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Ituran Location and Control Receives Notification Letter from the Nasdaq Stock Market

February 11, 2014

AZOUR, Israel, February 11, 2014 /PRNewswire/ –

Ituran Location and Control Ltd. (NASDAQ: ITRN)(the “Company”) announces today that,
due to the untimely passing of Dr. Orna Ophir (see our immediate report in this regard,
dated January 13, 2014), the Nasdaq Stock Market has notified the Company that it is not
in compliance with Nasdaq’s audit committee requirements, which mandate an audit committee
of three board members (as set forth in Listing Rule5605(c)(2)); and that, consistent with
Listing Rule 5605(c)(4), Nasdaq will provide the Company a cure period in order to regain
compliance. The Nasdaq letter was issued in accordance with standard Nasdaq procedures.

The Company intends to regain compliance with the Nasdaq’s audit committee
requirements as soon as possible, and in any event prior to the lapse of the following
cure period, as noted in the above referenced Nasdaq letter:

        - until the earlier of the Company's next annual shareholders' meeting or
          January 13, 2015; or
        - if the next annual shareholders' meeting is held before July 14, 2014, then
          the Company must evidence compliance no later than July 14, 2014.

About Ituran

Ituran provides location-based services, consisting predominantly of stolen vehicle
recovery and tracking services, as well as wireless communications products used in
connection with its location-based services and various other applications. Ituran offers
mobile asset location, Stolen Vehicle Recovery, management & control services for
vehicles, cargo and personal security. Ituran’s subscriber base has been growing
significantly since the Company’s inception to over 684,000 subscribers distributed
globally. Established in 1995, Ituran has over 1,300 employees worldwide, provides its
location based services and has a market leading position in Israel, Brazil, Argentina and
the United States.

For more information, please visit Ituran’s website, at: http://www.ituran.com

Certain statements in this press release are “forward-looking statements” within the
meaning of the Securities Act of 1933, as amended. These forward-looking statements
include, but are not limited to, our plans, objectives, expectations and intentions and
other statements contained in this report that are not historical facts as well as
statements identified by words such as “expects”, “anticipates”, “intends”, “plans”,
“believes”, “seeks”, “estimates” or words of similar meaning. These statements are based
on our current beliefs or expectations and are inherently subject to significant
uncertainties and changes in circumstances, many of which are beyond our control. Actual
results may differ materially from these expectations due to changes in global political,
economic, business, competitive, market and regulatory factors.

        International Investor Relations

        CCG Israel
        Ehud Helft
        ehud@ccgisrael.com

        Kenny Green
        kenny@ccgisrael.com
        Tel: +1-646-201-9246

SOURCE Ituran Location and Control Ltd


Source: PR Newswire



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