ITC CORPORATION<0372> - Announcement

The Stock Exchange of Hong Kong Limited takes no responsibility for 
the contents of this announcement, makes no representation as to its 
accuracy or completeness and expressly disclaims any liability 
whatsoever for any loss howsoever arising from or in reliance upon 
the whole or any part of the contents of this announcement.

                        ITC Corporation Limited
        (Incorporated in Bermuda with limited liability)

                        Announcement

The Board has resolved not to pay dividend on the Preference Shares 
for the twelve month period ending on 31st December, 1999.

Dr. Tong Yuk Lun, Paul has resigned, and Mr. Cheung Hon Kit has been 
appointed, as an independent non-executive director of the Company, 
both with effect from 9th December, 1999.

The board of directors (the "Board") of ITC Corporation Limited (the 
"Company") announces that the Board has resolved not to pay dividend 
to the holders of the 6.5% compulsorily convertible cumulative 
preference shares of par value HK$0.10 each (the "Preference 
Shares") in the capital of the Company on 31st December, 1999 in 
accordance with the bye-laws of the Company and the terms of the 
Preference Shares.

Pursuant to the terms of the Preference Shares, holders of the 
Preference Shares shall be entitled to receive out of the profits of 
the Company available for distribution and resolved by the Board to 
be distributed a fixed cumulative preferential dividend of HK$0.069 
per Preference Share per annum, and any unpaid dividend shall be 
carried forward.

The dividend on the Preference Shares for the twelve month period 
ending on 31st December, 1999 together with the dividend in arrears 
for the 9 month period ended 31st December, 1998 in an aggregate 
amount of HK$0.121 per Preference Share will be carried forward and, 
subject to the Companies Act of Bermuda and the bye-laws of the 
Company, be paid as the Board may resolve. As at the date hereof, 
there are 267,980,000 Preference Shares in issue.

The Board also announces that Dr. Tong Yuk Lun, Paul has resigned, 
and Mr. Cheung Hon Kit has been appointed, as an independent 
non-executive director of the Company, both with effect from 9th 
December, 1999.

The Board extends its appreciation to Dr. Tong for his past 
contributions to the Company and welcome the joining of Mr. Cheung 
to the Board.

By Order of the Board
Wong Lai Kin, Elsa
Company Secretary

Hong Kong, 9th December, 1999