ITC Properties : REPURCHASE AND CANCELLATION OF PART OF THE NOTES

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

This announcement is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to acquire, purchase or subscribe for securities. Nothing in this announcement constitutes an offer of securities for sale in the United States or any other jurisdiction where it is unlawful to do so. The securities have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any other place. Accordingly, the securities may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The securities may be offered and sold only in offshore transactions in reliance on Regulation S under the Securities Act, and in each case, in accordance with any other applicable law. This announcement is not for distribution, directly or indirectly, in or into the United States. There will be no public offering of securities in the United States.

TREASURE GENERATOR LIMITED

(Incorporated in the British Virgin Islands with limited liability)

(as Issuer)

4.75 PER CENT. GUARANTEED NOTES DUE 2021

(Stock Code : 5709)

UNCONDITIONALLY AND IRREVOCABLY GUARANTEED BY

(Incorporated in Bermuda with limited liability)

(Stock Code : 199)

(as Guarantor)

REPURCHASE AND CANCELLATION

OF

PART OF THE NOTES

This announcement is made by ITC Properties Group Limited (the "Company") and Treasure Generator Limited (the "Issuer"), a wholly-owned subsidiary of the Company, pursuant to Rule 37.48(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

References are made to (i) the announcement of the Company and the Issuer dated 14 October 2016 in relation to the US$200,000,000 4.75% guaranteed notes due 2021 issued by the Issuer and guaranteed by the Company (the "Notes") and (ii) the

* For identification purpose only

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announcement of the Company and the Issuer dated 18 November 2020 regarding the repurchase of the Notes of principal amount in aggregate of US$20,720,000, representing approximately 10.4% of the principal amount of the Notes originally issued, as of 18 November 2020 (the "Last Date").

Since the Last Date and up to 15 April 2021, the Notes of principal amount in aggregate of US$9,600,000 (the "Repurchased Notes"), representing approximately 4.8% of the principal amount of the Notes originally issued, have further been repurchased. All the Repurchased Notes have been or will be cancelled.

As at 15 April 2021, the Notes of principal amount in aggregate of US$30,320,000, representing approximately 15.2% of the principal amount of the Notes originally issued, have been repurchased. After the cancellation of the Repurchased Notes, the outstanding principal amount of the Notes will be US$169,680,000.

As at the date of this announcement, the directors of the Issuer are Mr. Cheung Hon Kit, Mr. Chan Fut Yan and Mr. Cheung Chi Kit.

As at the date of this announcement, the directors of the Company are as follows:

Executive Directors:

Mr. Cheung Hon Kit (Chairman), Mr. Cheung Chi Kit (Managing Director), Mr. Chan Yiu Lun, Alan, Mr. Wong Lai Shun, Benny, Ms. Lam Sau Fung (Chief Financial Officer)

Non-executive Director:

Mr. Chan Fut Yan

Independent non-executive Directors:

Hon. Shek Lai Him, Abraham, GBS, JP (Vice Chairman), Mr. Chan Pak Cheong Afonso, Mr. Ip Hon Wah

In case of any inconsistency, the English version of this announcement shall prevail over the Chinese version.

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