09:40     ITC CORPORATION<00372> - Announcement (3)                           

    (i)   Comparison of value                                                 
    Trading in the Trasy Shares on the Stock Exchange has been                
    suspended from 9:30 a.m. on 10 June 2003 at the request of                
    Trasy.                                                                    
                                                                              
    The offer price of HK$0.00575 per Offer Share represents:                 
                                                                              
    - a discount of approximately 55.8% to the closing price of               
    the Trasy Share of HK$0.013 as quoted on the Stock Exchange               
    on the Last Trading Day;                                                  
                                                                              
    - a discount of approximately 63.6% to the average closing                
    price of the Trasy Share of approximately HK$0.0158 for the               
    last 10 trading days up to and including the Last Trading Day;            
    and                                                                       
                                                                              
    - a discount of approximately 73.9% to the audited                        
    consolidated net asset value of approximately HK$0.0220 per               
    Trasy Share as at 31 December 2004.                                       
                                                                              
    (ii)   Total consideration                                                
    Based on Trasy's annual report for the year ended 31 December             
    2004, there were 2,779,000,000 Trasy Shares in issue. On the              
    basis of the offer price of HK$0.00575 per Offer Share, the               
    entire issued share capital of Trasy of 2,779,000,000 Trasy               
    Shares is valued at approximately HK$16.0 million (assuming               
    the Trasy Options have not been exercised prior to the close              
    of the Offers) or approximately HK$16.3 million (assuming the             
    Trasy Options have been fully exercised).                                 
                                                                              
    Based on 1,387,570,000 Trasy Shares subject to the Share                  
    Offer, the Share Offer is valued at approximately HK$8.0                  
    million (assuming the Trasy Options have not been exercised               
    prior to the close of the Offers) or approximately HK$8.3                 
    million (assuming the Trasy Options have been fully                       
    exercised).                                                               
                                                                              
    The Offeror will finance the Offers from its internal                     
    resources. Somerley is satisfied that sufficient financial                
    resources are available to the Offeror to meet full                       
    acceptance of the Offers.                                                 
                                                                              
    (iii)   Stamp duty                                                        
    The Offeror will pay seller's ad valorem stamp duty arising               
    in connection with acceptance of the Share Offer at a rate of             
    HK$1 for every HK$1,000 (or part thereof) of the                          
    consideration payable in respect of the relevant acceptance               
    by the Trasy Shareholders, or the market value of the Trasy               
    Shares, which amount will be deducted from the amount payable             
    to the relevant Trasy Shareholders who accept the Share Offer.            
                                                                              
    INFORMATION ON TRASY                                                      
    The principal business of Trasy is the provision and                      
    operation of an Internet-based electronic trading system to               
    facilitate the trading of precious metals.                                
                                                                              
    The Trasy Group recorded audited net profits (both before and             
    after taxation) of approximately HK$9.5 million for the year              
    ended 31 December 2003 and an audited net loss (both before               
    and after taxation) of approximately HK$1.0 million for the               
    year ended 31 December 2004.                                              
                                                                              
    The audited net asset value of the Trasy Group as at 31                   
    December 2004 was approximately HK$61.0 million.                          
                                                                              
    INFORMATION ON THE OFFEROR AND ITC AND ITS INTENTION ON TRASY             
    The Offeror is incorporated in Hong Kong and is a wholly-                 
    owned subsidiary of ITC. The Offeror is an investment holding             
    company and has not carried on any business activities since              
    its incorporation on 21 March 2005, except in relation to the             
    Acquisition and the Offers. ITC, its controlling shareholder              
    and the Offeror are independent of Trasy and its connected                
    persons (as defined in the Listing Rules).