伊藤忠商事（8001） – Consolidated Financial Results for the Third Quarter of the Fiscal Year 2022 ending March 31, 2022

-Unaudited-February 3, 2022Consolidated Financial Results for the Third Quarter of the Fiscal Year 2022 ending March 31, 2022 [Prepared in conformity with International Financial Reporting Standards]Company name:ITOCHU Corporation8001Stock exchange code:President and Chief Operating Officer:General Manager, Investor Relations Division:The date of payout of dividend: -Keita IshiiSuguru Amanohttps://www.itochu.co.jp/en/ir/TEL: 81 – 3 – 3497 – 72951. Consolidated operating results for the third quarter of the fiscal year 2022 (from April 1, 2021 to December 31, 2021)(1) Consolidated operating results (Summary)(%: Changes from the same period of the previous fiscal year)RevenuesTrading income (*4)Profit before taxNet profitNet profit attributableto ITOCHUTotal comprehensiveincome attributableto ITOCHUFor the first to third quarter ofFiscal Year 2022Fiscal Year 2021millions of yen9,093,6547,591,150% millions of yen464,729305,02619.8(8.1)% millions of yen957,332450,15252.4(5.0)%112.7(23.7)millions of yen730,297393,149% millions of yen678,864364,31885.8(17.8)% millions of yen759,810417,55786.3(14.6)%82.0 16.8Basic earnings per shareattributable to ITOCHUDiluted earnings per shareattributable to ITOCHUFor the first to third quarter ofFiscal Year 2022Fiscal Year 2021　yen457.06244.78yen– Equity in earnings of associates and joint ventures (millions of yen) 3rd quarter of FYE 2022: 232,223 [ 53.0% ] 3rd quarter of FYE 2021: 151,771 [ (9.3 %)]3rd quarter of FYE 2022: 810,810 [ 76.2% ] 3rd quarter of FYE 2021: 460,254 [ 12.5 % ] Total comprehensive income (millions of yen) (2) Consolidated financial positionTotal assetsTotal equityTotal shareholders’ equityRatio of shareholders’equity to total assetsShareholders’equity per shareDecember 31, 2021March 31, 2021millions of yen11,766,98111,178,432millions of yen4,490,7773,870,240millions of yen3,936,6603,316,281%33.529.7yen2,650.362,232.84(3) Consolidated cash flows informationOperating activitiesInvesting activitiesFinancing activitiesCash and cash equivalentsFor the first to third quarter ofFiscal Year 2022Fiscal Year 2021millions of yen572,031598,382millions of yen 56,011 (182,407) millions of yen(760,958) (415,256) millions of yen463,627580,1802. Dividend distributionFiscal Year 2021Fiscal Year 2022Fiscal Year 2022(Planned)Dividend distribution per shareEnd offirst quarterEnd ofsecond quarterEnd ofthird quarteryen–yen44.0047.00yen–Year-endAnnualyen44.0063.00yen88.00110.00 (Note) Revisions to the plan of dividend distribution announced most recently: None3. Outlook of consolidated operating results for the fiscal year 2022 (from April 1, 2021 to March 31, 2022)(%: Changes from the previous fiscal year)Net profit attributableto ITOCHUBasic earnings per shareattributable to ITOCHUFiscal Year 2022millions of yen820,000%104.3yen552.08 (Note) Revisions to the outlook of consolidated operating results announced most recently: Yes (Note) For more details, please refer to page 10, “3. Qualitative Information of Outlook for the Fiscal Year Ending March 31, 2022″.－ 1 －4. Other information (1) Changes in significant subsidiaries during the period (changes in specified subsidiaries accompanying changes in the consolidation scope): None (2) Changes in accounting policies and accounting estimates (a) Changes in accounting policies required by IFRS (b) Other changes (c) Changes in accounting estimates: None: None: None3rd quarter of FYE 20221,584,889,504Fiscal Year 20211,584,889,5043rd quarter of FYE 202299,556,702Fiscal Year 202199,659,483 shares outstanding:3rd quarter of FYE 20221,485,288,9203rd quarter of FYE 20211,488,347,588 (3) Number of common shares issued (a) Number of common shares outstanding: (including the number of treasury stock) (b) Number of treasury stock: (c) Average number of common [Note]*1.This document is an English translation of a statement initially written in Japanese. The original Japanese document should be consideredas the primary version.*2. This document is unaudited by certified public accountants or audit firms.*3.Data and projections contained in these materials are based on the information available at the time of publication, and various factors maycause the actual results to differ materially from those presented in such forward-looking statements. ITOCHU Corporation, therefore,wishes to caution that readers should not place undue reliance on forward-looking statements, and further, that ITOCHU Corporation has noobligation to update any forward-looking statements as a result of new information, future events or other developments.*4.”Trading income” is presented in accordance with Japanese accounting practices. -“Trading income” = “Gross trading profit” + “Selling, general and administrative expenses” + “Provision for doubtful accounts”*5.The consolidated financial statements are expressed in Japanese yen and, solely for the convenience of the reader, have been translated intoU.S. dollars at the rate of 115.02 yen = 1 U.S. dollar, which is the exchange rate prevailing on December 31, 2021. The translation shouldnot be construed as a representation that the Japanese yen amounts could be converted into U.S. dollars at the above or any other rate.*6. “ITOCHU” referred to in the consolidated financial statements represents ITOCHU Corporation.－ 2 －1. Qualitative Information (1) Qualitative Information of the Consolidated Operating Results [For the nine-month period ended December 31, 2021] (a) General Economic Situation Looking back at the global economy for the nine-month period ended December 31, 2021, although the U.S. and Europe temporarily experienced a strong recovery as the distribution of COVID-19 vaccines progressed and restrictions on the movement of people were eased, the spread of the infection could not be fully controlled due to factors such as the spread of new variants of COVID-19, and the pace of recovery slowed from the summer onward as upward pressure on prices intensified. Meanwhile, emerging countries experienced a general slowdown amid the resurgence of infections, as exemplified by China where domestic demand in particular stagnated. The WTI crude oil price rose from about US$60 per barrel range at the beginning of the fiscal year to approximately US$85 in late October as global oil production remained below demand, and although the price temporarily fell to approximately US$62 due to the resurgence of COVID-19, it subsequently steadied to end the year at approximately US$75. The Japanese economy remained flat as the nation experienced cycles of COVID-19 resurgence and state of emergency declarations. However, there were positive signs from autumn through to the end of the year such as an upturn in consumer spending, primarily in the service sector, as the distribution of vaccines helped curb the spread of infection. The U.S. dollar-yen exchange rate started at approximately ¥110 per dollar at the beginning of the fiscal year, with the temporal appreciation of the yen to approximately ¥107 per dollar towards late April due to the decline in the U.S. long-term interest rates. The yen subsequently depreciated to approximately ¥115 per dollar at the end of the year due to the forecast that the Federal Reserve would raise interest rates earlier than previously expected. The Nikkei Stock Average trended downward from approximately ¥29,000 at the beginning of the fiscal year due to the state of emergency declared by the Japanese government, among other factors, to below the ¥27,000 mark at one point in August. However, it temporarily recovered to approximately ¥30,000 in September due to expectations of economic recovery, among other factors, and subsequently remained firm, ending the year in the ¥28,500-29,000 level. The yield on 10-year Japanese government bonds fell from 0.12% at the beginning of the fiscal year to 0.01% at the beginning of August as the Bank of Japan continued to provide ample liquidity to the market and U.S. long-term interest rates declined, but subsequently rose to 0.10% through to late October in line with U.S. long-term interest rates to close at 0.09% at the end of the year. － 3 －(b) Consolidated Operating Results Billions of Yen Apr.-Dec. 2021 Apr.-Dec. 2020 Increase (Decrease) % Revenues ………………………………………… 9,093.7 Millions of U.S. Dollars Apr.-Dec. 2021 Gross trading profit …………………………. Selling, general and administrative expenses …………………………………………. Gains on investments……………………….. Gains (losses) on property, plant, equipment and intangible assets………… Equity in earnings of associates and joint ventures ……………………………. Net profit…………………………………………. Net profit attributable to ITOCHU……. (Reference) Trading income…………….. (i) Revenues (from external customers) Income tax expense………………………….. (227.0) 0.6 (71.0) 71.6 – 5 1,463.2 (993.3) 204.6 232.2 730.3 678.9 7,591.2 1,309.8 (998.3) 29.4 151.8 (57.0) 393.1 364.3 1,502.5 19.8 % 153.4 11.7 % 5.0 175.2 (0.5 %) 595.6 % 80.5 53.0 % (170.0) 298.3 % 337.1 85.8 % 314.5 86.3 % 79,062 12,722 (8,636) 1,779 2,019 (1,974) 6,349 5,902 464.7 305.0 159.7 52.4 % 4,041 Increased by 19.8%, or 1,502.5 billion yen, compared to the same period of the previous fiscal year to 9,093.7 billion yen (79,062 million U.S. dollars). Energy & Chemicals Company: Increased by 524.1 billion yen compared to the same period of the previous fiscal year to 2,057.7 billion yen (17,890 million U.S. dollars), due to higher sales prices and transaction volume in energy-related companies and chemical-related companies. Metals & Minerals Company: Food Company: Increased by 314.7 billion yen compared to the same period of the previous fiscal year to 772.2 billion yen (6,713 million U.S. dollars), due to higher iron ore prices and coal prices. Increased by 220.9 billion yen compared to the same period of the previous fiscal year to 3,255.0 billion yen (28,300 million U.S. dollars), due to higher transaction volume in NIPPON ACCESS and the increase in food-distribution-related transactions. General Products & Realty Company: Increased by 193.0 billion yen compared to the same period of the previous fiscal year to 756.5 billion yen (6,577 million U.S. dollars), due to the sales volume recovery in ETEL (European tire-related company) resulting from the alleviation of the impact of COVID-19 and the favorable performance in North American construction materials business. Machinery Company: Increased by 157.5 billion yen compared to the same period of the previous fiscal year to 895.4 billion yen (7,784 million U.S. dollars), due to the increase in aircraft-related transactions, the favorable sales in YANASE, the recovery in overall automobile-related business resulting from the alleviation of the impact of COVID-19, and the favorable performance in almost all businesses. － 4 －(ii) Gross trading profit Increased by 11.7%, or 153.4 billion yen, compared to the same period of the previous fiscal year to 1,463.2 billion yen (12,722 million U.S. dollars). Metals & Minerals Company: Increased by 62.8 billion yen compared to the same period of the previous fiscal year to 140.7 billion yen (1,223 million U.S. dollars), due to higher iron ore prices and coal prices. General Products & Realty Company: Increased by 33.4 billion yen compared to the same period of the previous fiscal year to 143.2 billion yen (1,245 million U.S. dollars), due to the sales volume recovery in ETEL resulting from the alleviation of the impact of COVID-19 and the favorable performance in North American construction materials business. Energy & Chemicals Company: Increased by 32.3 billion yen compared to the same period of the previous fiscal year to 195.0 billion yen (1,696 million U.S. dollars), due to the improvement in profitability in energy trading transactions and CIECO Azer (Crude oil exploration and production company) resulting from higher market prices, and the stable performance in chemical-related companies. Machinery Company: Increased by 29.5 billion yen compared to the same period of the previous fiscal year to 153.1 billion yen (1,331 million U.S. dollars), due to the favorable sales in YANASE, the recovery in overall automobile-related business resulting from the alleviation of the impact of COVID-19, and the favorable performance in almost all businesses such as ship-related companies and North American IPP-related business. (iii) Selling, general and administrative expenses Decreased by 0.5%, or 5.0 billion yen, compared to the same period of the previous fiscal year to 993.3 billion yen (8,636 million U.S. dollars), due to the conversion of Taiwan FamilyMart into an investment accounted for by the equity method from a consolidated subsidiary in the first quarter of this fiscal year, partially offset by the increase of expenses resulting from the stable growth in revenue and the depreciation of the yen. (iv) Gains on investments Increased by 595.6%, or 175.2 billion yen, compared to the same period of the previous fiscal year to 204.6 billion yen (1,779 million U.S. dollars), due to the gains on the partial sale of Taiwan FamilyMart, the de-consolidation of Paidy, and the sale of Japan Brazil Paper & Pulp Resources Development, in addition to the realization of foreign exchange gains due to the de-consolidation of ITOCHU Coal Americas, partially offset by the absence of the gain on the partial sale of eGuarantee in the same period of the previous fiscal year. (v) Gains (losses) on property, plant, equipment and intangible assets Improved by 71.6 billion yen compared to the same period of the previous fiscal year to 0.6 billion yen (5 million U.S. dollars), due to the absence of the impairment losses in FamilyMart in the same period of the previous fiscal year. － 5 －(vi) Equity in earnings of associates and joint ventures Increased by 53.0%, or 80.5 billion yen, compared to the same period of the previous fiscal year to 232.2 billion yen (2,019 million U.S. dollars). Metals & Minerals Company: Increased by 20.8 billion yen compared to the same period of the previous fiscal year to 36.6 billion yen (319 million U.S. dollars). The increase was caused by higher earnings in Marubeni-Itochu Steel because of some factors such as the favorable results in North American sheet construction materials business, the improvement in North American steel pipe business and the steady performance in overall business due to higher steel material prices, in addition to higher earnings in iron ore companies due to higher prices. Others, Adjustments & Eliminations: (*) Increased by 19.5 billion yen compared to the same period of the previous fiscal year to 74.8 billion yen (650 million U.S. dollars). The increase was caused by higher earnings in CITIC Limited, partially offset by lower earnings in C.P. Pokphand due to the deterioration in profitability in hog farming business resulting from lower pork prices. General Products & Realty Company: Increased by 18.0 billion yen compared to the same period of the previous fiscal year to 24.5 billion yen (213 million U.S. dollars). The increase was caused by higher earnings in IFL (European pulp-related company) due to higher pulp prices. Machinery Company: Increased by 12.3 billion yen compared to the same period of the previous fiscal year to 33.2 billion yen (288 million U.S. dollars). The increase was caused by higher earnings in IEI (European water-and-environment-related company) resulting from the gain on the sale of a water utility company. (*) “Others, Adjustments & Eliminations” includes gains and losses, which do not belong to any operating segment and internal eliminations between operating segments. For more details, please refer to page 17, ” 4. (5) Operating Segment Information”. (vii) Income tax expense (viii) Net profit attributable to ITOCHU Increased by 298.3%, or 170.0 billion yen, compared to the same period of the previous fiscal year to 227.0 billion yen (1,974 million U.S. dollars), due to the stable growth in profits and the absence of lower tax expenses related to FamilyMart in the same period of the previous fiscal year. Consequently, net profit attributable to ITOCHU increased by 86.3%, or 314.5 billion yen, compared to the same period of the previous fiscal year to 678.9 billion yen (5,902 million U.S. dollars). － 6 －(Reference) Trading income “Trading income” in accordance with Japanese accounting practices (“Trading income” = “Gross trading profit” + “Selling, general and administrative expenses” + “Provision for doubtful accounts”) increased by 52.4%, or 159.7 billion yen, compared to the same period of the previous fiscal year to 464.7 billion yen (4,041 million U.S. dollars). Metals & Minerals Company: Increased by 63.8 billion yen compared to the same period of the previous fiscal year to 128.5 billion yen (1,117 million U.S. dollars), due to higher iron ore prices and coal prices. Machinery Company: Increased by 29.6 billion yen compared to the same period of the previous fiscal year to 44.8 billion yen (390 million U.S. dollars), due to the favorable sales in YANASE, the recovery in overall automobile-related business resulting from the alleviation of the impact of COVID-19, and the favorable performance in almost all businesses such as ship-related companies and North American IPP-related business. Energy & Chemicals Company: Increased by 28.4 billion yen compared to the same period of the previous fiscal year to 82.2 billion yen (715 million U.S. dollars), due to the improvement in profitability in energy trading transactions and CIECO Azer resulting from higher market prices, and the stable performance in chemical-related companies. General Products & Realty Company: Increased by 24.6 billion yen compared to the same period of the previous fiscal year to 52.4 billion yen (456 million U.S. dollars), due to the sales volume recovery in ETEL resulting from the alleviation of the impact of COVID-19 and the favorable performance in North American construction materials business. － 7 －(2) Qualitative Information of the Consolidated Financial Position (a) Consolidated Financial Position Billions of Yen Millions of U.S. Dollars Dec. 2021 Mar. 2021 % Dec. 2021 Increase (Decrease) Total assets …………………………………… 11,767.0 11,178.4 588.5 5.3% 102,304 Interest-bearing debt ……………………… 2,802.6 3,155.3 (352.8) (11.2%) Net interest-bearing debt …………………. 2,329.1 Total shareholders’ equity ………………… 3,936.7 2,601.4 3,316.3 (272.2) (10.5%) 620.4 18.7% 24,366 20,250 34,226 Ratio of shareholders’ equity to total assets ………………………………….. 33.5% 29.7% NET DER (times) …………………………… 0.59 0.78 Increased 3.8pt Improved 0.19pt (i) Total assets Increased by 5.3%, or 588.5 billion yen, compared to March 31, 2021 to 11,767.0 billion yen (102,304 million U.S. dollars), due to the increase in trade receivables and inventories in food distribution-related companies and energy trading transactions, and the increase in investments accounted for by the equity method, partially offset by the decrease due to the partial sale of Taiwan FamilyMart. (ii) Net interest-bearing debt (interest-bearing debt after deducting cash and cash equivalents and time deposits) Decreased by 10.5%, or 272.2 billion yen, compared to March 31, 2021 to 2,329.1 billion yen (20,250 million U.S. dollars), due to the stable performance in operating revenues and sale of investments, partially offset by dividend payments. Interest-bearing debt decreased by 11.2%, or 352.8 billion yen, compared to March 31, 2021 to 2,802.6 billion yen (24,366 million U.S. dollars). (iii) Total shareholders’ equity Increased by 18.7%, or 620.4 billion yen, compared to March 31, 2021 to 3,936.7 billion yen (34,226 million U.S. dollars), due to net profit attributable to ITOCHU during this fiscal year and the effect of the depreciation of the yen, partially offset by dividend payments. (iv) Ratio of shareholders’ equity to total assets and NET DER (net debt-to-shareholders’ equity ratio) Ratio of shareholders’ equity to total assets increased by 3.8 points compared to March 31, 2021 to 33.5%. NET DER (net debt-to-shareholders’ equity ratio) improved by 0.19 points compared to March 31, 2021 to 0.59 times. － 8 －(b) Consolidated Cash Flows Billions of Yen Millions of U.S. Dollars Apr.-Dec. 2021 Apr.-Dec. 2020 Apr.-Dec. 2021 572.0 56.0 628.0 598.4 (182.4) 416.0 (415.3) 4,973 487 5,460 (6,616) Cash flows from operating activities ……………. Cash flows from investing activities …………….. Free cash flows………………………………………….. Cash flows from financing activities ……………. (761.0) (i) Cash flows from operating activities Recorded a net cash-inflow of 572.0 billion yen (4,973 million U.S. dollars), due to the stable performance in operating revenues in Metals & Minerals, The 8th, Machinery and Energy & Chemicals Companies. (ii) Cash flows from investing activities Recorded a net cash-inflow of 56.0 billion yen (487 million U.S. dollars), due to the partial sale of Pan Pacific International Holdings Corporation, the sale of Japan Brazil Paper & Pulp Resources Development and Paidy, partially offset by the purchase of fixed assets by Food, The 8th and Machinery Companies, and the decrease in cash as the conversion of Taiwan FamilyMart into an investment accounted for by the equity method from a consolidated subsidiary accompanying the partial sale. (iii) Cash flows from financing activities Recorded a net cash-outflow of 761.0 billion yen (6,616 million U.S. dollars), due to the repayment of borrowings and lease liabilities in addition to dividend payments. “Cash and cash equivalents” as of December 31, 2021 decreased by 80.4 billion yen compared to March 31, 2021 to 463.6 billion yen (4,031 million U.S. dollars). 2. Summary Information (Notes) (1) Changes in significant subsidiaries during the period (changes in specified subsidiaries accompanying changes in the consolidation scope) : None (2) Changes in accounting policies and accounting estimates (a) Changes in accounting policies required by IFRS None (b) Other changes (c) Changes in accounting estimates None None With regards to COVID-19, its overall impact was less significant in the third quarter of the fiscal year ending March 2022, compared to that in the first half of the fiscal year. Although we recognize that the extent to which the new COVID-19 variants can spread remains unpredictable in the fourth quarter of the fiscal year and accordingly we should keep paying attention to the impact, there are no significant changes from the description in the Annual Financial Statements for the year ended March 31, 2021 as a whole. － 9 －3. Qualitative Information of Outlook for the Fiscal Year Ending March 31, 2022Regarding the future business outlook, the global economy is expected to recover due to factorsincluding reaccelerated economic growth in the U.S. and Europe, which are at advanced stages ofCOVID-19 vaccine distribution, while the Japanese economy is also expected to trend toward recoveryas vaccination progresses, primarily in the area of consumer spending. However, the extent to which theCOVID-19 pandemic can be contained remains unpredictable, and the risk of a resurgence in the spreadof infection remains a threat. Accordingly we should pay attention to the possibility of economicstagnation both in Japan and overseas due to reinforcing restrictions on movement of people, increasingupward pressure on prices resulting from prolonged disruptions in supply chains, or other factors.Amid such conditions, the U.S. dollar-yen exchange rate is expected to remain generally flat, while theupward pressure on overall international commodity prices may lead to keep crude oil prices high,partially offset by an expected recovery in production volume by major oil-producing countries.Although we recognize that future business environment is subject to a variety of uncertain factors, werevised upward its forecast of “Net profit attributable to ITOCHU” to 820.0 billion yen for the fiscal yearending March 31, 2022, in accordance with the steady growth of core profit in each business during thisQ1-3.(Unit: billion yen)PreconditionResultsQ1-3 ofFYE 2022Forecast(Disclosed on Feb. 3)Forecast(Disclosed on Nov. 5)ResultsQ1-3 of FYE 2022Forecast(Disclosedon Feb. 3)Forecast(Disclosedon Nov. 5)Gross trading profit1,463.21,950.01,920.0110.55110(993.3)(1,362.0)(1,372.0)Major IndicatorsForeign exchange rate(Yen/US$)Interest (JPY 3M TIBOR)(%)Interest (US$ 3M LIBOR)(%)Crude oil (Brent)(US$/BBL)Iron ore (CFR China)(US$/ton)0.060.1574.040.10.5771100.10.575(Note1)(Note2)(Note2)158N.A.N.A.Selling, general and administrativeexpensesProvision for doubtful accountsTrading incomeNet interest expensesDividends receivedEquity in earnings of associates andjoint venturesOthersProfit before tax(5.2)464.7(6.6)50.9232.2216.0(8.0)580.0(9.0)89.0282.0216.0Income tax expense(227.0)(273.0)(256.0)957.31,158.01,071.0Net profitNet profit attributable tonon-controlling interests730.3885.0(51.4)(65.0)Net profit attributable to ITOCHU678.9820.0(8.0)540.0(11.0)75.0276.0191.0815.0(65.0)750.0(Note1)FYE 2022 Q1-3 prices for iron ore are prices that ITOCHU regards as general transaction prices based on the market.(Note2)The prices of iron ore used in ”Forecast” are assumptions made in consideration of general transaction price based on the market.The actual price is not presented, as this is subject to negotiation with individual customers and vary by ore type.These plans are forward-looking statements that are based on management’s assumptions and beliefsbased on information currently available and involve risks and uncertainties. Thus, the actual resultscould be substantially different from the above statements due to such factors including, but not limitedto, global economic and market conditions, and currency exchange rate fluctuations.－ 10 －4. Quarterly Consolidated Financial Statements ［Condensed］(1) Consolidated Statement of Comprehensive Income ［Condensed］ITOCHU Corporation and its SubsidiariesFor the nine-month periods ended December 31, 2021 and 2020Millions of YenMillions ofU.S. DollarsApr.-Dec. 2021Apr.-Dec. 2020Apr.-Dec. 202170,736 Revenues from sale of goods……………………………………………………………………………………………………………………………………………………8,136,0656,695,742¥ $ ¥ Revenues from rendering of services and royalties……………………………………………………………………………………………………………………………………………..957,589895,4088,326 Total revenues…………………………………………………………………………………………………………………………………………………..9,093,6547,591,15079,062 Revenues: Cost: Cost of sale of goods……………………………………………………………………………………………………………………………………………………(7,142,910)(5,843,159)(62,102) Cost of rendering of services and royalties……………………………………………………………………………………………………………………………………………..(487,508)(438,189)(4,238) Total cost…………………………………………………………………………………………………………………………………………………..(7,630,418)(6,281,348)(66,340) Gross trading profit …………………………………………………………………………………………………………………………………………………1,463,2361,309,80212,722 Other gains (losses): Selling, general and administrative expenses………………………………………………………………………………………………………………..(993,302)(998,253)(8,636) Provision for doubtful accounts………………………………………………………………………………………………………………………………………………….(5,205)(6,523)(45) Gains on investments………………………………………………………………………..204,60629,4151,779 Gains (losses) on property, plant, equipment and intangible assets………………………………………………………………………..587(71,023) Other-net…………………………………………………………………………………………………………………………………………………………10,82215,280593 Total other-losses……………………………………………………………………………………………………………………………………..(1,031,104)(782,492)(6,804) Financial income (loss): Interest income………………………………………………………………………………………………………………………………………………………………15,47018,352135 Dividends received……………………………………………………………………………………………………………………………………50,92329,588443 Interest expense………………………………………………………………………………………………………………………………………………………….(22,028)(28,257)(192) Total financial income………………………………………………………………………………………………………………………………………………………………..44,36519,683386232,223 Equity in earnings of associates and joint ventures………………………………………………………………………………………………………………………………………………………………151,7712,019 Profit before tax……………………………………………………………………………………………………………………………… 957,332450,1528,323 Income tax expense………………………………………………………………………………………………………………………………………………………………(227,035)(57,003)(1,974) Net profit…………………………………………………………………………………………………………………………………………………………………….730,297393,1496,349678,864 Net profit attributable to ITOCHU…………………………………………………………………………………………………………………………………………………………………………………….364,3185,902 Net profit attributable to non-controlling interests……………………………………………………………………………………………………………………………………………………………………………………51,43328,831447-Unaudited- － 11 －Millions of YenMillions ofU.S. DollarsApr.-Dec. 2021Apr.-Dec. 2020Apr.-Dec. 2021 Other comprehensive income, net of tax: Items that will not be reclassified to profit or loss FVTOCI financial assets……………………………………………………..¥ 16,367¥ 38,492$ 142 Remeasurement of net defined pension liability………………………….(767) Other comprehensive income in associates and joint ventures………………………………………………………………. Items that will be reclassified to profit or loss Translation adjustments……………………………………………………….. Cash flow hedges………………………………………………………………. Other comprehensive income in associates and joint ventures…………………………………………………………….. Total other comprehensive income, net of tax……………………. Total comprehensive income ……………………………………………… Total comprehensive income attributable to ITOCHU ………………….. Total comprehensive income attributable to　 non-controlling interests ……………………………………………………….(8,490)25,877(1,001)48,52780,513810,810759,81051,0004095,73831,498(3,143)(5,889)67,105460,254417,55742,697(6) (74)225(9)4227007,0496,606443 Note 1 : The gains and losses on disposal and remeasurement of equity financial instruments, of which the changes in fair value are recorded in “Other comprehensive income”, are recognized in “FVTOCI financial assets”. Note 2 : “Trading income” is presented in accordance with Japanese accounting practices. (“Trading income” = “Gross trading profit” + “Selling, general and administrative expenses” + “Provision for doubtful accounts”) Trading income for the nine-month periods ended December 31, 2021 and 2020 were 464,729 million yen (4,041 million U.S. dollars) and 305,026 million yen, respectively.-Unaudited- － 12 －(2) Consolidated Statement of Financial Position［Condensed］ITOCHU Corporation and its SubsidiariesAs of December 31, 2021 and March 31, 2021 Assets Current assets:Millions of YenMillions of U.S. DollarsDec. 2021Mar. 2021Dec. 2021 Cash and cash equivalents………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………463,627544,0094,031¥ ¥ $ Time deposits………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………9,7859,94585 Trade receivables………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………2,516,0712,122,81521,875 Other current receivables………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………227,503166,2821,978 Other current financial assets………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………58,88744,930512 Inventories………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………1,126,144898,6929,791 Advances to suppliers………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………98,21780,521854 Other current assets………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………169,503161,2561,473 Assets held for sale ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………248,861– Total current assets………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………4,669,7374,277,31140,599Non-current assets: Investments accounted for by the equity method………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………2,136,6431,867,77718,576 Other investments………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………947,959952,3748,242 Non-current receivables………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………694,210658,6586,036 Non-current financial assets other than investments and receivables……………………………………………………………………………..165,083166,6111,435 Property, plant and equipment………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………1,899,1891,939,79116,512 Investment property………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………47,02650,665409 Goodwill and intangible assets………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………1,078,2491,125,8369,374 Deferred tax assets………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………50,00460,446435 Other non-current assets………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………78,88178,963686 Total non-current assets………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………7,097,2446,901,12161,705 Total assets………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………11,766,98111,178,432102,304¥ ¥ $ -Unaudited- － 13 － Liabilities and Equity Current liabilities:Millions of YenMillions of U.S. DollarsDec. 2021Mar. 2021Dec. 2021 Short-term debentures and borrowings………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………642,827710,2135,589¥ ¥ $ Lease liabilities (short-term)…………………………………………………………………………………………………………………228,191238,4461,984 Trade payables………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………2,121,2201,628,76618,442 Other current payables………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………196,902199,7571,712 Other current financial liabilities………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………47,40940,172412 Current tax liabilities………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………65,90957,370573 Advances from customers………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………105,18684,699915 Other current liabilities………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………399,260374,4893,471 Liabilities held for sale………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………220,722– Total current liabilities ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………3,806,9043,554,63433,098Non-current liabilities: Long-term debentures and borrowings………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………2,159,7292,445,09918,777 Lease liabilities (long-term)…………………………………………………………………………………..760,004825,1706,60853,483 Other non-current financial liabilities………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………54,672475 Non-current liabilities for employee benefits………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………110,776116,631963 Deferred tax liabilities………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………213,117150,2751,853 Other non-current liabilities………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………171,002162,9001,487 Total non-current liabilities ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………3,469,3003,753,55830,163 Total liabilities ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………7,276,2047,308,19263,261Equity: Common stock: Authorized: 3,000,000,000 shares; Other components of equity: issued: 1,584,889,504 shares…………………………………………………………………………………………………………………………………………………………………………………………………………….253,448253,4482,203 Capital surplus………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………(157,825)(155,210)(1,372) Retained earnings………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………3,665,4773,238,94831,868131,612 Translation adjustments………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………198,5951,72738,740 FVTOCI financial assets………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………166,7531,450 Cash flow hedges………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………(8,592)(9,897)(75) Total other components of equity………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………356,756160,4553,102 Treasury stock………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………(181,196)(181,360)(1,575)3,316,281 Total shareholders’ equity………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………3,936,66034,226 Non-controlling interests………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………554,117553,9594,817 Total equity………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………4,490,7773,870,24039,043¥ Total liabilities and equity……………………………………………………………………………………………………………………………………………………………………………………..11,178,43211,766,981102,304¥ $ -Unaudited- － 14 －(3) Consolidated Statement of Changes in Equity ［Condensed］ITOCHU Corporation and its SubsidiariesFor the nine-month periods ended December 31, 2021 and 2020Balance on Apr. 1, 2021Net profitOther comprehensive incomeTotal comprehensive incomeCash dividends to shareholdersCash dividends to non-controlling interestsNet change in acquisition (disposition) of treasury stock Net change in sale (purchase) of subsidiary sharesto (from) non-controlling interestsTransfer to Retained earningsBalance on Dec. 31, 2021Balance on Apr. 1, 2020Net profitOther comprehensive incomeTotal comprehensive incomeCash dividends to shareholdersCash dividends to non-controlling interestsNet change in acquisition (disposition) of treasury stock Net change in sale (purchase) of subsidiary sharesto (from) non-controlling interestsTransfer to Retained earningsBalance on Dec. 31, 2020Balance on Apr. 1, 2021Net profitOther comprehensive incomeTotal comprehensive incomeCash dividends to shareholdersCash dividends to non-controlling interestsNet change in acquisition (disposition) of treasury stock Net change in sale (purchase) of subsidiary sharesto (from) non-controlling interestsTransfer to Retained earningsBalance on Dec. 31, 2021Shareholders’ equityCommonstockCapitalsurplusRetainedearningsOthercomponents of equityTreasurystockTotalshareholders’equity(Unit: Millions of Yen)Non-controllinginterestsTotalequity¥ 253,448¥ (155,210)¥ 3,238,948¥ 160,455¥ (181,360)¥ 3,316,281¥ 553,959¥ 3,870,240678,864678,864(135,356)80,94680,946(116,979)116,979678,86480,946759,810(135,356)51,433(433)51,000730,29780,513810,810(135,356)(20,716)(20,716)164164(2,615)(1,624)(4,239)(30,126)(34,365)253,448(157,825)3,665,477356,756(181,196)3,936,660554,1174,490,777Shareholders’ equityCommonstockCapitalsurplusRetainedearningsOthercomponents of equityTreasurystockTotalshareholders’equity(Unit: Millions of Yen)Non-controllinginterestsTotalequity¥ 253,448¥ 50,677¥ 2,948,135¥ (88,971)¥ (167,338)¥ 2,995,951¥ 844,658¥ 3,840,609364,318364,318(129,008)53,23953,239364,31853,239417,557(129,008)28,83113,86642,697(26,288)393,14967,105460,254(129,008)(26,288)(10,593)(10,593)(10,593)(229,830)15,551(214,279)(368,461)(582,740)253,448(179,153)3,183,209(19,945)(177,931)3,059,628492,6063,552,234(236)236Shareholders’ equityCommonstockCapitalsurplusRetainedearningsOthercomponentsof equityTreasurystockTotalshareholders’equity(Unit: Millions of U.S. Dollars)Non-controllinginterestsTotalequity$ 2,203$ (1,349)$ 28,160$ 1,395$ (1,577)$ 28,832$ 4,816$ 33,6485,9025,902(1,177)704704(14)1,0173,1025,9027046,606(1,177)447(4)443(180)6,3497007,049(1,177)(180)(37)(262)(299)2(1,575)34,2264,81739,043(23)(1,372)(1,017)31,8682,203 164–2——2- -Unaudited- － 15 －(4) Consolidated Statement of Cash Flows ［Condensed］ITOCHU Corporation and its SubsidiariesFor the nine-month periods ended December 31, 2021 and 2020Millions of YenMillions of U.S. DollarsApr.-Dec. 2021Apr.-Dec. 2020Apr.-Dec. 2021 Net profit ……………………………………………………………………………………………………………………………………………………..730,297393,149¥ ¥ $ 6,349Cash flows from operating activities: Adjustments to reconcile net profit to net cash provided by operating activities Depreciation and amortization ………………………………………………………………………….303,681 (Gains) losses on investments………………………………………………………………………..(204,606) (Gains) losses on property, plant, equipment and intangible assets…………………………………………………………………………..(587) Financial (income) loss………………………………………………………………………….(44,365)317,540(29,415)71,023(19,683)(151,771) Equity in earnings of associates and joint ventures ………………………………………………………………………….(232,223) Income tax expense ………………………………………………………………………… 227,03557,003 Provision for doubtful accounts and other provisions ………………………………………………………………………….1,7735,094 Changes in assets and liabilities, other-net ………………………………………………………………………….(230,238)(16,945)　 Proceeds from interest…………………………………………..