I T : UPDATE ON THE DISCLOSEABLE TRANSACTION - ACQUISITION OF LAND USE RIGHT FOR SETTING UP A LOGISTICS AND DISTRIBUTION CENTER IN THE PRC

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I.T LIMITED

(Incorporated in Bermuda with limited liability)

(Stock Code: 999)

UPDATE ON THE DISCLOSEABLE TRANSACTION ACQUISITION OF LAND USE RIGHT FOR SETTING UP A LOGISTICS AND DISTRIBUTION CENTER IN THE PRC

Reference is made to the announcements of the Company dated 9 February 2015, 27 April 2017 and 5 May 2017 (the "Announcements"). Capitalized terms used herein shall have the same meanings as defined in the Announcements.

The Board is pleased to announce that the Contract was duly signed in mid-November 2017 and the Consideration was fully paid on 8 January 2018.

By Order of the Board

Sham Kar Wai

Chairman

Hong Kong, 8 January 2018

As at the date of this announcement, the Board comprises Mr. SHAM Kar Wai, Mr. SHAM Kin Wai and Mr. CHAN Wai Kwan as Executive Directors and Mr. Francis GOUTENMACHER, Dr. WONG Tin Yau, Kelvin, JP and Mr. MAK Wing Sum, Alvin as Independent Non-executive Directors.