Sale of Investment Securities

August 4, 2000

This document is an English translation of a statement written initially in Japanese.
The Japanese original should be considered the primary version.

ITOCHU Corporation has sold 12,782 shares of it's associated company JSAT Corporation on the day of its listing on the first section of the Tokyo Stock Exchange.

1. Transaction Details

(1) Shares sold	12,782 shares of common stock of JSAT Corporation (following the sale, ITOCHU Corporation holds 65,593 shares, representing 17.1% of all shares outstanding)
(2) Book value of shares sold	¥1.35 billion
(3) Total proceeds	¥8.50 billion
(4) Capital gain	¥7.15 billion
(5) Method of payment	Cash

2. Sales Method

Shares were sold on the stock exchange through an underwriting syndicate of securities companies.

3. Date of Delivery

Shares were sold on Friday, August 4, 2000, the date on which the shares of JSAT Corporation were listed on the Tokyo Stock Exchange.

4. Reason for Sale

The sale of the 12,782 shares to the public was timed to coincide with the commencement of trading of JSAT Corporation shares on the Tokyo Stock Exchange.

There will be no revisions made to the projections of non-consolidated and consolidated results for Fiscal Year 2001, ending March 2001, as this was included in the estimated net income.

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