Exhibit A

October 30, 2009
ITOCHU Corporation

Highlights of Consolidated Financial Results for the First Half of FY 2010 (U.S. GAAP)(Unit: billion yen, (losses, decrease))

Financial topics for the First Half (1st H) of FY 2010

・ 1st H "Net income attributable to ITOCHU" decreased by \83.8 bil. compared with the previous 1st H to \55.3 bil., achieved 43% of our Outlook for FY2010 of \130.0 bil. Among theincome \55.3 bil., 1st Q contributed \20.4 bil. and 2nd Q contributed \34.9 bil., therefore, 2nd Q improved by \14.5 bil. compared with 1st Q, which shows a recovery trend.
・ Although the income in "Ener. Met. & Min." (worsened significantly), "Textile", "ICT & Aero., & Elec.", "Chem., FP & GM", and "Fin. Rlty, Insur. & LS", all decreased with
The income by segment for 2nd Q compared with 1st Q also recovered. (See "Operating Segment Information" on another paper "Exhibit B" named "Highlights of Consolidated

Parent company
Group companies

Financial Results for the Second Quarter of FY 2010 (U.S.GAAP)." Changes in the income for 2nd Q of each segment compared with 1st Q were \5.4 bil. in "Textile", \4.8 bil. inOverseas trading subsidiaries"Mach.", \2.3 bil. in "ICT & Aero., Elec.", \14.9 bil. in "Ener., Met. & Min.", \3.7 bil. in "Chem., FP & GM", \ -7.4 bil. in "Food", and \ -1.7 bil. in "Fin., Rlty, Insur. & LS."

Consolidation adjustments

・ Each ratio of "Net income attributable to ITOCHU" by sector was Natural resource / energy, 47%; Consumer, 47 %; and Others, 6 %.
・ ITOCHU stockholders' equity increased by \157.8 bil. to \1,007.2 bil. due to improvement in Foreign currency translation adjustments, and in Unrealized holding gains on securities
resulting from recovery of stock market. Ratio of stockholders' equity to total assets rose by 2.1 points to 18.4%. NET DER improved by 0.2 points to 1.8 times.
1st Half
FY 2010

1st Half
FY 2009

Increase (Decrease)%

Summary of changes from the same periodof the previous fiscal year

The previous outlook
for FY 2010

Outlook for
FY 2010(Announced on April 30, 2009)

Changes

Progress(%)

Revenue
Gross trading profit

1,651.1
440.0

Selling, general andadministrative expenses
Provision for doubtful receivables

Net interest expense
Dividends received
Net financial income (expense)

Gain on investments-net
Gain (loss) on property andequipment-net
Gain on bargain purchasein acquisition(i)

Other-net
Total other expenses
Income before income taxes and equity

in earnings of associated companiesac

Income taxes
Income before equity in earnings
of associated companies abc
Equity in earnings of associatedcompaniesbc

Net income
Less: Net income attributable tothe noncontrolling interest
Net income attributable to ITOCHU

1,496.7
542.1

154.3
10.3%
(102.1) (18.8%)(16.5)
4.5%
8.0 (64.9%)
1.3(9.1%)(7.5) (41.9%)
(6.2)
0.2
2.8
9.1
-

(382.0)(4.3)(13.2)
10.4
(2.8)
5.2
2.0

(365.4)(12.4)(14.5)
17.8
3.3
5.0
(0.8)

9.1

-

2.6
(370.4)
69.6(31.2)
38.4
20.8
59.2
(3.9)
55.3

(2.5)
(372.8)169.3(61.5)
107.8
34.9
142.7
(3.6)
139.1

4,802.0
9.2%

6,431.2
8.4%(1,629.2) (25.3%)
0.7%

76.0

214.9

(138.9) (64.7%)

5.1
2.5(99.6)
30.3(69.4)(14.1)(83.5)(0.3)(83.8)(0.7%)(58.9%)(49.2%)(64.3%)(40.5%)(58.5%)
7.7%(60.2%)(Reference)
Total trading transactions
Gross trading profit ratio

Adjusted profit

Adjusted profit = Gross trading profit + SG&A expenses + Net financial income+ Equity in earnings of associated companies
Net income attributable to ITOCHU and Adjusted profit
181.0

200
115.5

147.9
96.1

: Adjusted profit: Net income attributableto ITOCHU

214.9
76.0

100 61.2

07/1H

08/1H

09/1H

・ SG&A : Mainly due to increase in pension cost resulting fromworsened pension asset management in addition to increase brought
by an acquisition of ITOCHU ENEX CO., LTD.
・ Provision for doubtful receivables : Absence of provision for
doubtful receivables from customers in Mongolia of Machinery inthe same period of the previous FY・ Net financial income (expense) :Net interest expenses +1.3 (decline in US dollars interest rate)
Dividends received from LNG-related investments -7.1
・ Gain on investments-net : Remeasurement loss for pre-existing
interests resulting from obtaining control -3.5,
Impairment loss +4.4, Net gain on sale -3.0, others +2.3

10/1H

950.0

46.3%

975.0

(25.0)

48.4%
43.4%
48.8%
38.3%
-(i) 25.0-(775.0)175.0(77.0)
98.0
47.0
145.0
(15.0)
130.0(785.0)(5.0)(35.0)
25.0(10.0)

(5.0)
(5.0)
8.0
2.0
10.0

0.0

25.0

(i)

47.8%
39.8%
40.5%
39.2%
44.2%
40.8%
25.9%
42.6%

(800.0)175.0(85.0)
90.0
56.0
146.0
(16.0)
130.0

25.0
8.0
8.0
(9.0)
(1.0)
1.0
-10,500.0 45.7%
9.0%

10,500.0
9.3%-Gross trading profit (Note 2)
1st Half
Increase
FY 2009 (Decrease)

Net gain on sales of property and equipment +2.0, others +0.8

・ Gain on bargain purchase in acquisition : Gain in theacquisitions of C.I.Kasei Co., Ltd. and i-LOGISTICS CORP. +9.1bc

Net income attributable to ITOCHU
1st Half
FY 2010(40.4)(59.7)(8.1)
24.5(83.8)

Earnings from overseas businesses (*)
Share of earnings from overseasbusinesses

24.0
43%

81.8
59%

(57.8)

1st Half
FY 2010

Share of Group Companies
Reporting Profits

236.0(29.0)

207.0

36.7%

1st Half
FY 2009

Increase(Decrease)(Note 3) In this 1st quarter, the criteria to count group companies was changed so that the numberof companies directly invested by ITOCHU or its overseas trading subsidiaries are shown above.

Number of group co. reporting profits
Number of group co. reporting losses

Total

P/L of Group Companies
Reporting Profits / Losses

66.2%

74.1%

(7.9%)

280
143
423

312
109
421

(32)
342

1st Half
FY 2010

1st Half
FY 2009

Increase(Decrease)

107.4
81.8

29.4 52.9

62.0

10.0(3.8)(17.3)

29.5

11.2

08/1H

1st Half
FY 2010Group Companies

51.5

ITOCHU Oil Exploration(Azerbaijan) Inc.

(C)

1.4

11.7

FamilyMart Co., Ltd.

(E)

3.1

3.5

PrimeSource Building
Products, Inc.

(C)

1.5

3.9

Decrease due to slowdown inhousing market in North America

(0.9)

10.1

Significantly worsened due toreduced demand for steel products
both in Japan and overseas

(1.4)

0.9

Decrease due to price fall in pulp

(Major Group Companies Reporting Losses)

Marubeni-Itochu Steel Inc.（MISI）(E)

Japan Brazil Paper and Pulp (E)Resources Development Co., Ltd

Total of Group companies

P/L of Group Companies Reporting Profits / Losses
87.2
64.3

(Overseas trading subsidiaries)
4.7
(0.3)
4.4

Group co. reporting losses

September 30
2009

Financial Position

12.6
(0.1)
12.5
March 31
2009

(7.9)
(0.2)
(8.1)
Increase(Decrease)

Decrease due to price falls in metal
resources and decreased sales
volume in iron ore
Decrease due to oil price fall,
reduction of entitlement, yen's
appreciation and increased costs
Decrease due to sales decrease from
gradually weakened effect of Taspocard, and bad weather

14.5(2.6)(67.8)(57.3)(2.5)(59.7)

Summary of changes from i
the same period of theprevious fiscal year i

1st Half
FY 2009

ITOCHU Minerals & Energy(C)of Australia Pty Ltd (IMEA)(65.2)

121.3(13.8)
107.4

10/1H

(Major Group Companies Reporting Profits) (C): Consolidated subsidiary, (E): Equity-method associated company(14.0)
119.9

64.0(16.3)
47.7(18.3)

09/1H(*) "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 parentcompany and domestic group companies substantially operating in overseas.

133.9

Group co. reporting losses

4.4(42.7)

07/1H

68.7

Group co. reporting profits

21.5

12.5

(6.1)

(22.1)

FY06/1H(16.6)
52.1(Group companies)

47.7

38.4

Group co. reporting losses

Total: Parent company: Group companies: Overseas trading
subsidiaries: Consolidation
adjustments

Components of Net income attributable to ITOCHU

Group co. reporting profits

Total of Overseas trading subsidiaries

Dividend Information(Per Share)

Dividend Information(Per Share)

Annual15 yen(Planned)

Annual15 yen(Planned)

Interim

7.5 yenInterim

79.7

109.9

133.9
93.0

68.7

49.1

(15.2)(7.6)

FY06/1H

07/1H(16.9)
08/1H: Group companies
reporting profits: Group companies
reporting losses: Net P/L

119.9
52.1

(14.0)(16.6)

09/1H

10/1H

Summary of changes from the previous fiscal year end

Outlook for March 31, 2010
NewPrevious

1st HalfIncrease
FY 2009 (Decrease)

Total assets
Interest-bearing debt
Net interest-bearing debt

5,461.7
2,388.5
1,836.71,007.2
1.8

ITOCHU stockholders' equity
Net debt-to-equity ratio (times)

5,192.1
269.6
2,389.3(0.9)
1,756.8
80.0
849.4
157.8
2.1 improved 0.20

Total assets / Increase: Effect of acquisitions in Chem.,FP&GM and in Fin.,Rlty,Insur.&LS"Net trade receivables", "Inventories", "Net property and equipment", effect of appreciationof Australian dollar and Brazilian Real against the yen in Ener., Met. & Min.; newinvestments in Textile and in Food.; Decrease: "Cash and cash equivalents, Time deposits"
ITOCHU stockholders' Equity / Increase: Accumulation of "Net income attributable toITOCHU", improvement in "Foreign currency translation adjustments", and improvement in"Unrealized holding gains on securities" resulting from recovery of stock market;
Decrease: Dividend payment; "NET DER"improved by 0.2 points to 1.8 times

5,500.02,400.0
1,900.0
1,000.0
1.95,500.02,400.0
1,900.0
950.0
under 2.0

7.5 yen[Net income attributable to ITOCHU]
Summary of changes from the same period of the previous fiscal year

1st HalfFY 2010

62.0
107.4
12.5(42.7)
139.1

Group co. reporting profits(Note1) Refer to the results announced by each company, as their announcement dates are on and after Oct. 30, 2009

Operating Segment
Information

Net income attributable to ITOCHU

21.5
47.7
4.4
(18.3)
55.3

Share of group co. reporting profits(790.0)(10.0)(27.0)
27.0
0.0

Increase(Decrease)・ Gain (loss) on property and equipment-net :Century Tokyo Leasing Corporation (Note1) [Net profit related to amerger +1.1] / TING HSIN (CAYMAN ISLANDS) HOLDING CORP.
+1.1 / Brazil Japan Iron Ore Corporation +1.0 / MISI -11.0 / Equitymethod associated companies of IMEA -4.3 / Orient Corporation -3.3 /Japan Brazil Paper and Pulp Resources Development Co., Ltd. -2.3

55.30FY06/1H・ Gross trading profit: (Incr/Decr fields & business)
Textile/Decr: Due to market slowdown in textile materials, fabrics,
apparels despite increase from an acquisition of SANKEI CO., LTD.
Mach. / Decr: Due to reduced transactions in automobile andconstruction machinery business, and decrease in sales volume by
the absence of ship trading transactions in the previous 1st H
ICT, Aero. & Elec. / Unchanged: Due to increase in domestic mobilephone business offset by overall low performance in aviation,
Information and Communication Technology related businesses
Ener.,Met.&Min. / Decr: Due to price falls in metal resources andenergies as well as decrease in sales volume of iron ore despite
increase from an acquisition of ITOCHU ENEX CO., LTD.
Chem., FP & GM / Decr: Due to price falls in chemicals since last
autumn and slowdown in housing market in Japan and the U.S., anddeconsolidation of a subsidiary in the U.S. despite increase from anacquisition of C.I.Kasei Co., Ltd.
Food / Incr: Increase in sales volume in food distribution businessand profitability improved in fresh food materials
Fin., Rlty, Insur. & LS / Decr: Decrease in condominium sales andlow performance in finance-related business despite increase froman acquisition of i-LOGISTICS CORP.

・ Other-net : Improvement of foreign currency exchange losses +3.2,others +1.9
・ Equity in earnings of assoc. co. :

139.1

116.4

・ Revenue: Increase due to the acquisition of several subsidiaries
including ITOCHU ENEX CO., LTD., despite decrease due to pricefalls in metal resources and energies, poor market in automobiles
and housing market slowdown in Japan and the U.S.

1st Half
FY 2009

69.7

exceptions of "Food" and "Mach." which increased. (See "Operating Segment Information")

Consolidated Financial
Results of Operations

1st Half
FY 2010

Components of Net Income
attributable to ITOCHU

Progress(%)(Note 2) Refer to "Summary of changes from the same period of the previous
fiscal year" in "Consolidated Financial Results of Operations"34%

Decrease due to the absence of gain on sales of investments in the previous 1st H anddecreased gross trading profit despite increased equity in earnings of associated companies

1st Half
FY 2010

Cash Flows

1st Half
FY 2009

Operating activities
Investing activities
Financing activities

102.7(134.6)(56.0)

62.3(114.8)
14.0

Cash and cash equivalents
Increase (Decrease)547.7(81.1)

399.4(46.9)

Increase(Decrease)

40.4(19.9)(70.1)

Condition of Cash Flows for FY 2010

Operating: Net cash-inflow mainly due to progress in collection of Trade receivables in ICT, Aerospace &Electronics and in Textile.
Investing: Net cash-outflow mainly due to investments in the consumer-related sector, and additional
investments related to acquisitions of C.I.Kasei Co., Ltd. and i-LOGISTICS CORP.

TextileMachinery

45.6

46.9

13.2(6.1)

4.0

3.7

0.4

45%

0.6

1.2

1.9(0.7)

11%

Decrease in gain on sales of investments despite decrease in SG&A

111.5(53.9)

26.1

86.4(60.3)

43%

Decrease in equity in earnings of associated companies in addition to significantly
decreased gross trading profit

51.8

65.0(13.1)

8.1

13.2(5.1)

41%Decrease due to decreased gross trading profit and equity in earnings of assoc. co. despite profit
from obtaining control of C.I.Kasei Co.,Ltd.and improved gain(loss)on property& equipment-net

171.3

169.8

1.4

18.5

12.4

6.1

74%

24.0

45.3

61.7

61.1

Energy, Metals & Minerals

57.6

Chemicals, Forest Products& General Merchandise

FoodTotal

7.1

Increase in equity in earnings of assoc. co., gain on sales of investments and the absence ofprovision for doubtful receivables in the previous 1st H despite decreased gross trading profit

ICT, Aerospace & Electronics

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

(1.3)

16.7

22.5

(21.4)

(5.8)

2.3

6.6

11.4

20.0

(8.6)

(12.1)

1.7

440.0

542.1

(102.1)

55.3

139.1

29%

Significant increase due to gain on sales of investments in addition to increased
gross trading profit
Decrease due to decreased gross trading profit and equity in earnings of associatedcompanies despite profit from obtaining control of i-LOGISTICS CORP.

(13.8)

50%

Decrease due to decreased equity in earnings of assoc. co. & increased inter-company income
tax caused by change of internal tax system in addition to decreased gross trading profit(83.8)

43%(4.3)

1st Half
FY 2010Major Indicates

1st Half
FY 2009

96.34

Average (Apr.-Sep.)

Foreignexchange(Yen/US$)

Financing: Net cash-outflow (net repayment) mainly due to dividends payment and repayments of debt by theparent company

Changes

Major Indicates

1st Half
FY 2010

1st Half
FY 2009

Changes(8.77) Interest, JPY TIBOR 3M, average (Apr.-Sep.)

0.574%

0.848%(0.274%)98.23(8.02) Interest, US$ LIBOR 3M, average (Jan.-Jun. ）105.69(11.47)

91.03

4.98

105.11Mar. closing
September 30th

Sep-09Average (Jan.-Jun.)

Mar-0994.22

Dec. closing
June 30th

90.21

Jun-0996.01

Dec-08Crude oil (Brent),
average (US$/BBL)

1.044%

3.018%(1.974%)(Apr.-Sep.)

64.37

119.91(55.54)(Jan.-Jun.)

52.71

109.72(57.01)