yen to 2,513.9 billion yen (27,296
million U.S. dollars) compared with the same period of the previous fiscal year, mainly due to, in Machinery, low transactions in
automobiles and construction machinery; in Chemicals, Forest Products & General Merchandise, decrease resulting from housing
market slowdown in Japan and the U.S., and the effect from the deconsolidation by the sale of a subsidiary in the U.S. in the previous
fiscal year; and in Food, price falls in food materials such as feed grains, oils and fats; though in Energy, Metals & Minerals, due to an
acquisition of ITOCHU ENEX CO., LTD. in the last third quarter despite the significant price falls in mineral resources and oil & gas
in comparison with the same period of the previous fiscal year.
Gross trading profit decreased by 18.0% or 148.5 billion yen to 676.1 billion yen (7,341 million U.S. dollars) compared with thesame period of the previous fiscal year, mainly due to, in Energy, Metals & Minerals, price falls in mineral resources and oil & gas
despite some increase from the acquisition of ITOCHU ENEX CO., LTD.; in Machinery, low transactions of automobiles andconstruction machinery; and in Chemicals, Forest Products & General Merchandise, housing market slowdown in Japan and the U.S.
and the deconsolidation of a subsidiary in the U.S.
Selling, general and administrative expenses increased by 1.4% or 8 billion yen to 578.1 billion yen (6,277 million U.S. dollars)compared with the same period of the previous fiscal year, mainly due to low performance of pension asset management and pension
cost increase resulting from decrease in pension assets, in addition to the increase after the acquisitions of several companies including
ITOCHU ENEX CO., LTD., despite due to cost reduction in existing subsidiaries.
Provision for doubtful receivables decreased by 7.6 billion yen to loss of 5 billion yen (54 million U.S. dollars) compared with thesame period of the previous fiscal year, due to the absence of the provision for doubtful receivables from Machinery-related customers
in Mongolia in the same period of the previous fiscal year, despite other provision for doubtful receivables.
Net interest expenses improved by 14.5% or 3.2 billion yen to expenses of 18.9 billion yen (205 million U.S. dollars) comparedwith the same period of the previous fiscal year mainly due to the upturn resulting from lower interest rates in U.S. dollar. Dividends
received decreased by 47.1% or 12.8 billion yen to 14.4 billion yen (156 million U.S. dollars) compared with the same period of theprevious fiscal year, mainly due to decrease in dividends from LNG-related investments. Therefore, Net financial income (expenses),or total of Net interest expenses and Dividends received, worsened by 9.6 billion yen to expenses of 4.5 billion yen (49 million U.S.
dollars).

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Concerning the other profits and losses, compared with the same period of the previous fiscal year, Gain on investments-net
improved by 18.1 billion yen to gain of 4.5 billion yen (49 million U.S. dollars) due to significant decrease in devaluation loss and loss
on business disposal, despite decrease in gain on sales of investments. Gain on property and equipment-net improved by 36
billion yen to gain of 0.8 billion yen (9 million U.S. dollars), due to the absence of the loss arising from the Entrada Oil/Natural Gas
Field Development Project in the U.S. Gulf of Mexico and other impairment losses in the same period of the previous fiscal year in
addition to gain on sales of properties in subsidiaries. Gain on bargain purchase transactions in acquisition recorded 9.1 billion yen(99 million U.S. dollars). Other-net improved by 9.6 billion yen to gain of 0.1 billion yen (1 million U.S. dollars), due to the absenceof the loss from the Entrada Oil/Natural Gas Field Development Project in addition to improved gain (loss) on foreign currencytranslation.
As a result, Income before income taxes and equity in earnings of associated companies decreased by 45.4% or 85.6 billion yen
to 103.0 billion yen (1,119 million U.S. dollars) compared with the same period of the previous fiscal year.
Income taxes decreased (improved) by 30.0% or 21.1 billion yen to 49.2 billion yen (535 million U.S. dollars) compared with thesame period of the previous fiscal year, with the effect of decrease in Income before income taxes and equity in earnings ofassociated companies.
Equity in earnings of associated companies decreased by 32.6% or 16.5 billion yen to gain of 34.2 billion yen (371 million U.S.
dollars) compared with the same period of the previous fiscal year, due to decrease in steel products, mineral resources, pulp, andfinance related associated companies, despite some increase in associated companies newly purchased or reorganized in Textile;
Machinery; Energy, Metals & Minerals; and Food. Therefore, Net income decreased by 48.0 % or 81.1 billion yen to 88.0 billion yen(955 million U.S. dollars) compared with the same period of the previous fiscal year.
As a result, Net income attributable to ITOCHU, calculated by Net income minus Net income attributable to thenoncontrolling interest, 7.4 billion yen (80 million U.S. dollars), decreased by 50.4 % or 82.1 billion yen to 80.6 billion yen (875million U.S. dollars) compared with the same period of the previous fiscal year.
(Supplemental information)“Total trading transactions” in accordance with Japanese accounting practice for the nine months ended December 31, 2009
decreased 22.0 % or 2,109.2 billion yen to 7,497.1 billion yen (81,402 million U.S. dollars) mainly due to decrease in Machinery;
Chemicals, and Forest Products & General Merchandise; and Food; for the reasons mentioned in Revenue, as well as decrease in
Energy, Metals & Minerals caused by price falls in mineral resources and oil & gas, despite some increase from an acquisition of
ITOCHU ENEX CO., LTD.

[The Third Quarter of Fiscal Year 2010 (from October 1, 2009 to December 31, 2009)]<General Economic Situations>
For the three months ended December 31, 2009, the world economy made a continuous recovery, because of huge economic
stimulus packages taken in major countries, stabilized financial markets brought by financial policies, and results of world-wide
destocking by the first half of this fiscal year as well. Regarding the crude oil price (based on WTI), it gradually rose from around 70
U.S. dollars in October to around 80 U.S. dollars in three months, with much expectation for world economy recovery. For Japanese
economy, it also made a gradual recovery, resulting from revived export caused by world economy coming out of recession, as well as
continuous incentives for consumers to purchase durable goods by the packages so-called “ECO POINT” (reward for purchasingsome specific energy-efficient home appliances) and “ECO-CAR GENZEI” (tax exemption for purchasing eco-cars). In foreignexchange markets, yen got more appreciated so as the exchange rate rose to 85 yen per U.S. dollar in the end of November with aprospect for the continuous ultra-low interest rates policy. With more expectations of the American economy recovery again in
December, the market resulted in the low 90 yen per U.S. dollar. Concerning the Nikkei Stock Average, it temporarily dropped toaround 9,000 yen with the negative forecast about export companies’ less profitability against yen’s appreciation. In December, the lesstrend for yen’s appreciation led the price to recover more than 10,000 yen. As for 10-year Japanese government bond yield, although it
temporarily rose around 1.5% in the first half of November due to concern over Japanese financial deficit, it sharply declined to 1.2 %− 4−

in the first of December with arising concern for deflation, and further monetary easing steps by the Bank of Japan, and then it settled
around 1.3% at the end of December.
<Consolidated Operating Results>
Revenue for the three months ended December 31, 2009, decreased by 16.5% or 170.3 billion yen to 862.9 billion yen (9,369
million U.S. dollars) compared with the same period of the previous fiscal year, mainly due to, in Energy, Metals & Minerals, pricefalls in mineral resources and oil & gas; in Machinery, low transactions in automobiles and construction machinery; and in Food, pricefalls in food materials such as feed grains.
Gross trading profit decreased by 16.4 % or 46.4 billion yen to 236.1 billion yen (2,563 million U.S. dollars) compared with thesame period of the previous fiscal year, mainly due to the same reasons as mentioned above in Energy, Metals & Minerals, and in
Machinery.
Selling, general and administrative expenses decreased by 4.2 % or 8.6 billion yen to 196.1 billion yen (2,130 million U.S.
dollars) compared with the same period of the previous fiscal year, mainly due to cost reduction.
Provision for doubtful receivables increased by 0.5 billion yen to loss of 0.6 billion yen (7 million U.S. dollars) compared with thesame period of the previous fiscal year.
Net interest expenses improved by 24.9 % or 1.9 billion yen to expenses of 5.7 billion yen (62 million U.S. dollars) compared withthe same period of the previous fiscal year mainly due to the upturn resulting from lower interest rates in U.S. dollar. Dividends
received decreased by 57.0 % or 5.3 billion yen to 4.0 billion yen (44 million U.S. dollars) compared with the same period of theprevious fiscal year, mainly due to decrease in dividends from LNG-related investments. Therefore, Net financial income (expenses),or total of Net interest expenses and Dividends received, worsened by 3.4 billion yen to expenses of 1.7 billion yen (18 million U.S.
dollars).
Concerning the other profits and losses, compared with the same period of the previous fiscal year, Gain on investments-net
improved by 17.9 billion yen to loss of 0.7 billion yen (7 million U.S. dollars) due to significant decrease in devaluation loss despite
decrease in gain on sales of investments. Gain on property and equipment-net improved by 33.2 billion yen to loss of 1.1 billion yen(12 million U.S. dollars), due to the absence of the loss arising from the Entrada Oil/Natural Gas Field Development Project in the U.S.
Gulf of Mexico and other impairment losses in the same period of the previous fiscal year, despite loss on sales of properties andimpairment loss in subsidiaries recorded in this quarter as well. Other-net improved by 4.6 billion yen to loss of 2.5 billion yen (27million U.S. dollars), due to worsened gain (loss) on foreign currency translation and others, despite the absence of the loss from the
Entrada Oil/Natural Gas Field Development Project.
As a result, Income before income taxes and equity in earnings of associated companies increased by 72.1 % or 14.0 billion yen
to 33.4 billion yen (362 million U.S. dollars) compared with the same period of the previous fiscal year.
Income taxes increased (worsened) by 103.8 % or 9.2 billion yen to 18.0 billion yen (195 million U.S. dollars) compared with thesame period of the previous fiscal year.
Equity in earnings of associated companies decreased by 15.0% or 2.4 billion yen to gain of 13.4 billion yen (145 million U.S.
dollars) compared with the same period of the previous fiscal year, due to decrease in petroleum products and pulp related associatedcompanies, despite some increase in associated companies newly purchased or reorganized in this fiscal year in Textile; Machinery;
Energy, Metals & Minerals; and Food. Therefore, Net income increased by 9.3% or 2.5 billion yen to 28.8 billion yen (312 million
U.S. dollars) compared with the same period of the previous fiscal year.
As a result, Net income attributable to ITOCHU, calculated by Net income minus Net income attributable to thenoncontrolling interest, 3.5 billion yen (38 million U.S. dollars), increased by 7.3 % or 1.7 billion yen to 25.3 billion yen (274 million
U.S. dollars) compared with the same period of the previous fiscal year.
(Supplemental information)“Total trading transactions” in accordance with Japanese accounting practice for the three months ended December 31, 2009
decreased 15.1 % or 480.0 billion yen to 2,695.2 billion yen (29,263 million U.S. dollars) mainly due to decrease in Energy, Metals &Minerals; Machinery; and Food for the reasons mentioned in Revenue.

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2. Qualitative Information on Consolidated Financial Position(1) Consolidated Financial Position
Total assets as of December 31, 2009, increased by 8.1 % or 421.2 billion yen compared with March 31, 2009, to 5,613.3 billion
yen (60,948 million U.S. dollars), mainly due to, in Textile, Chemical., Forest Products & General Merchandise, and Finance, Realty,
Insurance & Logistics Services, increase resulting from new acquisitions; in Energy, Metals & Minerals, increase in Trade receivables
and Inventories associated with higher oil prices compared with the end of the previous fiscal year and in investments and Net property
and equipment resulting from the appreciations of Brazilian real and Australian dollar; and in Food, new investments, and Trade
receivables, Inventories and Net property and equipment related to food distribution businesses, even despite with some decrease in
Cash and cash equivalents and Time deposits and in Trade receivables and Inventories in automobiles businesses.
Interest-bearing debt was 2,284.6 billion yen (24,805 million U.S. dollars), decreased by 4.4 % or 104.7 billion yen, comparedwith March 31, 2009, and Net interest-bearing debt (interest-bearing debt after deducting Cash and cash equivalents and Timedeposits) increased by 4.0 % or 69.6 billion yen compared with March 31, 2009, to 1,826.4 billion yen (19,830 million U.S. dollars),due to decrease in Cash and cash equivalents and Time deposits.
ITOCHU stockholders’ equity, which corresponds to Total equity before applying “Statement of Financial AccountingStandards” No.160 (codified to ASC Topic 810), increased by 17.8 % or 151.0 billion yen compared with March 31, 2009, to 1,000.4
billion yen (10,862 million U.S. dollars), due to decrease by dividend payment, accumulation of Net income attributable to ITOCHU,
improvement in Foreign currency translation adjustments, and improvement in Unrealized holding gains on securities resulting fromrecovery of stock market. As a result, Ratio of stockholders’ equity to total assets(*) rose by 1.5 points compared with March 31, 2009,
to 17.8%.
NET DER (Net Debt-to-Stockholders’ Equity Ratio(*)) improved by 0.2 points compared with March 31, 2009, to 1.8 times.
Total equity, or total of ITOCHU stockholders’ equity and Noncontrolling interest, which means the total equity of the entire Group,
increased by 15.8 % or 163.7 billion yen compared with March 31, 2009, to 1,201.1 billion yen (13,041 million U.S. dollars).
(Note *)

“Stockholders’ equity” is equivalent to “ITOCHU stockholders’ equity” which had been used until fiscal year 2009 andused in calculating “Ratio of stockholders’ equity to total assets” and “NET DER”.

(2) Consolidated Cash Flows Information
Cash flows from operating activities for the nine months ended December 31, 2009, recorded net cash-inflow of 114.3 billion yen(1,241 million U.S. dollars) mainly due to good performance in operating revenue in food, chemicals and textile business and reductionof inventories in automobile business.
Cash flows from investing activities recorded net cash-outflow of 155.9 billion yen (1,692 million U.S. dollars) mainly due toinvestments in the consumer-related sector, increased capital expenditure in overseas natural resource development sector (Energy,
Metals & Minerals), and additional investments related to acquisitions of C.I.Kasei Co., Ltd. and i-LOGISTICS CORP. (**)
Cash flows from financing activities recorded net cash-outflow (net repayment) of 138.6 billion yen (1,505 million U.S. dollars)
mainly due to dividends payment and repayments of debt by the parent company. Consequently, Cash and cash equivalents as ofDecember 31, 2009, decreased by 175.6 billion yen to 453.2 billion yen (4,921 million U.S. dollars) compared with March 31, 2009.
(Note**) i-LOGISTICS CORP. changed its corporate name to ITOCHU LOGISTICS CORP. effective January 1, 2010.

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２. Consolidated Financial Statements-Unaudited-

Consolidated Financial Statements have been prepared in conformity with accounting principles generally acceptedin the United States of America.
(1) Consolidated Statements of Income [Condensed]
ITOCHU Corporation and Subsidiaries
For the nine months ended December 31, 2009 and 2008
Millions of
U.S. dollars

Millions of Yen
Apr.-Dec.2009

Apr.-Dec.2008

Apr.-Dec.2009

Revenue:
Sales revenue………………………………………………………
Trading margins and commissions on trading transactions…………
Total revenue………………………………………………………
Cost of sales…………………………………………………………
Gross trading profit …………………………………………………

¥ 2,120,816
393,133
2,513,949(1,837,881)
676,068¥ 2,078,978
450,9112,529,889(1,705,345)
824,544$ 23,027
4,269
27,296(19,955)
7,341

Selling, general and administrative expenses…………………………
Provision for doubtful receivables……………………………………
Interest income………………………………………………………
Interest expense………………………………………………………
Dividends received……………………………………………………
Gain (loss) on investments-net………………………………………
Gain (loss) on property and equipment-net…………………………
Gain on bargain purchase in acquisition……………………………
Other-net………………………………………………………………

(578,127)(4,957)
7,730(26,597)
14,366
4,489
841
9,129
75

(570,163)(12,507)12,608(34,681)
27,165(13,592)(35,147)－(9,571)(6,277)
(54)
84
(289)
156
49
9
99
1

Total other-expenses………………………………………………

(573,051)(635,888)(6,222)

Income before income taxes andequity in earnings of associated companies……………………

103,017

188,656

1,119

Income taxes…………………………………………………………

(49,203)(70,293)(535)

Income before equity inearnings of associated companies………………………………

53,814

118,363584

Equity in earnings of associated companies…………………………

34,15950,669371

Net income……………………………………………………………
Less: Net income attributable to the noncontrolling interest…………
Net income attributable to ITOCHU………………………………

87,973(7,358)¥ 80,615

169,032(6,357)¥ 162,675

955
(80)
$ 875

Note :
1."Total trading transactions" in accordance with Japanese accounting practice consists of sales with respect to transactions in which thecompanies act as principal and the total amount of transactions in which the companies act as agent.
Total trading transactions for the nine months ended December 31, 2009 and 2008 were 7,497,131 million yen (81,402 million U.S.dollars)and 9,606,377 million yen respectively.
2. In the first quarter of this fiscal year, SFAS160 (codified to ASC Topic 810) was applied. For details, please refer to "New Accounting
Pronouncements" on (11), page 20.
3. “Gain on bargain purchase in acquisition” has been separately stated in the Consolidated Statements of Income from this second quarter,
which was previously included in “Other-net”.

(2) Consolidated Statements of Comprehensive Income [Condensed]
ITOCHU Corporation and Subsidiaries
For the nine months ended December 31, 2009 and 2008
Millions of
U.S. dollars

Millions of Yen
Apr.-Dec.2009

Comprehensive income :Net income……………………………………………………

Apr.-Dec.2008

Apr.-Dec.2009¥ 87,973¥ 169,032$ 955

Foreign currency translation adjustments ……………………
Pension liability adjustments ………………………………
Unrealized holding gains (losses) on securities ……………
Unrealized holding gains (losses) on derivative instruments
Total other comprehensive income (loss) (net of tax)………

73,0104,182
17,338
1,281
95,811(109,981)
1,229(53,052)(7,227)(169,031)

793
45
188
14
1,040

Comprehensive income………………………………………

183,784

1

1,995(8,065)¥ 175,719(4,720)¥ (4,719)(87)$ 1,908

Other comprehensive income (loss) (net of tax):

Comprehensive income attributable tothe noncontrolling interest………………………………
Comprehensive income (loss) attributable to ITOCHU………
Note :In the first quarter of this fiscal year, SFAS160 (codified to ASC Topic 810) was applied. For details, please refer to "New Accounting Pronouncements"on (11), page 20.

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[Explanation for Consolidated Statements of Income]Revenue(Unit : billion yen)

Revenue

Gross trading profit

Provision for
doubtful receivables

Total of SG & A
Personnel expenses(Pension cost)
Other expenses(Service charge, distribution costs)(Rent, depreciation and amortization)(Travel expenses)(Others)

Gain (loss) on
property andequipment-net

Gain on bargain
purchase inacquisition

Other-net

Apr.-Dec.2009 Apr.-Dec.2008

Increase(Decrease)

676.1

824.5

(148.5)

Apr.-Dec.2009 Apr.-Dec.2008

Increase(Decrease)(578.1)(233.5)(15.0)(344.6)(186.9)(68.7)(14.3)(74.7)(570.2)(220.5)(9.1)(349.7)(191.6)(61.8)(19.6)(76.6)(8.0)(13.1)
(5.9)
5.1
4.8
(6.9)
5.3
1.9

Apr.-Dec.2009 Apr.-Dec.2008

Increase(Decrease)(5.0)(12.5)

7.6

Apr.-Dec.2009 Apr.-Dec.2008

Increase(Decrease)(Unit : billion yen)Interest income
Interest expense
Net interest expense
Dividends received

Gain (loss) on
investments-net(15.9)(Unit : billion yen)

Net financial income (expense)(Unit : billion yen)

Gain (loss) on investments-net(Unit : billion yen)

Gain (loss) on property andequipment-net

(4.5)

5.1

(9.6)

7.7
(26.6)(18.9)
14.4

12.6(34.7)(22.1)
27.2

(4.9)
8.1
3.2
(12.8)

Apr.-Dec.2009 Apr.-Dec.2008

Increase(Decrease)

4.5(13.6)

18.1

Apr.-Dec.2009 Apr.-Dec.2008

Increase(Decrease)

0.8(35.1)

36.0

Apr.-Dec.2009 Apr.-Dec.2008

Increase(Decrease)(Unit : billion yen)

Gain on bargain purchase in acquisition(Unit : billion yen)

Other-net

Increase(Decrease)2,529.9(Unit : billion yen)

Provision for doubtful receivables
Net financial income(expense)

2,513.9(Unit : billion yen)

Gross trading profit

Selling, general andadministrative
expenses

Apr.-Dec.2009 Apr.-Dec.2008

9.1

-

9.1

Apr.-Dec.2009 Apr.-Dec.2008

Increase(Decrease)

0.1

(9.6)

9.6

Apr.-Dec.2009 Apr.-Dec.2008

Increase(Decrease)

Main reasons for changes
Due to price falls in mineral resources and oil & gas, low transactions in automobiles andconstruction machinery, price falls in food materials such as feed grains despite increase
due to the acquisition of several subsidiaries including ITOCHU ENEX CO., LTD.
Due to decrease in revenue in ITOCHU Corporation and existing subsidiaries: -174.2
Increase due to acquisition of subsidiaries : +57.3
Decrease due to deconsolidation of subsidiaries : -8.7
Decrease due to exchange rate fluctuations : -22.9
Refer to "(7) Segment Information" on page 16-17

Decrease in ITOCHU Corporation and existing subsidiaries : +22.2[Increase in pension cost : -4.8]
Increase due to acquisition of subsidiaries : -53.5[Increase in pension cost : -1.2]
Decrease due to deconsolidation of subsidiaries : +7.8
Decrease due to exchange rate fluctuations : +15.5

Absence of the provision for doubtful receivables from Machinery-related cusomers in Mongoliain the same period of the previous fiscal year +10.8
Increase due to allowance for other doubtful receivables -3.2
Decrease in dividends received, improvement of net interest expenses
Apr.-Dec.2008
Apr.-Dec.2009
JPY TIBOR 3M, average (Apr.-Dec.)
0.553%
0.851%USD LIBOR 3M, average (Jan.-Sep.）
0.827%
2.981%

Changes(0.298%)(2.154%)

Improvement of net interest expenses due to decline in U.S. dollars interest rate
Dividends received from LNG-related investments -10.3 (16.2 → 5.9)

Impairment loss on investments +21.1 (-35.7 → -14.6)
Net gain on sales of investments -4.9 (25.3 → 20.4)
Loss on business disposals and others +1.8 (-3.1 → -1.3)

Absence of the loss from Entrada Oil/Natural Gas Field Development Project(i); andother impairment losses on property and equipment in the same period of the previous
fiscal year(ii)+33.8 (-35.4 → -1.6) 〔(i):+26.6 / (ii):+7.2〕
Net gain on sales of property and equipment +2.2 (0.3 → 2.5)

Gain in the acquisitions of C.I.Kasei Co., Ltd. and i-LOGISTICS CORP.

Absence of the loss from Entrada Oil/Natural Gas Field Development Project +10.5 (-10.5→-)
Foreign currency exchange gains and losses +1.3 (-3.1→ -1.9)others -2.1 (4.0 → 1.9)

Income taxes(Unit : billion yen)

Income taxes
Equity in earnings
of associatedcompanies(49.2)(70.3)

21.1

Apr.-Dec.2009 Apr.-Dec.2008

Increase(Decrease)(Unit : billion yen)

Equity in earnings
of associated companies

34.2

50.7

(16.5)

Brazil Japan Iron Ore Corporation +2.3 (- → 2.3)
TING HSIN (CAYMAN ISLANDS) HOLDING CORP. +2.2 (-→ 2.2)
Century Tokyo Leasing Corporation (Note) [Net profit related to a merger +1.1]
Marubeni-Itochu Steel Inc. -11.7 (13.9 → 2.2)
Japan Brazil Paper and Pulp Resources Development Co., Ltd. -5.3 (3.3 → -2.0）
Equity-method associated companies of ITOCHU Minerals & Energy of Australia
Pty Ltd -4.7 (6.0 → 1.3) / Orient Corporation -3.2 (5.1 → 1.9)
Refer to "Performance of Group Companies" on page 23(Note) Refer to the results announced by each corresponding company, as their announcement dates areon and after ITOCHU's announcement date of the Third Quarter of Fiscal Year 2010.

Total tradingtransactions

Adjusted profit(Unit : billion yen)

Total trading transactions
Gross trading profit ratio(Unit : billion yen)

Adjusted profit

Apr.-Dec.2009 Apr.-Dec.2008

7,497.1
9.0%

Increase(Decrease)

9,606.4
8.6%(2,109.2)
0.4%

Refer to "(7) Segment Information" on page 16-17
Effect of exchange rate fluctuations: Approximately -310.0

Apr.-Dec.2009 Apr.-Dec.2008

Increase(Decrease)

Adjusted profit (-182.5)= Gross trading profit （-148.5）+ SG&A expenses （-8.0）+ Net financial income (-9.6)+ Equity in earnings of associated companies （-16.5）
The amount ( ) represents changes from the same period of the previous fiscal year

127.6

310.1

(182.5)[Average exchange rate Yen/USD][For March closing companies]111[For December closing companies] 1111

Apr.-Dec.2009 Apr.-Dec.2008
94.42
103.74
Apr.-Dec.2008 Apr.-Dec.2007
103.74117.69Jan.-Sep.2009 Jan.-Sep.2008
94.53
106.47Jan.-Sep.2008 Jan.-Sep.2007
106.47
119.74

Changes(9.32)
Changes(13.95)− 8−

Changes(11.94)
Changes(13.27)[Average exchange rate Yen/AUD][For March closing companies]111
Apr.-Dec.2009 Apr.-Dec.2008
76.38
89.39
Apr.-Dec.2008 Apr.-Dec.2007
89.39
99.43

Changes(13.01)
Changes(10.04)

-Unaudited-(3) Consolidated Statements of Income-Quarterly [Condensed]
ITOCHU Corporation and Subsidiaries
For the three months ended December 31, 2009 and 2008
Millions of
U.S. dollars

Millions of Yen
Oct.-Dec.2009

Oct.-Dec.2008

Oct.-Dec.2009

Revenue:
Sales revenue…………………………………………………………
Trading margins and commissions on trading transactions…………
Total revenue…………………………………………………………
Cost of sales…………………………………………………………
Gross trading profit …………………………………………………

¥ 731,779
131,120862,899(626,838)
236,061¥ 888,842
144,326
1,033,168(750,716)
282,452$ 7,9451,424
9,369(6,806)
2,563

Selling, general and administrative expenses…………………………
Provision for doubtful receivables……………………………………
Interest income………………………………………………………
Interest expense………………………………………………………
Dividends received……………………………………………………
Loss on investments-net………………………………………………
Loss on property and equipment-net…………………………………
Other-net………………………………………………………………

(196,130)
(616)
2,518
(8,209)
4,012(669)(1,116)(2,475)(204,715)
(138)
4,241
(11,814)
9,335(18,594)(34,324)(7,053)(2,130)
(7)
27
(89)
44
(7)
(12)
(27)

Total other-expenses………………………………………………

(202,685)(263,062)(2,201)

Income before income taxes andequity in earnings of associated companies……………………

33,376

19,390362

Income taxes…………………………………………………………

(18,004)(8,835)(195)

Income before equity inearnings of associated companies………………………………

15,372

10,555167

Equity in earnings of associated companies…………………………

13,383

15,748145

Net income……………………………………………………………
Less: Net income attributable to the noncontrolling interest…………
Net income attributable to ITOCHU………………………………

28,755(3,476)¥ 25,279

26,303(2,753)¥ 23,550

312
(38)
$ 274

Note :
1."Total trading transactions" in accordance with Japanese accounting practice consists of sales with respect to transactions in which thecompanies act as principal and the total amount of transactions in which the companies act as agent.
Total trading transactions for the three months ended December 31, 2009 and 2008 were 2,695,153 million yen (29,263 million U.S.dollars)and 3,175,186 million yen respectively.
2.In the first quarter of this fiscal year, SFAS160 (codified to ASC Topic 810) was applied. For details, please refer to "New Accounting
Pronouncements" on (11), page 20.

(4) Consolidated Statements of Comprehensive Income-Quarterly [Condensed]
ITOCHU Corporation and Subsidiaries
For the three months ended December 31, 2009 and 2008
Millions of
U.S. dollars

Millions of Yen
Oct.-Dec.2009

Comprehensive income :Net income……………………………………………………

Oct.-Dec.2008

Oct.-Dec.2009¥ 28,755¥ 26,303$ 312

Foreign currency translation adjustments ……………………
Pension liability adjustments…………………………………
Unrealized holding losses on securities………………………
Unrealized holding losses on derivative instruments………
Total other comprehensive loss (net of tax)…………………

(11,898)
2,255(11,757)(654)(22,054)(68,205)
999(19,663)(861)(87,730)

(129)
25
(128)
(7)
(239)

Comprehensive income (loss)…………………………………

6,701(61,427)73(1,601)¥ 5,100(2,129)¥ (63,556)

(18)
$ 55

Other comprehensive income (loss) (net of tax):

Comprehensive income attributable tothe noncontrolling interest………………………………
Comprehensive income (loss) attributable to ITOCHU………
Note :In the first quarter of this fiscal year, SFAS160 (codified to ASC Topic 810) was applied. For details, please refer to "New Accounting Pronouncements"on (11), page 20.

− 9−

[Explanation for Consolidated Statements of Income -Quarterly]
Revenue(Unit : billion yen)

Revenue

Gross trading profit

Provision for
doubtful receivables

Net financial
income (expense)

Loss on property
and equipment-net

Loss on investments-net(Unit : billion yen)

Loss on property and equipment-net

Other-net(Unit : billion yen)

Other-net

Income taxes(Unit : billion yen)

Income taxes

Equity in earnings of(Unit : billion yen)associatedcompanies
Equity in earnings ofassociated companies

Total tradingtransactions

Adjusted profit

Oct.-Dec.2009 Oct.-Dec.2008 (Decrease)
(0.6)
(0.1)
(0.5)

(Unit : billion yen)

Total trading transactions
Gross trading profit ratio(Unit : billion yen)

Adjusted profit

Absence of a partial reversal of provision in the same period of the previous
fiscal year -0.5

Increase(Unit : billion yen)

(Unit : billion yen)

Decrease in ITOCHU Corporation and existing subsidiaries : +12.8[Increase in pension cost : -1.5]
Increase due to acquisition of subsidiaries : -10.3[Increase in pension cost : -0.2]
Decrease due to deconsolidation of subsidiaries : +1.6
Decrease due to exchange rate fluctuations : +4.4

Increase(Unit : billion yen)Interest income
Interest expense
Net interest expense
Dividends received

Due to decrease in revenue in ITOCHU Corporation and existing subsidiaries : -52.6
Increase due to acquisition of subsidiaries : +12.5
Decrease due to deconsolidation of subsidiaries : -2.1
Decrease due to exchange rate fluctuations : -4.2
Refer to "(7) Segment Information" on page 18-19

Increase

Oct.-Dec.2009 Oct.-Dec.2008 (Decrease)
Total of SG & A(196.1)(204.7)
8.6
Personnel expenses(80.0)(79.7)(0.2)(Pension cost)
(5.0)
(3.3)
(1.7)
Other expenses(116.2)(125.0)8.8(Service charge, distribution costs)(64.3)(67.0)
2.8(Rent, depreciation and amortization)(23.4)(23.9)
0.5(Travel expenses)
(3.5)
(6.5)
3.0
(Others)(25.0)(27.6)
2.6

Net financial income (expense)

Loss oninvestments-net

Oct.-Dec.2009 Oct.-Dec.2008 (Decrease)
236.1
282.5
(46.4)(Unit : billion yen)

Provision for doubtful receivables

Main reasons for changes
Due to price falls in mineral resources and oil & gas, low transactions in automobiles andconstruction machinery, price falls in food materials such as feed grains

Increase(Unit : billion yen)

Gross trading profit

Selling, general andadministrative
expenses

Increase

Oct.-Dec.2009 Oct.-Dec.2008 (Decrease)862.9
1,033.2(170.3)Oct.-Dec.2009 Oct.-Dec.2008 (Decrease)
(1.7)
1.8
(3.4)

2.5
(8.2)
(5.7)
4.0

4.2
(11.8)
(7.6)
9.3

(1.7)
3.6
1.9
(5.3)

Decrease in dividends received, improvement of net interest expenses
Oct.-Dec.2009
Oct.-Dec.2008
0.511%
JPY TIBOR 3M, average (Oct.-Dec.)
0.857%
0.414%USD LIBOR 3M, average (Jul.-Sep.）
2.908%

Changes(0.346%)(2.494%)

Improvement of net interest expenses due to decline in U.S. dollars interest rate
Dividends received from LNG-related investments -3.2 (5.5 → 2.3)

Increase

Oct.-Dec.2009 Oct.-Dec.2008 (Decrease)(0.7)(18.6)
17.9

Impairment loss on investments +16.7 (-23.4 → -6.7)
Net gain on sales of investments -1.9 (5.3 → 3.4)
Loss on business disposals and others +3.1 (-0.4 → 2.7)

Increase

Oct.-Dec.2009 Oct.-Dec.2008 (Decrease)(1.1)(34.3)
33.2

Absence of the loss from Entrada Oil/Natural Gas Field Development Project(i);and other impairment losses on property and equipment in the same periodof the previous fiscal year(ii) +32.8 (-33.5→ -0.7) 〔(i):+26.6 / (ii):+6.3〕
Net gain on sales of property and equipment, and others +0.4 (-0.8 → 0.4)

Increase

Oct.-Dec.2009 Oct.-Dec.2008 (Decrease)
(2.5)
(7.1)
4.6
Increase

Absence of the loss from Entrada Oil/Natural Gas Field Development Project +10.5(-10.5 →-), Foreign currency exchange gains and losses -2.0 (1.0 → -1.0)

Others -0.4 (2.5 → -1.5)

Oct.-Dec.2009 Oct.-Dec.2008 (Decrease)(18.0)(8.8)(9.2)

Increase

Oct.-Dec.2009 Oct.-Dec.2008 (Decrease)
13.4
15.7
(2.4)

Brazil Japan Iron Ore Corporation +1.3 (- → 1.3)
TING HSIN (CAYMAN ISLANDS) HOLDING CORP. +1.1 (- → 1.1)
Japan Brazil Paper and Pulp Resources Development Co., Ltd. -3.0 (2.4 → -0.6）
Marubeni-Itochu Steel Inc. -0.7 (3.8 → 3.1)
Equity-method associated companies of ITOCHU Minerals & Energyof Australia Pty Ltd -0.4 (1.0 → 0.6)
Refer to "Performance of Group Companies" on page 24

Increase

Oct.-Dec.2009 Oct.-Dec.2008 (Decrease)
2,695.2
3,175.2(480.0)8.8%
8.9%(0.1%)

Increase

Oct.-Dec.2009 Oct.-Dec.2008 (Decrease)
51.6
95.2
(43.6)

Refer to "(7) Segment Information" on page 18-19
Effect of exchange rate fluctuations: Approximately -130.0

Adjusted profit (-43.6)= Gross trading profit（-46.4）+ SG&A expenses （8.6）+ Net financial income (-3.4) + Equity in earnings of associated companies（-2.4）− 10 −

The amount ( ) represents changes from the same period of the previous fiscal year

-Unaudited-(5) Consolidated Balance Sheets (Assets) [Condensed]
ITOCHU Corporation and Subsidiaries
As of December 31, 2009 and March 31, 2009

Millions of Yen

AssetsCurrent assets:
Cash and cash equivalents…………………………………
Time deposits………………………………………………
Short-term investments………………………………………
Trade receivables:
Notes………………………………………………………
Accounts…………………………………………………
Allowance for doubtful receivables………………………
Net trade receivables……………………………………
Due from associated companies……………………………
Inventories……………………………………………………
Advances to suppliers………………………………………
Prepaid expenses……………………………………………
Deferred tax assets……………………………………………
Other current assets…………………………………………
Total current assets………………………………………

Dec. 2009

Mar. 2009¥¥

628,820
3,738
9,214

$ 4,92155
70

174,848
1,295,386(16,156)
1,454,078
133,118
616,285
87,792
33,08435,038269,353
3,093,394

161,533
1,135,031(13,869)
1,282,695
106,934
509,503
91,871
29,81740,556
235,0462,938,194

1,898
14,065(175)
15,788
1,445
6,691
953
359
380
2,925
33,587

Investments and non-current receivables:
Investments in and advances to associated companies………
Other investments……………………………………………
Other non-current receivables………………………………
Allowance for doubtful receivables…………………………
Total investments and net non-current receivables………

911,002435,470
157,251(59,758)
1,443,965

754,062
426,054
155,427(60,704)
1,274,839

9,892
4,728
1,707
(649)
15,678Property and equipment, at cost:
Land…………………………………………………………
Buildings……………………………………………………
Machinery and equipment……………………………………
Furniture and fixtures………………………………………
Mineral rights………………………………………………
Construction in progress……………………………………
Total property and equipment, at cost……………………
Less accumulated depreciation………………………………
Net property and equipment………………………………

162,127
402,980
403,747
80,962
69,04927,544
1,146,409
495,255
651,154

145,881336,630
328,940
69,90760,245
16,846
958,449
397,675
560,774

1,760
4,375
4,384
879
750
299
12,4475,377
7,070

Prepaid pension cost…………………………………………
Deferred tax assets, non-current……………………………
Other assets…………………………………………………

1,143
119,774
303,862

1,079
136,389
280,817

13
1,301
3,299

5,192,092$ 60,948

Total…………………………………………………

¥

453,196
5,017
6,433

Millions of
U.S. dollars
Dec. 2009

5,613,292¥

Note:
In the first quarter of this fiscal year, SFAS160 (codified to ASC Topic 810) was applied. For details, please refer to "New
Accounting Pronouncements" on (11), page 20.

− 11 −

-Unaudited-(5) Consolidated Balance Sheets (Liabilities and Stockholders' Equity) [Condensed]
ITOCHU Corporation and Subsidiaries
As of December 31 , 2009 and March 31, 2009

Millions of
U.S. dollars

Millions of Yen

Liabilities and Equity

Dec. 2009

Mar. 2009¥¥

Current liabilities:
Short-term debt …………………………………………………………
Current maturities of long-term debt……………………………………
Trade payables:
Notes and acceptances………………………………………………
Accounts………………………………………………………………
Total trade payables………………………………………………
Due to associated companies……………………………………………
Accrued expenses………………………………………………………
Income taxes payable……………………………………………………
Advances from customers………………………………………………
Deferred tax liabilities…………………………………………………
Other current liabilities…………………………………………………
Total current liabilities ……………………………………………
Liabilities:
Long-term debt, excluding current maturities…………………………

288,31776,534

Dec. 2009

538,161
90,631

$

3,130
831

131,318
1,184,142
1,315,460
26,205112,286
22,531
116,303
1,192
271,968
2,230,796

134,591
907,149
1,041,740
16,618125,062
45,472
96,769983
192,681
2,148,117

1,426
12,857
14,283
285
1,219
245
1,263
13
2,953
24,222

2,102,573

1,934,421

22,829Accrued retirement and severance benefits……………………………

51,92954,697

564

Deferred tax liabilities, non-current……………………………………

26,89017,502292

Total liabilities ……………………………………………………

4,412,188

4,154,737

47,907202,241
137,039202,241
137,171

2,196
1,488

Equity:Common stock:
Authorized: 3,000,000,000 shares;
issued:1,584,889,504 shares………………………………………………
Capital surplus……………………………………………………………
Retained earnings:
Legal reserve……………………………………………………………
Other retained earnings ………………………………………………
Total retained earnings……………………………………………
Accumulated other comprehensive income (loss) :Foreign currency translation adjustments………………………………
Pension liability adjustments…………………………………………
Unrealized holding gains on securities…………………………………
Unrealized holding losses on derivative instruments…………………
Treasury stock, at cost……………………………………………………
Total ITOCHU stockholders' equity………………………………

16,067
836,911
852,978

13,183
783,699
796,882

174
9,087
9,261

(112,625)(101,735)
30,538(5,237)(2,780)1,000,419(185,363)(106,013)
13,686(6,482)(2,711)
849,411(1,223)(1,105)
332
(57)
(30)
10,862

Noncontrolling interest…………………………………………………

200,685

187,944

2,179

Total equity……………………………………………………………

1,201,104

1,037,355

13,041

Total………………………………………………………………

− 12 −¥

5,613,292¥

5,192,092$

60,948

[Explanation for Consolidated Balance Sheets]
AssetsNet Trade receivables
Inventories(Unit: billion yen)Dec.2009

Mar.2009

Increase(Decrease)(174.3)

Net Property and equipment

Main reasons for changes:

34.3
13.3
44.5

Acquisition of C.I.Kasei Co.,Ltd.,
i-LOGISTICS CORP. and JAVA HOLDINGS
CO.,Ltd.

Cash and cash equivalents, Time deposits

…

458.2

632.6

Net trade receivables…

1,454.1

1,282.7

Due from associated companies

…

133.1

106.9

Inventories

…

616.3

509.5

Other current assets

…

269.4

235.0

26.2 … Increase in Food; and Energy, Metals & Minerals
Increase in Energy, Metals & Minerals; and ICT, Aerospace & Electronics;bb
106.8 …
and decrease in Machinery
34.3 … Increase in Energy, Metals & Minerals; Machinery; and Food

Investments in and advances
to associated companies

…

911.0

754.1

156.9 … Increase in Food; Energy, Metals & Minerals; and Textile

Net property and equipment

…

651.2

560.8

Deferred tax assets, non-current

…

119.8

136.4

Other assets

…

303.9

280.8

Total assets…

5,613.3

171.4 …

Increase due to acquisition of subsidiaries; and capital expenditure in Energy, Metals &Minerals
Increase in deferred tax liabilities due to an improvement in unrealized gains onbb bb(16.6) …
shareholdings

90.4 …

23.0 … Increase in intangible assets

5,192.1

Liabilities

Increase in Energy, Metals & Minerals; Food; and Chemicals, Forest Products &General Merchandise; and decrease in Machinery; and ICT, Aerospace & Electronicsb

421.2

Total assets as of December 31, 2009, increased by 8.1% or 421.2 billion yen compared with
March 31, 2009, to 5,613.3 billion yen (60,948 million U.S. dollars), resulting from acquisitionsin Textile; Chemicals, Forest Products & General Merchandise and Finance, Realty, Insurance& Logistics Services; increase in Net trade receivables and Inventories associated with higher oil
prices compared with March 31, 2009, in Investments and Net property and equipment resulting
from the appreciations of Brazilian real and Australian dollar against the yen in Energy, Metals& Minerals; and new investments in Textile and in Food despite decrease in Cash and cash
equivalents, Time deposits and in Trade receivables and Inventories in automobiles businesses.

(Unit: billion yen)Dec.2009

Mar.2009

Increase(Decrease)273.7 …

Increase in Energy, Metals & Minerals; and Food; and Chemicals, and Forest bb bb
Products & General Merchandise; and decrease in Machinery bb

Total trade payables…

1,315.5

1,041.7

Other current liabilities

…

272.0

192.7

…

288.3

538.2

(249.8) …

…

71.6

81.9

(10.3)

…
…

4.9
364.9

8.7
628.8

(3.8)
(263.9)Long-term debt…

1,756.0

1,610.4

145.7 … Increase due to shift from short-term to long-term in interest-bearing debt

Debentures
Long-term total
Total interest-bearing debt
Cash and cash equivalents, Time deposits
Net interest-bearing debt

…
…
…
…
…

163.7
1,919.7
2,284.6
458.2
1,826.4

150.2
1,760.5
2,389.3
632.6
1,756.8

13.5
159.2(104.7)(174.3)69.6

Net debt-to-stockholders' equity ratio [times]* …

1.8

2.1

79.3 … Increase in Energy, Metals & Minerals; and Food

[Interest-bearing debt]
Short-term debt
Current maturities of long-term
debt excluding debentures
Current maturities of debentures
Short-term total

EquityDecrease due to repayment and shift from short-term to long-term in bb
interest-bearing debt

Interest-bearing debt decreased by 4.4% or 104.7 billion yen compared with March
31, 2009, at 2,284.6 billion yen (24,805 million U.S. dollars), and Net interest-bearing
debt (interest-bearing debt after deducting Cash and cash equivalents and Time deposits)
increased by 4.0% or 69.6 billion yen compared with March 31, 2009, to 1,826.4 billion
yen (19,830 million U.S. dollars).
NET DER (Net Debt-to-Stockholders’ Equity Ratio) improved by 0.2 points
0.2 improved compared with March 31, 2009, to 1.8 times.
(Unit: billion yen)Dec.2009

Mar.2009

Increase(Decrease)

Legal reserve

…
…
…
…

202.2
137.0
853.0
16.1

202.2
137.2
796.9
13.2

(0.1)
56.1
2.9

Other retained earnings

…

836.9

783.7

53.2 …

…

(189.1)(284.2)

95.1

…
…
…

(112.6)(101.7)30.5(185.4)(106.0)13.7

72.7 … Effect of mainly appreciation of Brazilian real and Australian dollar against the yen
4.3
16.9 … Effect of stock market prices' recovery compared with March 31, 2009

…

(5.2)

(6.5)

1.2

…
…

(2.8)
1,000.4

(2.7)
849.4

(0.1)
151.0

Ratio of stockholders' equity to total assets* …

17.8%

16.4%

1.5%

Noncontrolling interest

…

200.7

187.9

12.7

Total equity…

1,201.1

1,037.4

163.7

Common stock
Capital surplus
Retained earnings:

Accumulated othercomprehensive income (loss):
Foreign currency translation adjustments
Pension liability adjustments
Unrealized holding gains on securities
Unrealized holding losses on derivative
instruments

Treasury stock, at cost
Total ITOCHU stockholders' equity

Net income attributable to ITOCHU +80.6, Dividend payment -24.5,
Transfer to legal reserve and others -2.9

ITOCHU stockholders’ equity, which corresponds to Total equity before applying
SFAS160 (codified to ASC Topic 810), increased by 17.8% or 151.0 billion yen
compared with March 31, 2009, to 1,000.4 billion yen (10,862 million U.S. dollars), due
to decrease from dividend payment, accumulation of Net income attributable to
ITOCHU, improvement in Foreign currency translation adjustments and in Unrealized
holding gains on securities resulting from recovery of stock market.
As a result, Ratio of stockholders’ equity to total assets rose by 1.5 points comparedwith March 31, 2009, to 17.8%.
Total equity, or total of ITOCHU stockholders’ equity and Noncontrolling interest,
which means the total equity of the entire Group, increased by 15.8% or 163.7 billion
yen compared with March 31, 2009, to 1,201.1 billion yen (13,041 million U.S. dollars)(Note*) “Stockholders’ equity” is equivalent to “ITOCHU stockholders’ equity” which had been used until fiscal year 2009and used in calculating “Ratio of stockholders’ equity to total assets” and “NET DER”.

[Current exchange rate Yen/USD][For March closing companies]
Dec.2009 Mar.2009 Changes
92.10
98.23
(6.13)
Dec.2008 Mar.2008 Changes
91.03
100.19(9.16)[The Nikkei Stock Average index]
Dec.2009 Mar.2009 Changes
10,5468,109
2,437− 13 −[Current exchange rate Yen/AUD][For December closing companies] [For March closing companies]
Sep.2009 Dec.2008 Changes
Dec.2009 Mar.2009
Changes
90.21
91.03(0.82)
82.28
67.01
15.27
Sep.2008 Dec.2007 Changes
Dec.2008 Mar.2008
Changes103.57114.15(10.58)62.61
91.74(29.13)

-Unaudited-(6) Consolidated Statements of Cash Flows [Condensed]
ITOCHU Corporation and Subsidiaries
For the nine months ended December 31, 2009 and 2008

Millions of Yen

Millions of
U.S. dollars
Apr.-Dec.2009

Apr.-Dec.2009

Apr.-Dec.2008¥ 87,973¥ 169,032

55,336
4,957(4,489)(841)(9,129)49,71012,507
13,59235,147
-

601
54
(49)
(9)
(99)

(21,257)
15,949(14,245)
114,254(34,545)(15,067)(117,678)
112,698

(231)
173
(154)
1,241

(56,279)(96,433)(611)(78,535)(27,360)
4,528
1,200
579
(155,867)(152,811)(3,174)(14,868)(19,328)(880)(287,494)

(853)
(297)
49
13
7
(1,692)

Net proceeds (repayments) of long-term debt ...................................................
Net increase (decrease) in short-term debt ........................................................
Other ..................................................................................................................
Net cash (used in) provided by financing activities ................................

159,644(265,654)(32,584)(138,594)(46,975)
298,097(36,432)
214,690

1,733(2,884)(354)(1,505)

Effect of exchange rate changes on cash and cash equivalents ......................
Net increase (decrease) in cash and cash equivalents ......................................
Cash and cash equivalents at beginning of period ..........................................
Cash and cash equivalents at end of period .....................................................

4,583(175,624)
628,820¥ 453,196(23,958)
15,936446,311¥ 462,247

49(1,907)
6,828$ 4,921

Cash flows from operating activities :Net income ........................................................................................................
Adjustments to reconcile net income to net cash
provided by operating activities :Depreciation and amortization .......................................................................
Provision for doubtful receivables .................................................................
(Gain) loss on investments-net .......................................................................
(Gain) loss on property and equipment-net ....................................................
Gain on bargain purchase in acquisition ........................................................
Equity in earnings of associated companies,
less dividends received .................................................................................
Deferred income taxes ....................................................................................
Changes in assets and liabilities, other-net .....................................................
Net cash provided by operating activities ...............................................

$

955

Cash flows from investing activities :Net purchases of property, equipment and other assets ....................................
Net increase in investments in and advances
to associated companies ..................................................................................
Net purchases of other investments ...................................................................
Net (origination) collections of other non-current loan receivables ..................
Net (increase) decrease in time deposits ...........................................................
Net (increase) decrease in marketable securities ...............................................
Net cash used in investing activities ........................................................
Cash flows from financing activities :(Note 1) As announced dated February 10, 2009 in "Partial Restatement of Consolidated Financial Results for the Third Quarter of Fiscal Year 2009",
the consolidated statements of cash flows for the same period of the previous fiscal year had been restated.
(Note 2) In the first quarter of this fiscal year, SFAS160 (codified to ASC Topic 810) was applied. For details, please refer to"New Accounting Pronouncements" on (11), page 20.

− 14 −

[Explanation for Consolidated Statements of Cash Flows]
Note :
Explanation for indication

Cash-inflow : " + "Cash-outflow : " - ""Decrease in assets" or "Increase in liabilities" : Cash-inflow"Increase in assets" or "Decrease in liabilities" : Cash-outflow

Cash flows from operating
activities(Unit: billion yen)

Apr.-Dec.2009

Apr.-Dec.2008

Increase(Decrease)

Major items

Net income

88.0

169.0

(81.1)

Non-cash charges of P/L

40.5 a61.3 b

(20.8)

a : Depreciation and amortization +55.3, Deferred income taxes +15.9
Equity in earnings of associated companies, less dividends received -21.3
Gain on bargain purchase in acquisition -9.1
b : Depreciation and amortization +49.7, Loss on property and equipment-net +35.1
Loss on investments-net +13.6
Equity in earnings of associated companies, less dividends received -34.5

Changes in assets and liabilities,
other-net(14.2) a(117.7) b

103.4

a : Trade receivables / payables +96.8, Inventories -94.1
Other -16.9
b : Inventories -113.7

114.3

112.7

1.6

Net cash provided byoperating activities
Cash flows from investing
activities(Unit: billion yen)

Net purchases of property,
equipment and other assets

Apr.-Dec.2009

Net increase in investments inand advances to associatedcompanies

Apr.-Dec.2009

Net purchases of otherinvestments

Apr.-Dec.2009

Net (origination) collections ofother non-current loan
receivables

Apr.-Dec.2009

Net (increase) decrease intime deposits

Apr.-Dec.2009

Net (increase) decrease inmarketable securities

Apr.-Dec.2009

Net cash used in investing
activities(56.3) a(78.5) a(27.4) a

4.5 a

1.2

Apr.-Dec.2008(96.4) b

Apr.-Dec.2008(152.8) b

Apr.-Dec.2008(3.2) bApr.-Dec.2008(14.9) b
Apr.-Dec.2008(19.3) b

Increase（Decrease)

40.2

a : Purchases by natural resources development related subsidiaries -19.5
Net purchase by food subsidiaries -6.7
Purchase by ITOCHU Corporation -5.0
b : Purchases by natural resources development related subsidiaries -47.1
and by airline-related subsidiaries -9.8

Increase(Decrease)74.3

a : Net increase in investments in food and textile business -69.3
Investment in leasing business -5.9
b : Investment in iron ore production and wholesale business -112.6
Net increase in loans provided to associated companies in Machinery -27.6

Increase（Decrease)(24.2)

a : Investment in natural resources development sector -9.4
Net purchases (by TOB) net of cash acquired in acquisitions of
C.I.Kasei Co., Ltd. and i-LOGISTICS CORP. -8.7
b : Net purchases of investment in Machinery and energy-development sector -31.8
Net purchases of investment in Chemicals, Forest Products &General Merchandise subsidiaries -3.5
Effect of acquisition of subsidiaries in Energy, Metals & Minerals and in Textile +28.5
Sales of securities by ITOCHU Corporation +11.4

Increase(Decrease)

19.4

a : Net collections of loan receivables by ITOCHU Corporation +4.8
b : Net origination of loan receivables by Machinery subsidiaries -10.2

Increase(Decrease)

20.5

Apr.-Dec.2008

Increase(Decrease)

0.6

(0.9)

1.5

(155.9)(287.5)131.6

b : Net increase by natural resources development related subsidiary -17.9

Cash flows from financing
activities(Unit: billion yen)
(Note)
Changes in current maturities of long-term debt are included in "Net proceeds of long-term debt" on the statements of cash flows.

Net proceeds (repayments) of
long-term debt

Apr.-Dec.2009

Net increase (decrease) inshort-term debt

Apr.-Dec.2009

Other

Apr.-Dec.2009

Net cash (used in) provided byfinancing activities

159.6 a(265.7) a

Apr.-Dec.2008(47.0) b

Apr.-Dec.2008

298.1 bApr.-Dec.2008(32.6) a(36.4) b(138.6)

214.7

Increase(Decrease)

206.6

a : Net proceeds by ITOCHU Corporation +211.1
Net repayments by natural resources development related subsidiaries -11.4
b : Net repayments by ITOCHU Corporation -5.8
Net repayment by property development subsidiaries -13.0
Net repayment by natural resources development related subsidiary -11.7

Increase(Decrease)(563.8)a : Net decrease by ITOCHU Corporation -267.4
b : Net increase by ITOCHU Corporation +257.3
Net increase by overseas trading subsidiaries +58.0

Increase(Decrease)

3.8

a : Dividends paid -24.5, dividends paid to noncontrolling stockholders -6.8
b : Dividends paid -31.6, dividends paid to noncontrolling stockholders -6.8

(353.3)(Note) i-LOGISTICS CORP. changed its corporate name to ITOCHU LOGISTICS CORP. effective January 1, 2010.

− 15 −

-Unaudited(7) Segment Information
ITOCHU Corporation and Subsidiaries
For the nine months ended December 31, 2009 and 2008
ITOCHU Corporation and its subsidiaries are engaged in awide range of business activities such as worldwide trading
operations in various commodities, financing for customers andsuppliers, organizing and coordinating industrial projects, andinvesting in resource development, advanced technology,
information and multimedia.

ITOCHU Corporation has introduced a division company system,
and information on operating segments is prepared and presented
according to this system.
This system is regularly used for decisions in operations, including
resource allocations, and evaluations by the management.
As of April 1st, 2009, Aerospace, Electronics & Multimedia Company
has been renamed to "ICT, Aerospace & Electronics Company".

Information concerning operations in different operating segments for the nine months ended December 31, 2009 and 2008 is as follows:
For the nine months ended December 31, 2009 (April 1, 2009 -December 31, 2009)
Millions of Yen

TextileMachinery

ICT,
Aerospace ＆Electronics

Energy,Metals &Minerals

Chemicals,
ForestProducts& General
Merchandise

2,296,455¥

Finance,
Realty,Insurance& Logistics
Services

Food

Other,
Adjustments&
Eliminations

Consolidated a¥¥

Total trading transactions:Unaffiliated customers
and associated companies ……………… ¥Transfers between operating segments ……
Total trading transactions ………………

404

1,273

4,500

283

15,392

1,379

11,461(34,692)－

377,779

527,990417,9452,296,738

1,335,274

2,346,879

106,579

87,947

7,497,131

Gross trading profit …………………………

76,40031,40894,88995,42581,042257,501

24,82914,574

676,068

Net income attributable to ITOCHU………
[Equity in earnings
of associated companies]…………………

13,175

1,757

410

42,421

12,67525,901

1,664(17,388)

80,615[6,125][6,063][580][7,024][(215)][11,236][4,532][(1,186)][34,159]

Identifiable assets at December 31, 2009……

398,051

540,785

507,069

1,258,218

723,365

1,276,049

413,302496,453

5,613,292

377,375¥

526,717¥

413,445¥

1,319,882¥

2,345,500¥

95,118

122,639

7,497,131

For the nine months ended December 31, 2008 (April 1, 2008 -December 31, 2008)
Millions of Yen

TextileMachinery

ICT,
Aerospace ＆Electronics

Energy,Metals &Minerals

Chemicals,
ForestProducts& General
Merchandise

3,246,605¥

Finance,
Realty,Insurance& Logistics
Services

Food

Other,
Adjustments&
Eliminations

Consolidated a¥¥

Total trading transactions:Unaffiliated customers
and associated companies ……………… ¥Transfers between operating segments ……
Total trading transactions ………………

454

929

2,766

325

15,450420

7(20,351)－

441,713

1,108,506

436,048

3,246,930

1,652,311

2,478,888

123,074

118,9079,606,377

Gross trading profit …………………………

74,34366,806

94,017

184,394

91,843

255,743

33,20824,190824,544

Net income attributable to ITOCHU………
[Equity in earnings
of associated companies]…………………

16,323(2,991)

2,609

102,686

18,222

18,514

3,872

3,440

162,675[3,320][1,960][38][23,075][3,630][10,909][7,394][343][50,669]

Identifiable assets at December 31, 2008……

388,638

743,431522,574

1,187,159

752,7071,240,846

397,413493,839

5,726,607

Identifiable assets at March 31, 2009………

360,431639,939

490,159

1,016,596

611,375

1,054,127

381,800

637,665

5,192,092

441,259¥

1,107,577¥

433,282¥

1,636,861¥

2,478,468¥

123,067

139,258

For the nine months ended December 31, 2009 (April 1, 2009 -December 31, 2009)

TextileMachinery

ICT,
Aerospace ＆Electronics

Chemicals,
ForestProducts& General
Merchandise

Energy,Metals &MineralsFinance,
Realty,Insurance& Logistics
Services

Food

9,606,377

Millions of
U.S.dollars

Other,
Adjustments&
Eliminations

Consolidated a$$

Total trading transactions:Unaffiliated customers
and associated companies ……………… $Transfers between operating segments ……
Total trading transactions ………………

5

14

49

3

167

15

124

(377)

81,402
－

4,102

5,733

4,538

24,937

14,49825,482

1,157

955

81,402Gross trading profit …………………………

830

341

1,030

1,036

880

2,796

270

158

7,341

Net income attributable to ITOCHU………
[Equity in earnings
of associated companies]…………………

143

19

4

461

138

281

18

(189)

875

[67]

[66]

[6]

[76]

[(2)]

[122]

[49]

[(13)][371]

Identifiable assets at December 31, 2009……

4,322

5,872

5,506

13,661

7,854

13,855

4,488

5,390

60,948

4,097

$

5,719

$

4,489

$

24,934$

14,331$

25,467

$

1,033

1,332

Note :
1. "Equity in earnings of associated companies" is included in Net income attributable to ITOCHU.
2. "Total trading transactions" is presented in accordance with Japanese accounting practice.
Total trading transactions consist of sales with respect to transactions in which the companies act as principal and the total amount of transactions in which thecompanies act as agent.
3. In the first quarter of this fiscal year , SFAS160 (codified to ASC Topic 810) was applied. For detail, please refer to"New Accounting Pronouncements" on (11), page 20.

− 16 −

[Explanation for Operating Segment Information]
Increase

Tradingtransactions
for unaffiliatedcustomers andassociatedcompanies

Apr.-Dec. 2009 Apr.-Dec. 2008 (Decrease)(Unit : billion yen)
Textile

…

377.4

441.3

Machinery

…

526.7

1,107.6

ICT, Aerospace& Electronics

…

413.4

433.3

Energy, Metals & Minerals …

2,296.5

3,246.6

Chemicals, Forest Products…
& General Merchandise

1,319.9

1,636.9

Food…

2,345.5

2,478.5

Finance, Realty, Insurance& Logistics Services

…

95.1

123.1

Other, Adjustments& Eliminations

…

122.6

139.3

7,497.1

9,606.4

Total(63.9) …

Main reasons for changes

Decrease due to market slowdown in textile materials, fabrics and apparels despite increase fromacquisitions of SANKEI CO., LTD. and JAVA HOLDINGS CO., LTD.

(580.9) … Decrease due to reduced transactions in automobile and construction machinery business
Decrease due to overall low performance in aviation, Information and Communication Technology
related businesses
Decrease due to significant price falls in mineral resources and oil & gas despite increase from an(950.2) …
acquisition of ITOCHU ENEX CO., LTD.
Decrease due to price falls in chemicals since last autumn and slowdown in housing market in Japan and…
(317.0)the U.S. despite increase from an acquisition of C.I.Kasei Co., Ltd.
Decrease due to price falls in food resources such as feed grains, oils and fats especially in the first half of(133.0) …
this fiscal year
Decrease due to the absence of a large-scale condominium sale and sale of real estate for rent to investors(27.9) … in the same period of the previous fiscal year, and low performance in finance-related business despite
increase from an acquisition of i-LOGISTICS CORP.
Decrease due to overall sluggish economy in North America as well as price falls in equipment material(16.6) … transactions in North America, low performance resulting from demand shrink, and effect of yen's
appreciation, despite increase in solar power related business(19.8) …

(2,109.2)
Increase

Gross
trading profit

Apr.-Dec. 2009 Apr.-Dec. 2008 (Decrease)(Unit : billion yen)

76.4

74.3

Machinery

…

31.4

66.8

ICT, Aerospace& Electronics

…

94.9

94.0

Energy, Metals & Minerals …

95.4

184.4

Chemicals, Forest Products…
& General Merchandise

81.0

91.8

Food

…

257.5

255.7

1.8 … Increase in sales volume in food distribution business and profitability improved in fresh food materials

…

24.8

33.2

(8.4) …

…

Total

Net income
attributable to
ITOCHU

14.6

24.2

676.1

824.5

(35.4) … Decrease due to reduced transactions in automobile and construction machinery business
Almost the same level due to increase in domestic mobile phone business offset by overall low
performance in aviation, Information and Communication Technology related businesses
Decrease due to price falls in mineral resources and oil & gas as well as decrease in sales volume of iron(89.0) …
ore despite increase from an acquisition of ITOCHU ENEX CO., LTD.
Decrease due to price falls in chemicals since last autumn and slowdown in housing market in Japan and(10.8) …
the U.S., and sale of a subsidiary in the U.S. despite increase from an acquisition of C.I.Kasei Co., Ltd.
0.9 …

Decrease in condominium sales and sale of real estate for rent to investors, and low performance infinance business despite increase from an acquisition of i-LOGISTICS CORP.
Decrease due to low performance in equipment material business in North America and effect of yen's…
(9.6)
appreciation(148.5)
Increase

Apr.-Dec. 2009 Apr-Dec 2008 (Decrease)(Unit : billion yen)
…

13.2

16.3

Machinery

…

1.8

(3.0)

ICT, Aerospace& Electronics

…

0.4

2.6

Energy, Metals & Minerals …

42.4

102.7

Chemicals, Forest Products…
& General Merchandise

12.7

18.2

Food

…

25.9

18.5

…

1.7

3.9

…

(17.4)

3.4

80.6

162.7

(82.1)

Dec. 2009

Mar. 2009

Increase(Decrease)

Total(Unit : billion yen)

Main reasons for changes

Decrease due to the absence of gain on sales of investments in the same period of the previous fiscal year(3.1) … in addition to market slowdown in textile materials, fabrics and apparels despite increased equity inearnings of associated companies
Increase due to the absence of impairment loss on investments in the same period of the previous fiscal
4.7 …
year, and improved equity in earnings of associated companies, despite decreased gross trading profit

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

Identifiable
assetsIncrease from an acquisition of SANKEI CO., LTD. despite decrease due to market slowdown in textile
materials, fabrics and apparels…

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

2.1 …

Main reasons for changes

Textile(2.2) … Decrease due to impairment loss on investment despite decreased SG&A
Decrease in gross trading profit and equity in earnings of associated companies, despite the absence of the(60.3) … loss from Entrada Oil/Natural Gas Field Development Project in the same period of the previous fiscal
year
Decrease in gross trading profit and equity in earnings of associated companies despite profit fromobtaining control of C.I.Kasei Co., Ltd.
Significant increase due to gain on sales of investments in addition to decreased SG&A in a food
7.4 …
distribution subsidiary
Decrease in gross trading profit and equity in earnings of associated companies despite profit from
(2.2) …
obtaining control of i-LOGISTICS CORP.
Decrease in equity in earnings of associated companies and increased inter-company income tax caused…
(20.8)by change of internal tax system in addition to decreased gross trading profit(5.5) …

Main reasons for changes

Increase due to an acquisition of JAVA HOLDINGS CO., LTD. and new investments despite decreased
trade receivables resulting from sales decline

Textile

…

398.1

360.4

37.6 …

Machinery

…

540.8

639.9

(99.2) … Decrease in trade receivables and inventories in automobile

ICT, Aerospace& Electronics

…

507.1

490.2

16.9 … Increase in industrial machinery related business despite decrease in domestic IT-related business

Energy, Metals & Minerals …

1,258.2

1,016.6

Increase in trade receivables inventories from higher oil price compared with the last fiscal year end,
241.6 … additional acquisitions of fixed assets, and appreciation of Australian dollar and Brazilian real to yen
compared with the last fiscal year end

Chemicals, Forest Products…
& General Merchandise

723.4

611.4

…

1,276.0

1,054.1

…

413.3

381.8

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

…

496.5

637.7

5,613.3

5,192.1

112.0 … Increase due to an acquisition of C.I.Kasei Co., Ltd.
Increase in new investments, and trade receivables and net property and equipment in food distributionsectorIncrease due to an acquisition of i-LOGISTICS CORP. and increase in condominium inventory despite
31.5 …
decrease in deferred tax asset resulting from sale of business221.9 …

(141.2) … Decrease in cash and cash equivalents
421.2(Note) i-LOGISTICS CORP. changed its corporate name to ITOCHU LOGISTICS CORP. effective January 1, 2010.

− 17 −

-UnauditedITOCHU Corporation and Subsidiaries
For the three months ended December 31, 2009 and 2008 (Third quarter of fiscal year 2010 and 2009)
Information concerning operations in different operating segments for the third quarter of fiscal year 2010 and 2009 is as follows:
For the third quarter of fiscal year 2010 (October 1, 2009 -December 31, 2009)
Millions of Yen
TextileMachinery

ICT,
Aerospace ＆Electronics

Energy,Metals &Minerals

Chemicals,
ForestProducts& General
Merchandise

Food

Finance,
Realty,Insurance& Logistics
Services

Other,
Adjustments&
Eliminations

Consolidated a

¥

¥

¥

Total trading transactions:Unaffiliated customers
and associated companies ………………… ¥Transfers between operating segments ……
Total trading transactions …………………

133,041
109
133,150

Gross trading profit …………………………

30,8497,455

33,23437,842

29,19386,246

8,080

3,162

236,061

Net income attributable to ITOCHU…………
[Equity in earnings
of associated companies]……………………

6,069(2,261)(806)

16,337

4,530

7,396

(685)

(5,301)

25,279[1,282]

[955]

[287]

[4,297][416][4,055][2,359][(268)][13,383]

Identifiable assets at December 31, 2009……

398,051

540,785

507,069

1,258,218

723,365

1,276,049

413,302496,453

5,613,292¥

175,646125
175,771¥

136,168
1,675
137,843¥917,222
127
917,349¥

469,5445,339
474,883¥

788,9221,192
790,11428,416
5,208
33,624

46,194(13,775)
32,4192,695,153

2,695,153

For the third quarter of fiscal year 2009 (October 1, 2008 -December 31, 2008)
Millions of Yen

TextileMachinery

ICT,
Aerospace ＆Electronics

Energy,Metals &Minerals

Chemicals,
ForestProducts& General
Merchandise

Food

Finance,
Realty,Insurance& Logistics
Services

Other,
Adjustments&
Eliminations

Consolidated a

¥

¥

¥

Total trading transactions:Unaffiliated customers
and associated companies ………………… ¥Transfers between operating segments ……
Total trading transactions …………………

154,115138
154,253

Gross trading profit …………………………

27,44721,482

32,95072,937

26,87585,90910,665

4,187

282,452

Net income attributable to ITOCHU…………
[Equity in earnings
of associated companies]……………………

3,084(6,652)735

16,273

5,019

6,104

(2,755)

1,742

23,550[1,234][8][(296)][7,999][1,630][3,962][1,374][(163)][15,748]

Identifiable assets at December 31, 2008……

388,638

743,431522,574

1,187,159

752,7071,240,846

397,413493,839

5,726,607¥

344,517334
344,851¥

147,244545
147,789¥

1,099,168
126
1,099,294¥

497,359
5,281
502,640¥

838,695
121
838,816

49,0093
49,01245,079(6,548)38,531For the third quarter of fiscal year 2010 (October 1, 2009 -December 31, 2009)

TextileTotal trading transactions:Unaffiliated customers
and associated companies ………………… $Transfers between operating segments ……
Total trading transactions …………………

Machinery

1,445

$

1,907

ICT,
Aerospace ＆Electronics

$

1,478

Energy,Metals &Minerals$

9,959

Chemicals,
ForestProducts& General
Merchandise

$

5,098

Food

$

8,566

3,175,186

3,175,186

Millions of
U.S.dollars

Finance,
Realty,Insurance& Logistics
Services

Other,
Adjustments&
Eliminations

Consolidated a

$

$

$

308

502

29,263

-

1
1,446

1
1,908

19
1,497

1
9,960

58
5,156

13
8,579

57
365

(150)
352

29,263Gross trading profit …………………………

335

81

361

411

317

936

88

34

2,563

Net income attributable to ITOCHU…………
[Equity in earnings
of associated companies]……………………

66

(24)

(9)

177

49

80

(7)

(58)

274

[14]

[10]

[3]

[47]

[4]

[44]

[26]

[(3)]

[145]

Identifiable assets at December 31, 2009……

4,322

5,872

5,506

13,661

7,854

13,855

4,488

5,390

60,948Note :
1. "Equity in earnings of associated companies" is included in Net income attributable to ITOCHU.
2. "Total trading transactions" is presented in accordance with Japanese accounting practice.
Total trading transactions consist of sales with respect to transactions in which the companies act as principal and the total amount of transactions in which thecompanies act as agent.
3. In the first quarter of this fiscal year, SFAS160 (codified to ASC Topic 810) was applied.
For detail, please refer to "New Accounting Pronouncements" on (11), page 20.

− 18 −

[Explanation for Operating Segment Information]
Increase

Tradingtransactionsforunaffiliatedcustomers andassociatedcompanies

Oct.-Dec. 2009 Oct-Dec 2008 (Decrease)(Unit : billion yen)

Main reasons for changes

Decrease due to market slowdown in textile materials, fabrics and apparels despite increase from acquisition of
JAVA HOLDINGS CO., LTD.

Textile

…

133.0

154.1

(21.1) …

Machinery

…

175.6

344.5

(168.9) … Decrease due to reduced transactions in automobile and construction machinery business

ICT, Aerospace& Electronics

…

136.2

147.2

(11.1) …

Energy, Metals & Minerals …

917.2

1,099.2

Chemicals, Forest Products…
& General Merchandise

469.5

497.4

(27.8) …

Decrease due to slowdown in housing market in Japan and the U.S. despite increase from an acquisition of
C.I.Kasei Co., Ltd.

Food

…

788.9

838.7

(49.8) …

Decrease due to price falls in food resources such as feed grains, oils and fats, and decreased transactions in food
distribution sector resulting from sluggish domestic consumption

Finance, Realty, Insurance…
& Logistics Services

28.4

49.0

Decrease due to the absence of sale of real estate for rent to investors in the same period of the previous fiscal(20.6) … year, and low performance in finance-related business despite increase from an acquisition of i-LOGISTICS
CORP

Other, Adjustments& Eliminations

46.2

45.1

2,695.2

3,175.2…

Total

Decrease due to overall low performance in aviation, Information and Communication Technology related
businesses(181.9) … Decrease due to significant price falls in mineral resources and oil & gas, and weak demand in energies in Japan

1.1 …

Almost the same level due to increase in solar power related business despite price falls in equipment materialtransactions in North America, low performance resulting from demand shrink, and effect of yen's appreciation(480.0)

Increase

Gross
trading profit

Oct.-Dec. 2009 Oct.-Dec. 2008 (Decrease)(Unit : billion yen)

30.8

27.4

Machinery

…

7.5

21.5

(14.0) … Decrease due to reduced sales led by reduced transactions in automobile and construction machinery business

ICT, Aerospace& Electronics

…

33.2

33.0

0.3 … Almost the same level due to good performance in IT business in Japan in spite of overall low performance

Energy, Metals & Minerals …

37.8

72.9

Chemicals, Forest Products…
& General Merchandise

29.2

26.9

2.3 …

Food

…

86.2

85.9

0.3 … Increase in food resources such as feed grains, oils and fats, despite decrease in food distribution sector

Finance, Realty, Insurance…
& Logistics Services

8.1

10.7

(2.6) …

Decrease due to the absence of sale of real estate for rent to investors in the same period of the previous fiscal
year, and low performance in finance business despite increase from an acquisition of i-LOGISTICS CORP.

Other, Adjustments& Eliminations

3.2

4.2

(1.0) …

Decrease due to price falls in equipment material transactions in North America, low performance resulting fromdemand shrink, and effect of yen's appreciation, despite increase in solar power related business

236.1

282.5

Total

Net income
attributable to
ITOCHU

Increase due to the acquisition of JAVA HOLDINGS CO., LTD. despite market slowdown in textile materials,
fabrics and apparels

…

…

3.4 …

Main reasons for changes

Textile(35.1) … Decrease due to significant price falls in mineral resources and oil & gas and domestic demand shrink in energies
Increase due to an acquisition of C.I.Kasei Co., Ltd. despite decrease resulting from slowdown in housing market
in Japan and the U.S.

(46.4)

Increase
Oct.-Dec. 2009 Oct.-Dec. 2008 (Decrease)(Unit : billion yen)

Main reasons for changes

Textile

…

6.1

3.1

3.0 …

Increase due to improved gain on disposal of investments and marketable securities despite market slowdown intextile materials, fabrics and apparels

Machinery

…

(2.3)

(6.7)

4.4 …

Increase due to the absence of impairment loss on investments in the same period of the previous fiscal year, andimproved equity in earnings of associated companies, despite decreased gross trading profit

ICT, Aerospace& Electronics

…

(0.8)

0.7

(1.5) … Decrease due to impairment loss on investment despite decreased SG&A

Energy, Metals & Minerals …

16.3

16.3

Almost the same level due to the absence of the loss from Entrada Oil/Natural Gas Field Development Project in
0.1 … the same period of the previous fiscal year despite significant decrease in gross trading profit and worsened equity
in earnings of associated companies

Chemicals, Forest Products…
& General Merchandise

4.5

5.0

(0.5) …

Food

…

7.4

6.1

1.3 … Increase due to cost reduction in food distribution subsidiary

Finance, Realty, Insurance…
& Logistics Services

(0.7)

(2.8)

2.1 …

Increase due to improved gain on sales of investments, and the absence of impairment loss of fixed assets in thesame period of the previous fiscal year, despite decreased gross trading profit

Other, Adjustments& Eliminations

(5.3)

1.7

(7.0) …

Decrease due to low performance in equipment material transactions in North America, and temporary increased
tax amount

25.3

23.6

1.7

Total

…

Decrease due to worsened equity in earnings of associated companies despite improved gain on sales ofinvestments(Note) i-LOGISTICS CORP. changed its corporate name to ITOCHU LOGISTICS CORP. effective January 1, 2010.

− 19 −

(8) Assumption for Going Concern

N/A(9) Information Concerning Dividend Payment(Dividends paid for the nine months ended December 31, 2009)(Resolution)
General meeting of stockholders
on June 24, 2009
Board of directors' meetingon October 30, 2009

Stock type

Total dividend
amountDividend
per share

millions of yen
Common stock

12,6548.00

millions of yen
Common stock(10) Significant Changes in Stockholders' Equity

11,862

Record date

Effective date

Dividend resource

March 31, 2009

June 25, 2009

Retained earnings

yen

yen
7.50

September 30, 2009 December 2, 2009

Retained earnings

N/A(11) New Accounting Pronouncements
FASB Accounting Standards Codification TM (ASC)ITOCHU Corporation and its subsidiaries adopted SFAS168 "The FASB Accounting Standards Codification TM and the Hierarchy of Generally Accepted Accounting Principles—a replacement of FASB Statement No. 162". SFAS168 defined that the FASB Accounting Standards Codification TM (ASC) , which became effective on July 1, 2009,is the single source of US GAAP. Therefore every authoritative pronouncement already issued in US GAAP was replaced into ASC.
SFAS168 itself was codified into ASC Topic 105 "Generally Accepted Accounting Principles"
Business Combinations (ASC Topic 805: pre-codification standard No. SFAS141(R)) andNoncontrolling Interests in Consolidated Financial Statements (ASC Topic 810: pre-codification standard No. SFAS160)
ITOCHU Corporation and its subsidiaries adopted SFAS141(R) and SFAS160 on April 1, 2009, the beginning of the fiscal year ending March 31, 2010.
Before the issuance of those new standards, it had been generally accepted that consolidated financial statements should present the substantial financial
position and result of operations of parent company. However, those standards adopted the other different concept, that is, consolidated
financial statements should reflect the financial position and result of operations of the consolidation group, or organically combined bodyconsisted of parent company and its subsidiaries, with recognition that the consolidated group is a single economic entity separate from the parent company.
a. Changes of accounting treatments
1) Changes of accounting treatments of a business combination (ASC Topic 805)
Following the above mentioned new concept, the accounting treatments of a business combination are changed. ITOCHU Corporation and its
subsidiaries apply the new treatments for business combination transactions on and after April 1, 2009, therefore changes the accounting treatments
into measuring noncontrolling interests at the fair value as of the business combination date as well as assets and liabilities of acquiree, and recognition of
goodwill attributable to noncontrolling interests in addition to that attributable to stockholders of ITOCHU Corporation.
Further, for every business combination transaction at and after the beginning of fiscal year ending March 31, 2010, pre-existing interests
which had been held by the acquirer are remeasured at the fair value as of the business combination date, and difference between fair value and carrying amountof pre-existing interests are recognized as gain or loss, Gain on investments-net.
2) Changes of accounting treatments of changes in a parent’s ownership interest in a subsidiary under retaining control in the subsidiary (ASC Topic 810)
ITOCHU Corporation and its subsidiaries apply the new standards mentioned above for every change in their ownership interests in their subsidiaries underretaining control in them at and after the beginning of fiscal year ending March 31, 2010, therefore revise the accounting treatments into those as capitaltransactions without recognizing any gain nor loss, based on a standpoint that such transactions are just reclassification of ownership between ITOCHU
Corporation’s stockholders and noncontrolling stockholders, both of which are equity holders of the consolidation group.
3) Changes of accounting treatments in a deconsolidation (ASC Topic 810)
In accordance with new concept mentioned above, accounting treatments of a deconsolidation are revised. ITOCHU Corporation and its subsidiaries
apply the new standards for every deconsolidation at and after the beginning of fiscal year ending March 31, 2010, therefore changes the accounting
treatments into not only recognizing gain or loss on disposal for disposed interests as before but also remeasuring remaining interests at the fair value as ofthe date of deconsolidation with recognition gain or loss for difference between the fair value and the carrying amount of the remaining interests.
b. Revision of presentation of consolidated financial statements (ASC Topic 810)
In addition, the new standards revise presentation formats for consolidated financial statements and requires to present a reporting entity’s financial position and result of
operations including comparative financial statements for the same period of last fiscal year or the end of last fiscal year as below:
1) Consolidated Statements of Income
Following the above mentioned new concept, the definition of "Net income" is adjusted as net income for the consolidation group itself, which
includes net income attributable to noncontrolling interest as well as parent company. Therefore, the quarterly consolidated statements of income format
has been revised in presenting first "Net income" under the new concept, deducting "Net income attributable to noncontrolling interest" (the previous"Minority interests") and displaying the remaining amount as "Net income attributable to ITOCHU" (the previous "Net income").
2) Consolidated Balance Sheets
In compliance with the new concept mentioned above, the basic policy for preparing consolidated balance sheets are changed: Equity in consolidated balance sheets
should be presented that for the consolidation group itself, that is, equity in subsidiaries contributed from, or to be distributed to noncontrolling interests as well as heldby parent company. Therefore, regarding the quarterly consolidated balance sheets format, the previous "Minority interests" has been renamed as "Noncontrollinginterest" and presented as a component of Equity. (The definition of "stockholders’ equity" is unchanged even after adoption of the new standards. That is,"Common stock", "Capital surplus", "Retained earnings", "Accumulated other comprehensive income (loss)" and "Treasury stock, at cost" displayed ascomponents of "Total ITOCHU's stockholders' equity" present respective amount attributable to the stockholders of ITOCHU Corporation, while in"Noncontrolling interest" total of subsidiaries’ equity amount attributable to noncontrolling interests is presented without disaggregating into eachcomponent.
3) Consolidated Statements of Comprehensive Income
According to the new concept, just as well as Net income in consolidated statements of income, "Comprehensive income" in consolidated statements ofcomprehensive income should be presented that for the consolidation group itself. Therefore, regarding the revised quarterly consolidated statements ofcomprehensive income format, "Comprehensive income" shows the entire increase or decrease of each comprehensive income component and thencomprehensive income amount attributable to noncontrolling interests is deducted in "Comprehensive income attributable to noncontrolling interest" andthe remaining amount is presented in "Comprehensive income attributable to ITOCHU".
4) Consolidated Statements of Cash Flows
Consolidated statements of cash flows are considered to display cash flow position as consolidation group itself even previously, however in accordancewith the previous manner, "Net income" before adoption of the new standards (that is "Net income attributable to ITOCHU" after adoption of the new standards)
was to be presented in presentation of Cash flows from operating activities, and accordingly reverse of "Minority interests" was to be included in "Adjustments toreconcile net income". After adoption of the new standards, the first line in presentation of Cash flows from operating activities should be "Net income" defined in
the new pronouncements, and accordingly it is no longer necessary to reverse Minority interests (or "Net income attributable to noncontrolling interest").
Such transactions at and after the beginning of fiscal year ending March 31, 2010, are classified as Cash flows from financing activities, which werepreviously included in Cash flows from investing activities.

− 20 −

3. Performance of Group Companies attributable to ITOCHUFor the nine months ended December 31, 2009 and 2008

Components of Consolidated Net Income attributable to ITOCHU【For the nine months ended December 31】【For the three months ended December 31】

2008
2009
Increase
Apr.-Dec. Apr.-Dec. (Decrease)
39.6
45.0
(5.4)

(Unit: billion yen)
Parent company
Group companies excluding
overseas trading subsidiaries
Overseas trading subsidiaries
Subtotal
Consolidation adjustments
Consolidated net income
attributable to ITOCHU

81.9

133.0

(51.1)

5.9
127.4(46.8)

18.4
196.5(33.8)(12.5)(69.1)(13.0)

80.6

162.7

(82.1)

Earnings from overseas businesses (*)
41.5
Share of earnings from overseas businesses 51%

100.1
62%

(58.6)

2008
2009
Increase
Oct.-Dec. Oct.-Dec. (Decrease)
18.1(17.0)
35.0(Unit: billion yen)
Parent company
Group companies excluding
overseas trading subsidiaries
Overseas trading subsidiaries
Subtotal
Consolidation adjustments
Consolidated net income
attributable to ITOCHU

34.2

25.6

8.6

1.5
53.8
(28.5)

6.0
14.6
8.9

(4.4)
39.2
(37.5)

25.3

23.6

1.7

Earnings from overseas businesses (*)
17.5
Share of earnings from overseas businesses 69%

18.3
78%

(0.8)

(*) "Earnings from overseas businesses" is the total of net income attributable to ITOCHU of overseas trading subsidiaries and overseas group companies,
plus net income attributable to ITOCHU of overseas branch of parent company and the companies established in Japan for specific overseas business
whose sources of revenue are in overseas.

Number of Group Companies
December 31, 2009
March 31, 2009
Net
Domestic Overseas
Total
Domestic Overseas
Total
Increase Decrease Changes within Group changes
Subsidiaries
107
155
262
106
157
263
+ 3
(6)
+ 3
(1)
(1)
Equity-method associated companies
70
88
158
70
87
157
+ 11
(8)
(3)
+ 1
+ 1
Total
177
243
420
176
244
420
+ 14
(14)
± 0
(Note) From this first quarter, the criteria to count group companies is changed so that the number of companies directly invested by ITOCHU or its overseas
trading subsidiaries are shown above.
Besides, the following shows the number of companies by the above mentioned method in the same period of the previous fiscal year and in the past two fiscal years end.
December 31, 2008 Subsidiaries:266, Equity-method associated companies:158, Total:424
March 31, 2008 Subsidiaries:261, Equity-method associated companies:163, Total:424
March 31, 2007 Subsidiaries:279, Equity-method associated companies:155, Total:434

Profits/Losses of Group Companies Reporting Profits/Losses(Unit: billion yen)

Apr. - Dec. 2009
Profits
Losses
Total
Group companies excluding
overseas trading subsidiaries
Overseas trading subsidiaries
Total

Apr. - Dec. 2008
Profits
Losses
Total

Increase (Decrease)
Profits
Losses
Total

105.0

(23.1)

81.9

175.7

(42.6)

133.0(70.7)

19.5(51.1)

6.4
111.4

(0.4)
(23.5)

5.9
87.8

18.8
194.5

(0.4)
(43.0)

18.4
151.5(12.5)(83.1)(0.1)
19.5(12.5)(63.7)

Number/Share of Group Companies Reporting Profits

Domestic
Overseas
Total
Share (%)
Domestic
Overseas
Total
Share (%)
Domestic
Overseas
Total
Share (%)

Subsidiaries

Equity-method
associated companies

Total

Apr. - Dec. 2009
Profits
Losses
Total
74
33
107
103
52
155
177
85
262
67.6%
32.4% 100.0%
47
23
70
52
36
88
99
59
158
62.7%
37.3% 100.0%
121
56
177
155
88
243
276
144
420
65.7%
34.3% 100.0%

Apr. - Dec. 2008
Profits
Losses
Total
79
30
109
118
39
157
197
69
266
74.1%
25.9% 100.0%
45
26
71
64
23
87
109
49
158
69.0%
31.0% 100.0%
124
56
180
182
62
244
306
118
424
72.2%
27.8% 100.0%

Increase (Decrease)
Profits
Losses
Total
(5)
3
(2)
(15)
13
(2)
(20)
16
(4)
(6.5%)
6.5%
2
(3)
(1)
(12)
13
1
(10)
10
0
(6.3%)
6.3%
(3)
0
(3)
(27)
26
(1)
(30)
26
(4)
(6.5%)
6.5%

Apr. - Dec. 2008
Profits
Losses
Total
30.3
(6.9)
23.4
107.6
(30.2)
77.4
137.9(37.1)
100.8
39.5
(2.9)
36.6
17.0
(2.9)
14.1
56.6
(5.9)
50.7
69.8
(9.9)
60.0
124.7
(33.1)
91.5
194.5(43.0)
151.5

Increase (Decrease)
Profits
Losses
Total
1.1
(0.2)
0.9
(70.1)
22.0(48.1)(69.0)
21.8(47.2)(8.1)(3.2)(11.4)
(6.0)
0.9
(5.1)
(14.2)(2.3)(16.5)(7.0)(3.5)(10.5)(76.1)
22.9(53.2)(83.1)
19.5(63.7)

Profits/Losses of Group Companies Reporting Profits/Losses(Unit: billion yen)

Subsidiaries
Equity-method
associated companies
Total

Domestic
Overseas (**)
Total
Domestic
Overseas
Total
Domestic
Overseas
Total

Apr. - Dec. 2009
Profits
Losses
Total
31.4
(7.1)
24.3
37.5
(8.2)
29.3
69.0
(15.3)
53.7
31.4
(6.2)
25.2
11.0
(2.0)
9.0
42.4
(8.2)
34.2
62.8
(13.3)
49.5
48.5(10.2)
38.3
111.4(23.5)
87.8(**)Results of “Overseas trading subsidiaries” which are included in the above “Overseas” are as follows;
Apr. - Dec. 2009
Apr. - Dec. 2008
Increase (Decrease)
Profits
Losses
Total
Profits
Losses
Total
Profits
Losses
Total
Overseas trading subsidiaries
6.4
(0.4)
5.9
18.8
(0.4)
18.4
(12.5)(0.1)(12.5)

Major New Group Companies 【For the nine months ended December 31, 2009】
Business Field

NameCountry

VotingSharesCategories

TextileMARUKO CO., LTD.

Japan

( 26.5 %) Manufacturing and sales of women's underwear

TextileT.KAWABE & CO., LTD.

Japan

( 25.3 %) Manufacturing and sales of handkerchiefs

Food

TING HSIN (CAYMAN ISLANDS) HOLDING CORP.

Cayman( 20.0 %)General Merchandise

YOKOHAMA RUSSIA LLC

RussiaHolding company of food manufacture and sales,
restaurants, and retail businesses( 20.0 %) Sales of tires− 21 −

Performance of Group Companies (Impact of Net Income attributable to ITOCHU)
For the nine months ended December 31, 2009 and 2008

Major Group Companies(Unit: billion yen)

Name

SharesJOI'X CORPORATION

MethodofConsolidation

100.0% Consolidation
90.5% Consolidation

0.2

0.2

0.3

0.3 Sale of garment accessories

0.0

0.3

0.1

0.3 Production control and wholesale of textile and apparel(*5) (China)

100.0% Consolidation

0.2

0.5

0.3

0.6 Production control and wholesale of textile materials, fabrics and apparel

ITOCHU CONSTRUCTION MACHINERY CO., LTD.

100.0% Consolidation

0.1

0.2

0.0

0.4 Sale and rental of construction machinery

MCL Group Limited(*6) (U.K.)

100.0% Consolidation

(0.1)

(0.8)

(0.2)

(0.4) Warehousing, retail and financing of motor vehicles

ITOCHU Automobile America Inc.

(U.S.A.)

100.0% Consolidation

0.0

(0.3)

(0.2)

(0.5) Retail, distribution, and trade of motor vehicles

Century Tokyo Leasing Corporation

(*7)

20.6%

(*2)

(*2)

0.2

1.0 Lease, installment sale, business lease and other

52.6% Consolidation

(*2)

(*2)

1.0

1.9

Prominent Apparel Ltd.
ITOCHU TEXTILE (CHINA) CO., Ltd.

ITOCHU Techno-Solutions Corporation

Excite Japan Co., Ltd.
ICT,ITC NETWORKS CORPORATION
Aerospace& Electronics
NANO Media Inc.
(*3)

Sale and maintenance of computer network systems, customized developmentof software, data center service, and support

58.8% Consolidation

(*2)

(*2)

(0.1)

(1.2) Providing services of Internet information

60.7% Consolidation

0.4

1.3

0.3

1.0 Sale of mobile phone units, mobile phones related solution business

51.3% Consolidation

0.0

(0.1)

(0.3)

(0.5) Content publishing, mobile site operation and application development

50.8% Consolidation

0.0

0.0

0.0

0.2 Music channel on cable/satellite television

ITOCHU Sanki Corporation

100.0% Consolidation

(0.1)

0.1

0.0

0.1 Import/Export and domestic sale of industrial machinery

JAMCO Corporation

33.3%

Equity

(*2)

(*2)

0.0

0.0 Maintenance of aircraft and manufacture of aircraft interior

SUNCALL CORPORATION

26.4%

Equity

(*2)

(*2)

0.0

ITOCHU Metals Corporation

100.0% Consolidation

0.2

0.4

0.3

ITOCHU Petroleum Japan Ltd.

100.0% Consolidation

1.1

1.3

3.6

ITOCHU ENEX CO., LTD.
ITOCHU Minerals & Energy of(*8) (Australia)
Australia Pty Ltd
ITOCHU Oil Exploration (Azerbaijan) Inc.
(Cayman)

52.3% Consolidation

0.6

0.7

0.2

1.2 Wholesale of petroleum products and high-pressure gas

100.0% Consolidation

9.0

23.4

13.2

64.6

100.0% Consolidation

3.0

4.5

9.0

20.6 Exploration and production of crude oil and gas

Marubeni-Itochu Steel Inc.

50.0%

3.1

2.2

3.8

13.9 Import/Export and wholesale of steel products

ITOCHU Kenzai Corp.

87.1% Consolidation

0.0

0.1

(0.5)

(0.2) Wholesale of wood products and building materials

ITOCHU Pulp & Paper Corp.

100.0% Consolidation

0.1

0.3

0.1

0.3 Wholesale of paper, paperboards and various paper materials

99.8% Consolidation

0.6

1.5

0.0

1.0 Wholesale of fine chemicals and related raw materials

100.0% Consolidation

0.4

1.2

0.2

1.4 Wholesale of plastics and related products

97.6% Consolidation

0.2

2.0

(0.2)

(0.1) Manufacture and sale of plastic products

DAIKEN CORPORATION

20.5%

Equity

0.0

0.0

0.1

0.1 Manufacture and sale of building materials

TAKIRON Co., Ltd.

27.5%

Equity

(*2)

(*2)

0.0

0.0 Manufacture, processing and sale of plastic products

ITOCHU SHOKUHIN Co., Ltd.

50.8% Consolidation

(*2)

(*2)

0.8

1.1 Wholesale of foods and liquor

NIPPON ACCESS, INC.

69.8% Consolidation

0.5

3.0

0.3

2.5 Wholesale and distribution of foods

Yoshinoya Holdings Co., Ltd.

21.0%

Equity

(0.4)

(0.5)

(0.1)

(0.2) Wide-ranging operation of food service businessJapan Foods Co., Ltd.

34.8%

Equity

0.0

0.1

(0.1)

0.1 Production on consignment and sale of soft drinks

Fuji Oil Co., Ltd.

25.7%

Equity

(*2)

(*2)

0.6

1.4 Integrated manufacturer of cooking oil and soybean protein

FamilyMart Co., Ltd.

31.5%

Equity

1.3

4.4

1.3

4.8 Operation of a convenience store chain

Prima Meat Packers, Ltd.

39.8%

Equity

(*2)

(*2)

0.8

1.9 Production and sale of meat, ham, sausage and processed foods

ITOCHU Finance Corporation

99.1% Consolidation

(0.1)

(0.2)

1.2

1.6 Loan and other finance-related business

Finance,
FX PRIME Corporation
Realty,Insurance i-LOGISTICS CORP.
& Logistics Orient Corporation
Services(*9)

Overseas
trading
ITOCHU Hong Kong Ltd.
subsidiaries

ITOCHU (China) Holding Co., Ltd.
ITOCHU Australia Ltd.

Investment in projects of iron ore, coal and bauxite mining, manufacture ofalumina and oil exploration

55.0% Consolidation

0.0

0.0

0.2

0.8 Foreign exchange margin trade

0.1

1.9

0.1

0.2 Comprehensive logistics services

(*11)

32.6%

Equity

0.4

1.1

0.4

3.0 Consumer credit

31.7%

Equity

0.0

0.1

0.0

0.1 B to B credit guarantee service

49.7%

Equity

0.8

0.9

0.1

0.2 Headquarters of real estate franchise system

100.0% Consolidation

0.1

0.3

0.1

0.3 Import and wholesale of medical equipment and materials(*13) (U.S.A.)

100.0% Consolidation

(0.8)

(0.3)

3.7

8.0 U.S. trading subsidiary(*6) (U.K.)

100.0% Consolidation

0.2

(0.1)

(0.3)

(0.2) Europe trading subsidiary(*4) (Hong Kong)

100.0% Consolidation

0.4

1.3

0.4

1.8 Hong Kong trading subsidiary(*5) (China)

100.0% Consolidation

0.5

1.2

0.9

2.8 China trading subsidiary(*8) (Australia)

100.0% Consolidation

0.4

1.0

0.6

2.8 Australia trading subsidiary(*12)

Century Medical, Inc.

ITOCHU Europe PLC.

5.8 Investment in companies of trade of crude oil and petroleum products

99.0% Consolidation

CENTURY 21 REAL ESTATE OF JAPAN LTD.

ITOCHU International Inc.

EquityManufacturing and sale of optical communication devices,
electronic devices and assembly
Import/Export and wholesale of non-ferrous/light metals and recycle business1.2
mainly in metal products

0.2

(*10)

eGuarantee, Inc.

Other

EquitySPACE SHOWER NETWORKS INC.

Chemicals,
ITOCHU CHEMICAL FRONTIER Corporation
ForestProducts
ITOCHU PLASTICS INC.
& General
Merchandise C.I.Kasei Co., Ltd.

Food

Apr-Dec 20083Q
0.0(0.1) Manufacture, retail and sale of men's apparel100.0% Consolidation

TextileEnergy,Metals& Minerals

Categories

Apr-Dec 2009
3Q
0.0
(0.5)

(*4) (Hong Kong)

SANKEI COMPANY LIMITED

MachineryNet Income attributable to ITOCHU (*1)(*1) Net income attributable to ITOCHU is the figure after adjusting to U.S. GAAP, which may be different from the figures each company announcement.
(*2) Refer to the results announced by each corresponding company, as their announcement dates are on and after ITOCHU's announcement date of the third quarter of Fiscal Year 2010.
(*3) As of April 1, 2009, Aerospace, Electronics & Multimedia Company was renamed to ICT, Aerospace & Electronics Company.
(*4) The above figure of ITOCHU Hong Kong Ltd. includes 40.0% of that of Prominent Apparel Ltd.
(*5) The above figure of ITOCHU (China) Holding Co., Ltd. includes 40.0% of that of ITOCHU TEXTILE (CHINA) CO., Ltd.
(*6) The above figure of ITOCHU Europe PLC. includes 8.6% of that of MCL Group Limited.
(*7) As of April 1, 2009, Century Leasing System, Inc. and Tokyo Leasing Co., Ltd. were merged to be newly named as Century Tokyo Leasing Corporation.
(*8) The above figure of ITOCHU Australia Ltd. includes 3.7% of that of ITOCHU Minerals & Energy of Australia Pty Ltd.
(*9) C.I.Kasei Co., Ltd. have been acquired since this first quarter. The above figure of this company includes the profit resulting from the gain on bargain purchase in acquisition.
(*10) i-LOGISTICS CORP. have been acquired since this first quarter. i-LOGISTICS CORP. changed its corporate name to ITOCHU LOGISTICS CORP. effective January 1, 2010.
The above figure of this company includes the profit resulting from the gain on bargain purchase in acquisition.
(*11) The above figure of Orient Corporation includes the related tax effect.
(*12) The above figure of CENTURY 21 REAL ESTATE OF JAPAN LTD. includes the profit resulting from gain on revaluation when deconsolidating.
(*13) The above figure of ITOCHU International Inc. includes 80.0% of that of PrimeSource Building Products, Inc. and 40.0% of that of GALLEHER CORPORATION.

− 22 −

Performance of Group Companies (Impact of Net Income attributable to ITOCHU)
For the nine months ended December 31, 2009 and 2008
Major Group Companies Reporting Profits(Unit: billion yen)Name

Segment(*14)

SharesNet Income attributable to
ITOCHU (*1)
Increase
2009
2008
Apr.-Dec. Apr.-Dec. (Decrease)

Main reasons for changes[Domestic subsidiaries]
Increase due to net profit resulting from obtaining control in the first quarter of this fiscal year in
addition to cost reduction

C.I.Kasei Co., Ltd.

(*9)

Che

97.6%

2.0

(0.1)

2.1

i-LOGISTICS CORP.

(*10)

Fin

99.0%

1.9

0.2

1.7 Increase due to net profit resulting from obtaining control in the first quarter of this fiscal year

ITOCHU CHEMICAL FRONTIER Corporation

Che

99.8%

1.5

1.0

0.5

ITC NETWORKS CORPORATION

Ict

60.7%

1.3

1.0

0.3 Increase due to high commissions from communication carriers

ITOCHU Petroleum Japan Ltd.

Ene

100.0%

1.3

5.8(4.5) Due to decreased profit from crude oil and oil products because of market slowdown

ITOCHU PLASTICS INC.

Che

100.0%

1.2

1.4(0.2) Decrease due to insufficient demand for materials of automobile, electronics and semiconductors

ITOCHU ENEX CO., LTD.

Ene

52.3%

0.7

1.2

(0.5) Decrease due to weak demand resulting from worsened market environment(*8) (Australia)

Ene

100.0%

23.4

64.6(41.2) Decrease due to price falls in mineral resources and oil & gas(Cayman)Ene

100.0%

4.5

20.6(16.2) Decrease due to price fall in crude oil and reduction of entitlement(*13) (U.S.A.)

Che

100.0%

2.9

6.5(3.6) Decrease due to slowdown in housing market in North America（*4) (Hong Kong)

Ove

100.0%

1.3

1.8(0.4) Decrease in equity in earnings of financial-related associated companies

ITOCHU Singapore Pte, Ltd.

(Singapore)Ove

100.0%

1.3

1.1

0.2 Increase due to good performance in trading for China and Asia in chemicals

ITOCHU (China) Holding Co., Ltd.

（*5) (China)Ove

100.0%

1.2

2.8

(1.6)

ITOCHU Oil Exploration (BTC) Inc.

(Cayman)

Ene

51.4%

1.0

0.5

0.6 Increase in dividends received from Baku-Tbilisi-Ceyhan Pipeline Company（*8) (Australia)

Ove

100.0%

1.0

2.8(1.8) Due to reduced profit from ITOCHU Minerals & Entergy of Australia Pty Ltd(Thailand)Ove

100.0%

0.6

0.8(0.2) Due to reduced demand for chemicals and low performance in steel products related in Thailand

FamilyMart Co., Ltd.

Fod

31.5%

4.4

4.8

(0.3) Due to sales decrease from lack of Taspo cards effect and reduced personal consumption

Brazil Japan Iron Ore Corporation

Ene

47.7%

2.3

-

2.3

Marubeni-Itochu Steel Inc.

Ene

50.0%

2.2

13.9

(11.7) Significantly worsened due to reduced demand for steel products both in Japan and overseas

(*11)

Fin

32.6%

1.1

3.0

(1.9)

Decrease in gain on sales of investment securities in addition to decreased profit resulting from thereduction of loan receivable balance(Cayman)

Fod

20.0%

2.2

-

2.2

Equity pick-up started since the first quarter of this fiscal year, and food manufacturing businessmainly contributed to the profit

Increase due to higher price in chemicals since the last third quarter with significant price falls in
addition to recovering demand since this first quarter[Overseas subsidiaries]
ITOCHU Minerals & Energy of Australia Pty Ltd
ITOCHU Oil Exploration (Azerbaijan) Inc.
PrimeSource Building Products, Inc.
ITOCHU Hong Kong Ltd.

ITOCHU Australia Ltd.
ITOCHU (THAILAND) LTD.

Due to reduced transactions in plastics and nonferrous metal transactions mainly for electronics andsemiconductor sectors[Domestic equity-method associated companies]

Orient Corporation

Equity pick-up started since the first quarter of this fiscal year. Iron ore demand has been improved
since this quarter although the demand shrank in this first half[Overseas equity-method associated companies]
TING HSIN (CAYMAN ISLANDS) HOLDING CORP.

Major Group Companies Reporting Losses(Unit: billion yen)
Net Income attributable to
ITOCHU (*1)

NameMain reasons for changes

Segment(*14)

Shares

ITOCHU Property Development, Ltd.

Fin

99.9%

(2.0)

0.9

(2.9)

JOI'X CORPORATION

Tex

100.0%

(0.5)

(0.1)

(0.4) Due to sales decrease resulting from market slowdown in apparels

Daishin Plywood Co., Ltd.

Che

99.4%

(0.4)

0.0

(0.4) Effect from reduced production due to weak domestic housing market

ITOCHU HOUSING Co., Ltd.

Fin

100.0%

(0.4)

0.0

(0.4)

ITOCHU ELECTRONICS CORP.

Ict

92.1%

(0.3)

0.0

(0.3) Decrease due to low performance in system development projects(U.S.A.)

Ene

100.0%(0.8)(21.5)

20.6

MCL Group Limited（*6) (U.K.)

Mac

100.0%

(0.8)

(0.4)

(0.4) Decrease due to loss-recorded from withdrawal from retail business

ITOCHU Petroleum Co., (Hong Kong) Ltd.

(Hong Kong)

Ene

100.0%

(0.8)

(1.4)

Improved due to the absence of loss-recorded resulting from application of lower-of-cost-or-market
0.6 method for inventory in the same period of the previous fiscal year despite slowdown in the uranium
marketGALLEHER CORPORATION(*13) (U.S.A.)

Che

100.0%

(0.4)

(0.2)

(0.2) Decrease due to slowdown in housing market in North America

ITOCHU International Inc.

(*13) (U.S.A.)

Ove

100.0%

(0.3)

8.0

(8.2)

(U.S.A.)Mac

100.0%

(0.3)

(0.5)

Japan Brazil Paper and Pulp Resources Development Co., Ltd

Che

25.9%

(2.0)

3.3

(5.3) Decrease due to price fall in pulp and foreign exchange loss from Brazilian real's appreciation

Japan Medical Dynamic Marketing, INC.

Oth

30.0%

(0.7)

0.4

(1.1)

Yoshinoya Holdings Co., Ltd.

Fod

21.0%

(0.5)

(0.2)

(0.3) Due to sales decrease in existing stores for its own major businesses

2009
2008
Increase
Apr.-Dec. Apr.-Dec. (Decrease)[Domestic subsidiaries]
Decrease due to the absence of a large-scale condominium sale recorded in the same period of theprevious fiscal year as well as lower sales

Decrease due to the absence of a large-scale condominium sale recorded in the same period of theprevious fiscal year

[Overseas subsidiaries]
CIECO Energy (US) Limited

ITOCHU Automobile America Inc.

Improved due to the absence of the loss from Entrada Oil/Natural Gas Field Development Project inthe same period of the previous fiscal year despite price falls in oil and gas

Decrease due to low performance in housing material, equipment material and construction
machinery businesses
Improved due to cost reduction despite the continuous decreased automobile sales resulting from0.2
recession in the U.S.

[Domestic equity-method associated companies]

Worsened due to impairment loss of inventory despite the profit, gain on negative goodwill
associated with new acquisition in the same period of the previous fiscal year(*14) Tex : Textile, Mac : Machinery, Ict : ICT, Aerospace & Electronics, Ene : Energy, Metals & Minerals, Che : Chemicals, Forest Products & General Merchandise, Fod : Food,
Fin : Finance, Realty, Insurance & Logistics Services, Ove : Overseas trading subsidiaries, Oth : Other
Note : Please refer to the bottom of page 22 for detail of (*1)-(*13)− 23 −

Performance of Group Companies (Impact of Net Income attributable to ITOCHU)
For the three months ended December 31, 2009 and 2008
Major Group Companies Reporting Profits(Unit: billion yen)Name

Segment(*14)

SharesNet Income attributable to
ITOCHU (*1)

Main reasons for changes

Increase2009
2008
Oct.-Dec. Oct.-Dec. (Decrease)[Domestic subsidiaries]
C.I.Kasei Co., Ltd.

(*9)

Che

97.6%

0.2

(0.2)

0.4 Increase due to cost reduction

i-LOGISTICS CORP.

(*10)

Fin

99.0%

0.1

0.1

(0.0) Almost the same level due to reduced transactions of freight offset by increased ITOCHU's share

ITOCHU CHEMICAL FRONTIER Corporation

Che

99.8%

0.6

0.0

Increase due to relatively better performance than the same period of the previous fiscal year with
0.5 significant price falls, in addition to the absence of impairment loss on investments in the same
period of the previous fiscal year

ITC NETWORKS CORPORATION

Ict

60.7%

0.4

0.3

0.0 Increase slightly

ITOCHU Petroleum Japan Ltd.

Ene

100.0%

1.1

3.6(2.6) Due to decreased profit margin from crude oil and oil products because of market slowdown

ITOCHU PLASTICS INC.

Che

100.0%

0.4

0.2

0.2

ITOCHU ENEX CO., LTD.

Ene

52.3%

0.6

0.2

(*8) (Australia)

Ene

100.0%

9.0

13.2(4.2) Decrease due to price falls in mineral resources and oil & gas(Cayman)Ene

100.0%

3.0

9.0(6.0) Decrease due to price fall in crude oil(*13) (U.S.A.)

Che

100.0%

1.4

2.6(1.2) Decrease due to slowdown in housing market in North America（*4) (Hong Kong)

Ove

100.0%

0.4

0.4

0.1

ITOCHU Singapore Pte, Ltd.

(Singapore)Ove

100.0%

0.3

0.1

0.3 Increase due to good performance in trading for China and Asia in chemicals

ITOCHU (China) Holding Co., Ltd.

（*5) (China)Ove

100.0%

0.5

0.9(0.4) Decrease due to low performance in chemical related transactions

ITOCHU Oil Exploration (BTC) Inc.

(Cayman)

Ene

51.4%

0.3

0.0

0.3 Increase in dividends received from Baku-Tbilisi-Ceyhan Pipeline Company（*8) (Australia)

Ove

100.0%

0.4

0.6(0.2) Due to reduced profit from ITOCHU Mineral & Energy of Australia Pty Ltd(Thailand)Ove

100.0%

0.3

0.2

0.0 Almost the same level due to steady performance in food related transactions

FamilyMart Co., Ltd.

Fod

31.5%

1.3

1.3

Almost the same level due to the absence of impairment loss on investments in the same period of the0.0 previous fiscal year, despite lack of Taspo cards effect and sales decrease resulting from reduced
personal consumption

Brazil Japan Iron Ore Corporation

Ene

47.7%

1.3

-

1.3 Improved in sales volume compared with the first half of this fiscal year

Increase due to the absence of impairment loss on investments in the same period of the previous
fiscal year despite insufficient demand for materials of automobile, electronics and semiconductors
Increase due to the absence of impairment loss on investments in the same period of the previous
0.4
fiscal year despite low demand resulting from worsened market environment[Overseas subsidiaries]
ITOCHU Minerals & Energy of Australia Pty Ltd
ITOCHU Oil Exploration (Azerbaijan) Inc.
PrimeSource Building Products, Inc.
ITOCHU Hong Kong Ltd.

ITOCHU Australia Ltd.
ITOCHU (THAILAND) LTD.

Almost the same level due to absence of loss transactions resulting from price falls in chemicals inthe same period of the previous fiscal year

[Domestic equity-method associated companies]

Ene

50.0%

3.1

3.8

(0.7) Due to reduced demand for steel products both in Japan and overseas

(*11)

Fin

32.6%

0.4

0.4

0.0

Almost the same level due to cost reduction despite decreased profit resulting from the reduction ofloan receivable balance(Cayman)

Fod

20.0%

1.1

-

1.1

Equity pick-up started since the first quarter of this fiscal year, and food manufacturing businessmainly contributed to the profit

Marubeni-Itochu Steel Inc.
Orient Corporation[Overseas equity-method associated companies]
TING HSIN (CAYMAN ISLANDS) HOLDING CORP.

Major Group Companies Reporting Losses(Unit: billion yen)
Net Income attributable to
ITOCHU (*1)
Segment(*14)

Shares

ITOCHU Property Development, Ltd.

Fin

99.9%

(0.9)

(0.1)

JOI'X CORPORATION

Tex

100.0%

0.0

0.0

Daishin Plywood Co., Ltd.

Che

99.4%

0.0

0.0

ITOCHU HOUSING Co., Ltd.

Fin

100.0%

(0.1)

(0.1)

0.0 Almost the same level due to slightly increased condominium sales

ITOCHU ELECTRONICS CORP.

Ict

92.1%

0.0

0.0

(0.0) Decrease slightly(U.S.A.)

Ene

100.0%(0.2)(21.8)MCL Group Limited（*6) (U.K.)

Mac

100.0%

(0.1)

(0.2)

ITOCHU Petroleum Co., (Hong Kong) Ltd.

(Hong Kong)

Ene

100.0%

0.0

0.4(0.4) Decrease due to slowdown in the uranium market

GALLEHER CORPORATION(*13) (U.S.A.)

Che

100.0%(0.1)

0.0(0.1) Decrease due to slowdown in housing market in North America

ITOCHU International Inc.

(*13) (U.S.A.)

Ove

100.0%

(0.8)

3.7

(4.5)

(U.S.A.)Mac

100.0%

0.0(0.2)

Japan Brazil Paper and Pulp Resources Development Co., Ltd

Che

25.9%

(0.6)

2.4

(3.0) Decrease due to price fall in pulp and foreign exchange loss from Brazilian real's appreciation

Japan Medical Dynamic Marketing, INC.

Oth

30.0%

0.0

0.0

(0.0) Almost the same level

Yoshinoya Holdings Co., Ltd.

Fod

21.0%

(0.4)

(0.1)

(0.3) Worsened due to the impairment loss from closing up stores in its subsidiary

Name

2009
2008
Increase
Oct.-Dec. Oct.-Dec. (Decrease)

Main reasons for changes[Domestic subsidiaries]
Decrease due to reduced condominium sales compared with the same period of the previous fiscal
year as well as lower sales
Almost the same level due to cost reduction despite sales decrease from market slowdown in
0.0
apparels
Almost the same level due to continuous effect of production decrease resulting from weak domestic
0.0
housing market(0.9)[Overseas subsidiaries]
CIECO Energy (US) Limited

ITOCHU Automobile America Inc.

Increase due to the absence of the loss from Entrada Oil/Natural Gas Field Development Project inthe same period of the previous fiscal year despite low prices of oil and gas
Almost the same level due to withdrawal from the loss-recorded retail business despite decreased
0.1
profit in logistics business

21.6

Decrease due to low performance in equipment material, housing material and construction
machinery business
Improved due to cost reduction despite continuous decreased automobile sales resulting from0.2
recession in the U.S.

[Domestic equity-method associated companies](*14) Tex : Textile, Mac : Machinery, Ict : ICT, Aerospace & Electronics, Ene : Energy, Metals & Minerals, Che : Chemicals, Forest Products & General Merchandise, Fod : Food,
Fin : Finance, Realty, Insurance & Logistics Services, Ove : Overseas trading subsidiaries, Oth : Other
Note : Please refer to the bottom of page 22 for detail of (*1)-(*13)− 24 −

4. Quarterly Information on Consolidated Operating Results
Consolidated Statements of Income

Revenue(Unit: billion yen)

Fiscal Year 2009 ended March 31, 2009
1Q
2Q
3Q
4Q
Total
728.9
767.9
1,033.2
889.2
3,419.1

Fiscal Year 2010 ending March 31, 2010
1Q
2Q
3Q
4Q
Total
767.2
883.8
862.9
2,513.9

Gross trading profit

247.7

294.4

282.5

236.0

1,060.5

206.3

233.7

236.1

676.1

Selling, general and administrative expenses(178.9)(186.5)(204.7)(198.0)(768.1)(189.4)(192.6)(196.1)(578.1)

Provision for doubtful receivables(0.7)(11.7)

(0.1)

(4.2)

(16.7)

(3.9)

(0.5)

(0.6)

(5.0)

Interest income

4.4

3.9

4.2

3.6

16.3

2.5

2.7

2.5

7.7

Interest expense(11.8)(11.1)(11.8)(11.0)(45.7)

(9.0)

(9.4)

(8.2)

(26.6)

Dividends received

10.4

7.5

9.3

7.9

35.0

5.9

4.4

4.0

14.4

Gain (loss) on investments-net

5.9

(0.9)

(18.6)(9.5)(23.1)

2.8

2.4

(0.7)

4.5

Gain (loss) on property and equipment-net

1.1

(1.9)

(34.3)(10.3)(45.4)

2.3

(0.4)

(1.1)

0.8

Gain on bargain purchase in acquisition

-

-

-

-

-

9.1

-

-

9.1

Other-net
Income before income taxes andequity in earnings of associated companies

(2.2)

(0.3)

(7.1)

5.1

(4.5)

1.6

0.9

(2.5)

0.1

75.9

93.4

19.4

19.6

208.3

28.4

41.3

33.4

103.0

(31.3)(30.2)

(8.8)

(2.5)

(72.8)(15.9)(15.3)(18.0)(49.2)

44.6

63.2

10.6

17.1

135.5

12.5

26.0

15.4

53.8

Equity in earnings (losses) of
associated companies

18.9

16.0

15.7

(9.4)

41.3

9.4

11.4

13.4

34.2

Net income

63.5

79.2

26.3

7.8

176.8

21.9

37.3

28.8

88.0

Net income attributable tothe noncontrolling interest

(1.0)

(2.6)

(2.8)

(5.1)

(11.4)

(1.4)

(2.4)

(3.5)

(7.4)

Net income attributable to ITOCHU

62.5

76.7

23.6

2.7

165.4

20.4

34.9

25.3

80.6

〔90.7〕 〔124.2〕〔95.2〕〔29.2〕 〔339.3〕〔25.8〕〔50.2〕〔51.6〕〔127.6〕

Income taxes
Income before equity in earnings (losses) of
associated companies〔Adjusted Profit〕

Segment Information(Unit: billion yen)

Fiscal Year 2009 ended March 31, 2009
1Q

2Q

3Q

4Q

Fiscal Year 2010 ending March 31, 2010
Total

1Q

2Q

3Q

4Q

Total

TextileGross trading profit
Net income attributable to ITOCHU
Machinery
Gross trading profit
Net income attributable to ITOCHU
ICT, Aerospace & Electronics
Gross trading profit
Net income attributable to ITOCHU
Energy, Metals & Minerals
Gross trading profit
Net income attributable to ITOCHU
Metals & Minerals
Gross trading profit
Net income attributable to ITOCHU
EnergyGross trading profit
Net income attributable to ITOCHU

21.8
9.8

25.1
3.4

27.4
3.1

28.3
6.6

102.6
22.9

20.4
0.8

25.2
6.3

30.8
6.1

76.4
13.2

20.4
0.8

24.9
2.8

21.5
(6.7)

5.0
(12.5)

71.9(15.5)

11.5
(0.4)

12.5
4.4

7.5
(2.3)

31.4
1.8

28.2
0.9

32.8
1.0

33.0
0.7

44.8
5.4

138.9
8.0

28.7
(0.6)

33.0
1.8

33.2
(0.8)

94.9
0.4

43.2
32.3

68.2
54.1

72.9
16.3

37.9
12.0

222.3
114.7

25.1
5.6

32.4
20.5

37.8
16.3

95.4
42.4

23.4
19.4

53.9
43.6

22.3
17.1

11.1
3.7

110.7
83.8

9.9
5.9

11.9
10.8

14.5
10.8

36.4
27.5

19.9
12.9

14.3
10.6

50.6
(0.9)

26.8
8.3

111.6
30.9

15.2
(0.3)

20.5
9.7

23.4
5.5

59.1
14.9

29.7
5.2

35.2
8.0

26.9
5.0

22.4
0.8

114.3
19.0

23.6
2.2

28.3
5.9

29.2
4.5

81.0
12.7

16.3
1.6

20.8
4.3

16.7
5.1

12.2
1.0

66.0
12.0

9.9
(0.6)

12.4
1.2

13.9
1.2

36.1
1.7

13.5
3.6

14.4
3.7

10.1
(0.1)

10.3
(0.2)

48.3
7.0

13.7
2.8

15.9
4.8

15.3
3.3

44.9
10.9

80.6
5.7

89.2
6.8

85.9
6.1

79.9
1.7

335.6
20.2

82.5
13.0

88.8
5.5

86.2
7.4

257.5
25.9

Chemicals, Forest Products & General Merchandise

Gross trading profit
Net income attributable to ITOCHU
Forest Products & General Merchandise
Gross trading profit
Net income attributable to ITOCHU
Chemicals
Gross trading profit
Net income attributable to ITOCHU
Food
Gross trading profit
Net income attributable to ITOCHU
Finance, Realty, Insurance & Logistics Services

Gross trading profit
12.7
9.9
10.7
8.8
42.0
7.9
8.9
8.1
Net income attributable to ITOCHU
2.3
4.3
(2.8)
(5.1)
(1.2)
2.0
0.3
(0.7)
Finance, Insurance & Logistics Services
Gross trading profit
5.5
6.2
5.4
5.1
22.3
4.7
4.9
4.7
Net income attributable to ITOCHU
1.2
2.6
(1.7)
(6.6)
(4.4)
2.5
0.9
(0.4)
RealtyGross trading profit
7.2
3.6
5.2
3.8
19.8
3.1
4.0
3.3
Net income attributable to ITOCHU
1.1
1.7
(1.1)
1.5
3.2
(0.5)
(0.5)
(0.3)
Other, Adjustments & Eliminations
Gross trading profit
11.0
9.0
4.2
8.8
33.0
6.7
4.7
3.2
Net income attributable to ITOCHU
5.4
(3.7)
1.7
(6.2)
(2.8)
(2.2)
(9.9)
(5.3)
Note:
1. In the first quarter of this fiscal year, SFAS160 (codified ASC Topic 810) was applied. For detail, please refer to "New Accounting Pronouncementson (11), page 20.
2. As of April 1st, 2009, Aerospace, Electronics & Multimedia Company has been renamed to "ICT, Aerospace & Electronics Company".

− 25 −

24.8
1.7
14.4
3.0
10.5
(1.4)
14.6
(17.4)