Itochu Corp.

RE: ITOCHU CORPORATION
    JPY 60,000,000,000.00 
    MATURING: 20-Jun-2004
    ISSUE DATE: 21-Dec-1998
    ISIN: XS0093273984

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
19-Dec-2003 TO 19-Mar-2004 HAS BEEN FIXED AT 0.000001 PCT.

INTEREST PAYABLE VALUE 19-Mar-2004 WILL AMOUNT TO:
JPY 46,671,750.00 PER JPY 60,000,000,000.00 NOMINAL.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 207 508 3857/3855 OR FAX: 44 20 7508 3881.

RATE FIX DESK
CITIBANK N.A. LONDON