<SEC-DOCUMENT>0001178913-18-002133.txt : 20180724
<SEC-HEADER>0001178913-18-002133.hdr.sgml : 20180724
<ACCEPTANCE-DATETIME>20180724083017
ACCESSION NUMBER:		0001178913-18-002133
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180724
FILED AS OF DATE:		20180724
DATE AS OF CHANGE:		20180724

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ituran Location & Control Ltd.
		CENTRAL INDEX KEY:			0001337117
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32618
		FILM NUMBER:		18965658

	BUSINESS ADDRESS:	
		STREET 1:		3 HASHIKMA STREET
		CITY:			AZOOR
		STATE:			L3
		ZIP:			58001
		BUSINESS PHONE:		972-3-557-1333

	MAIL ADDRESS:	
		STREET 1:		3 HASHIKMA STREET
		CITY:			AZOOR
		STATE:			L3
		ZIP:			58001
</SEC-HEADER>
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<DESCRIPTION>6-K
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<div style="TEXT-ALIGN: center; FONT: bold 14pt/1.25 'Times New Roman', Times, serif">SECURITIES AND EXCHANGE COMMISSION</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; FONT: bold 14pt/1.25 'Times New Roman', Times, serif">FORM 6-K</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">REPORT OF FOREIGN ISSUER<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>PURSUANT TO RULE 13a-16 OR 15d-16 OF THE<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> SECURITIES EXCHANGE ACT OF 1934</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">For the month of July, 2018</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Commission File Number 001-32618</div>

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<div style="TEXT-ALIGN: center; FONT: bold 16pt/1.25 'Times New Roman', Times, serif">Ituran Location and Control Ltd.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Exact name of Registrant as specified in its Charter)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3 Hashikma Street, Azour 58001, Israel</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Address of Registrant&#8217;s principal executive offices)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 10.8pt">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Form 20-F &#9746;&#160;&#160;&#160;&#160; Form 40-F &#9744;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 10.8pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Yes &#9744;&#160;&#160;&#160;&#160; No &#9746;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 10.8pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Yes &#9744;&#160;&#160;&#160;&#160; No &#9746;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 10.8pt">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Yes &#9744;&#160;&#160;&#160;&#160; No &#9746;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 10.8pt">If &#8220;Yes&#8221; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): ______</div>
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<div><a href="exhibit_99-1.htm">99.1</a></div>
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<div><a href="exhibit_99-1.htm">On July 24, 2018 Ituran Location and Control Ltd. issued a press release announcing that the Company will acquire 81.3% of Road Track Holding S.L for $91.7 million. A copy of this press release is annexed hereto as Exhibit 99.1.</a></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit_99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<div style="TEXT-ALIGN: right; FONT: bold 10pt/1.25 'Times New Roman', Times, serif"><u>Exhibit 99.1</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">ITURAN&#8217;S TO ACQUIRE ROAD TRACK HOLDING S.L -</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">A TELEMATICS COMPANY OPERATING PRIMARILY IN LATIN AMERICA</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Ituran will acquire 81.3% of Road Track Holding S.L for $91.7 million</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Following the acquisition, Ituran&#8217;s annual revenues run-rate is expected to be close to</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;$400 million with a subscriber base of approximately 1.8 million</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Management will hold a conference call tomorrow July 25, 2018 to discuss the acquisition</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">AZOUR, Israel &#8211; July 24, 2018 </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8211;</font> Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced the acquisition of the majority of the shares of Road Track Holding S.L, a telematics&#8217; company operating primarily in the Latin American region.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Ituran will pay the shareholders of Road Track Holding S.L $91.7 million for 81.3% of the company valuing the company at approximately $113 million. Of this, $75.7 million will be paid in cash, through a debt facility provided by Ituran&#8217;s lending bank. An additional $12 million will be paid in Ituran shares. The remaining $4 million will be paid out of the company&#8217;s equity as a bonus over the coming three years to the senior management of Road Track Holding S.L who will remain with Ituran through the end of that period. The final acquisition price may be subject to downward adjustments depending on the full year 2018 performance of the Road Track business. Following three years of joint operations, Ituran will purchase the remainder of Road Track&#8217;s shares at a price based on a valuation that will be made at that time. Subject to various approvals and customary closing conditions, the closing is expected during the third quarter of 2018.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Road Track is a fast growing and one of the largest OEM telematics provider in Latin America. Road Track is one of the leading providers in its markets that has successfully launched a factory installed, aftermarket and commercial fleet telematics solutions under an OEM brand for global car manufacturers. Road Track provides its connected car platform to the automotive market with products and services designed for a broad set of customers. For the past five years, it has operated an equally-owned joint venture with Ituran in Brazil and Argentina, called Ituran Road Track, providing telematics services under an OEM agreement with a major global car manufacturer. In addition, it has operations in Colombia, Ecuador and Mexico.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Road Track&#8217;s major customers include two global automotive manufacturers as well as car dealers, insurance companies, car financing companies and fleet operators. As of year-end 2017, Road Track had 550,000 subscribers.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">In terms of Road Track&#8217;s full year 2017 financial highlights (as reported under a non-GAAP IFRS basis ), revenues were $96 million, EBITDA was $21 million and net income was $8.5 million. On a consolidated 2017 pro-forma non-GAAP basis, Ituran including Road Track would have had $366 million in revenue, $98 million in EBITDA and $51 million in net profit and total subscribers at year-end 2017 would have totaled 1.7 million.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Eyal Sheratzky, CEO of Ituran</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">commented</font> &#8220;Part of Ituran&#8217;s strategy has always been to acquire a synergistic business with our own to enable us to accelerate our long-term growth and reach. We have considered many acquisitions over the past few years and it has taken a long time to find the right partner. Having worked closely with Road Track for five years in Brazil and Argentina, and following a long due diligence process, we believe that Road Track is the right acquisition for us which will unlock substantial value in a combined company.&#160; Significantly, it will enable us to further penetrate major car manufacturers, will provide Ituran a significant scale in the telematics industry and allow us to provide a broader service offering into new countries. Our expectations are that following the closing, the combined business will have around 1.8 million subscribers with revenues run-rate of close to $400 million, making it a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">game changer</font> for our Company. We are excited to welcome the management and employees of Road Track to Ituran, and we look forward to accelerating our growth, enhancing shareholder value together.&#8221;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Pablo Gomez, CEO of Road Track Holding</font> S.L <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">commented</font>, &#8220;We have worked closely with Ituran in Brazil and Argentina for the past few years and we are very impressed with the professionalism and drive we have found. Over the years of cooperation, we have seen strong joint potential for significant value creation by joining forces which has underpinned the acquisition talks.&#160; Furthermore, our already existing ties will ease the process of integration. On behalf of the management and employees of Road Track, we remain highly committed to the success of the joint company, and we are excited to join the Ituran family and together unleash new potential and value in this journey.&#8221;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Conference call details</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The Company will also be hosting a conference tomorrow, July 25, 2018 to discuss the acquisition. On the call, management will first summarize the details of the transaction and will then be available to answer investor questions. To participate, call one of the following teleconferencing numbers.&#160; Please begin by placing your calls a few minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">US Dial-in Number: 1 888 668 9141</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">ISRAEL Dial-in Number: 03 918 0609</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">CANADA Dial-in Number: 1 866 485 2399</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">INTERNATIONAL Dial-in Number:&#160; +972 3 918 0609</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">At:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">10:00am Eastern Time, 7:00am Pacific Time, 5:00pm Israel Time</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">For those unable to listen to the live call, a replay of the call will be available from the day after the call in the investor relations section of Ituran&#8217;s website.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Certain statements in this press release are "forward-looking statements" within the meaning of the Securities Act of 1933, as amended.&#160; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">About Road Track

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">With 14 years of automotive OEM and aftermarket telematics experience, Road Track is one of the largest OEM telematics provider in Latin America and one of the fastest-growing service providers in the world.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Road Track provides a comprehensive, end-to-end connected car platform to the automotive market with innovative products and services designed for a broad set of customers including automotive manufacturers, car dealers, insurance companies, fleet financing companies and fleet operators. Leveraging 100% OEM certified products, services and operations. Road Track has 1,700 employees worldwide and is the leading OEM telematics provider in the emerging markets that has successfully launched factory installed, aftermarket and commercial fleet telematics solutions under the OEM&#8217;s brand.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">About Ituran

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Ituran is a leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. Ituran offers Stolen Vehicle Recovery, fleet management as well as mobile asset location, management &amp; control services for vehicles, cargo and personal security. Its products and applications are used by customers in over 20 countries.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Ituran's subscriber base has been growing significantly since the Company's inception to well over 1 million subscribers using its location-based services with a market leading position in Israel and Brazil. Established in 1995, Ituran has over 1,700 employees worldwide, with offices in Israel, Brazil, Argentina and the United States.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">For more information, please visit Ituran&#8217;s website, at: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>www.ituran.com</u></font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">International Investor Relations</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Udi Mizrahi (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>udi_m@ituran.com</u></font>)</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">VP Finance, Ituran</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0.2pt">(Israel) +972 3 557 1348</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Ehud Helft (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>ituran@gkir.com</u></font>)</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">GK Investor &amp; Public Relations</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0.2pt">(US) +1 646 201 9246</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>SIGNATURE</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">ITURAN LOCATION &amp; CONTROL LTD.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Registrant)</div>
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<td style="WIDTH: 35%" valign="bottom" nowrap="nowrap" align="left">Name: Eyal Sheratzky</td>
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<td style="WIDTH: 35%" valign="top">Title: Co-Chief Executive Officer</td>
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<div style="LINE-HEIGHT: 1.25">Date: July 24, 2018</div>

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