February 2, 2010
ITOCHU Corporation

Exhibit B

Highlight of Consolidated Financial Results for the Third Quarter of FY 2010 (U.S. GAAP)(from October 1, 2009 to December 31, 2009)(Unit: billion yen, (losses, decrease))

Financial topics for the Third Quarter (3rd Q) of FY 2010

・ 3Q "Net income attributable to ITOCHU" increased by \1.7bil. to \25.3bil. compared with the previous 3Q.
・ Net income attributable to ITOCHU in "Textile" increased by \3.0bil. to \6.1bil. compared with the prev. 3Q, and "Food" increased by \1.3bil. to \7.4bil. Also in "Mach."& "Fin. Rlty, Insur. & LS", the deficit improved and the income increased by\4.4bil. and by \2.1bil., respectively. "Ener., Met. & Min." was almost at the same level due toabsence of the loss arising from the Entrada Oil/Natural Gas Field Development Project in the U.S. Gulf of Mexico (hereinafter "loss from Entrada Oil/Natural Gas Field
Development Project"), despite price falls in mineral resources and oil & gas. "Chem., FP & GM","ICT & Aero., & Elec." decreased (See "Operating Segment Information").

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

Net interest expense
Dividends received
Net financial income (expense)
Loss on investments-net
Loss on property and equipment-net

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

Net income
the noncontrolling interest
Net income attributable to ITOCHU

3rd Quarter
FY 2010

3rd Quarter
FY 2009

862.9
236.1

1,033.2
282.5%(170.3)(46.4)(16.5%)(16.4%)

・ Revenue: Due to price falls in mineral resources and oil & gas, low transactions inautomobiles and construction machinery, price falls in food materials such as feed grains
Please refer to "OperatingSegment Information".

・ Gross trading profit: (Incr/Decr fields & business)(196.1)
(0.6)
(5.7)
4.0
(1.7)
(0.7)
(1.1)
(2.5)
(202.7)33.4(18.0)
15.4
13.4
28.8
(3.5)
25.3

(204.7)
(0.1)
(7.6)
9.3
1.8
(18.6)(34.3)(7.1)(263.1)
19.4
(8.8)
10.6
15.7
26.3
(2.8)
23.6

8.6(0.5)
1.9(5.3)
(3.4)
17.9
33.2
4.6
60.4
14.0(9.2)
4.8(2.4)
2.5(0.7)
1.7(4.2%)
346.4%(24.9%)(57.0%)(23.0%)
72.1%
103.8%
45.6%(15.0%)
9.3%
26.3%
7.3%

2,695.2
8.8%

3,175.2
8.9%(480.0)(0.1%)(15.1%)（Reference）

Total trading transactions
Gross trading profit ratio

Summary of changes from the same periodof the previous fiscal year

Increase (Decrease)

Textile / 3.4: Increase due to the acquisition of JAVA HOLDINGS CO., LTD. despite marketslowdown in textile materials, fabrics and apparels
Machinery / (14.0): Decrease due to reduced sales led by reduced transactions in automobileand construction machinery business
ICT, Aerospace & Electronics / 0.3: Almost the same level due to good performance in IT business inJapan in spite of overall low performance
Energy, Metals & Minerals / (35.1): Decrease due to significant price falls in mineral resources andoil & gas and domestic demand shrink in energies
Chemicals, Forest Products & General Merchandise / 2.3: Increase due to an acquisition of C.I.KaseiCo., Ltd. despite decrease resulting from slowdown in housing market in Japan and the U.S.
Food / 0.3: Increase in food resources such as feed grains, oils and fats, despite decrease in food
distribution sector
Finance, Realty, Insurance & Logistics Services / (2.6): Decrease due to the absence of sale of realestate for rent to investors in the previous 3Q, low performance in finance business despite increase
from an acquisition of i-LOGISTICS CORP. (Note 1)

・ SG&A: Mainly due to cost reduction
・ Provision for doubtful receivables: Absence of a partial reversal of provision in the prev. 3Q -0.5
・ Net financial income (expense): Improvement of net interest expenses due to decline in
U.S. dollars interest rate and dividends received from LNG-related investments -3.2

・ Loss on investments-net: Impairment loss on investments +16.7, net gain on sales of investments-1.9 and loss on business disposals and others +3.1

・Loss on property and equipment-net: Absence of the loss from Entrada Oil/Natural Gas FieldDevelopment Project ( i ); and other impairment losses on property and equipment in the previous 3Q( ii ) +32.8 〔( i ):+26.6 / ( ii ):+6.3〕and net gain on sales of property and equipment, and others +0.4

・ Other-net: Absence of the loss from Entrada Oil/Natural Gas Field Development Project +10.5,
foreign currency exchange gains and losses -2.0 and others -0.4

・ Equity in earnings of associated companies: Brazil Japan Iron Ore Corporation +1.3, TING HSIN
(43.6)
51.6
95.2(45.8%)
Adjusted profit
Adjusted profit = Gross trading profit + SG&A expenses + Net financial income+ Equity in earnings of associated companies

Gross trading profit (Note 2)

Operating Segment
Information

3rd Quarter
FY 2010

3rd Quarter Increase
FY 2009 (Decrease)(CAYMAN ISLANDS) HOLDING CORP. +1.1, Japan Brazil Paper and Pulp Resources
Development Co., Ltd. -3.0, Marubeni-Itochu Steel Inc. -0.7, Equity-method associated companiesof ITOCHU Minerals & Energy of Australia Pty Ltd -0.4
(Note 1) i-LOGISTICS CORP. changed its corporate name to ITOCHU LOGISTICS CORP. effective Jan. 1, 2010.

Net income attributable to ITOCHU
3rd Quarter
FY 2010

3rd Quarter
FY 2009Increase(Decrease)[Net income attributable to ITOCHU]
Summary of changes from the same period of the previous fiscal year
(Note 2) Refer to "Summary of changes from the same period of theprevious fiscal year" in "Consolidated Financial Results of Operations"

Increase due to improved gain on disposal of investments and marketablesecurities despite market slowdown in textile materials, fabrics andapparels
Increase due to the absence of impairment loss on investments in the previous
3Q and improved equity in earnings of associated companies, despite
decreased gross trading profitTextile

30.8

27.4

3.4

6.1

3.1

3.0

Machinery

7.5

21.5

(14.0)

(2.3)

(6.7)

4.4

ICT, Aerospace & Electronics

33.2

33.0

0.3

(0.8)

0.7

(1.5)

Decrease due to impairment loss on investment despite
decreased SG&A

Energy, Metals & Minerals

37.8

72.9

(35.1)

16.3

16.3

0.1

Almost the same level due to the absence of the loss from Entrada
Oil/Natural Gas Field Development Project despite significant decreasein gross trading profit and worsened equity in earnings of assoc. co.

Chemicals, Forest Products& General Merchandise29.2

26.9

2.3

4.5

5.0

(0.5)

Decrease due to worsened equity in earnings of associatedcompanies despite improved gain on sales of investments

Food

86.2

85.9

0.3

7.4

6.1

1.3

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

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

Consolidation adjustments
Net income attributable to ITOCHU

8.1

10.7

(2.6)

(0.7)

(2.8)

2.1

3.2

4.2

(1.0)

(5.3)

1.7

(7.0)

236.1

282.5

(46.4)

25.3

23.6

1.7

3rd Quarter
FY 2010

18.1
34.2
1.5(28.5)
25.3

3rd Quarter Increase
FY 2009 (Decrease)(17.0)
25.6
6.0
8.9
23.6

35.0
8.6
(4.4)
(37.5)
1.7

Increase due to cost reduction in food distribution subsidiary.
Increase due to improved gain on sales of investments, and the absenceof impairment loss of fixed assets in the previous 3Q, despite decreased
gross trading profit
Decrease due to low performance in equipment material transactions inNorth America, and temporary increased tax amount

3rd Quarter
FY 2010Net income attributable to ITOCHU

25.3

3rd Quarter Increase
FY 2009 (Decrease)

23.6

1.7

Earnings from(Note 3)
18.3
(0.8)
17.5
overseas businesses
Share of earnings from69%
78%
overseas businesses(Note 3) "Earnings from overseas businesses" is the total of net income attributable to ITOCHU ofoverseas trading subsidiaries and overseas group companies, plus net income attributable toITOCHU of overseas branch of parent company and domestic group companies substantiallyoperating in overseas.