ITC CORPORATION<00372> - Unusual price & volume movements

The Stock Exchange has received a message from ITC Corporation Limited     
which is reproduced as follows:-

"This statement is made at the request of The Stock Exchange of Hong Kong 
Limited.

We have noted the recent increases in the price and trading volume of the 
ordinary shares of the Company and wish to state that we are not aware of 
any reasons for such increases.

Reference is made to the announcements of the Company dated 4 June 2004, 
25 June 2004, 13 August 2004, 18 August 2004, 3 September 2004, 9 
September 2004, 20 September 2004, 24 September 2004, 7 October, 2004 and 
11 October, 2004 and the circular of the Company dated 21 September, 2004 
in relation to the possible disposal of the Paul. Y. Construction Group 
(which has been not yet completed as at the date of this statement), the 
very substantial disposal resulting in the possible disposal of shares in 
Paul. Y. - ITC Construction Holdings Limited ("Paul Y. - ITC") so that it 
becomes an associated company of the Company, the conversion of existing 
convertible preference shares into redeemable convertible preference 
shares and variation of terms and the discloseable transaction resulting 
from acquisition of the property interests by Paul. Y. - ITC. The proposed 
very substantial disposal in relation to the shares in Paul Y. - ITC has 
been approved by shareholders at the special general meeting dated 6 
October 2004 and the Company is in negotiations with independent third 
parties to the possible implementation of such disposal. However, 
discussions between the parties are still at an early stage and the 
parties have not entered into any contract in connection with, or agreed 
the terms of, any such transaction.

Save as stated above, we confirm that there are no negotiations or 
agreements relating to intended acquisitions or realisations which are 
discloseable under rule 13.23 of the Rules Governing the Listing of The 
Stock Exchange of Hong Kong Limited ("Listing Rules"), neither is the 
board of directors of the Company ("Board") aware of any matter 
discloseable under the general obligation imposed by rule 13.09 of the 
Listing Rules, which is or may be of a price-sensitive nature.

Made by the order of the Board of ITC Corporation Limited
the directors of which individually and jointly accept responsibility for 
the accuracy of this statement.

As at the date of this statement, the Board comprises nine directors of 
the Company, of which (i) six are executive directors, namely Dr. Chan 
Kwok Keung, Charles Mr Lau Ko Yuen, Tom, Ms. Chau Mei Wah, Rosanna, Mr. 
Chan Kwok Hung, Mr. Chan Fut Yan and MR. Cheung Ho Kit; and three are 
independent non-executive directors, namely Mr. Chuck Winston Calptor, Mr. Lee 
Kit Wah and Mr. Wong Kam Cheong, Stanley.


For and on behalf of board of
ITC Corporation Limited

Chau Mei Wah, Rosanna
Managing Director

12 October 2004"