Issue of Equity

Churchill China PLC
09 December 2003

Churchill China plc

Issue of Equity

On 5 December 2003, Churchill China plc issued 19,500 Ordinary Shares of 10
pence each as a result of the exercise of options over its shares granted in
connection with its share option schemes.  The exercise price of these options
was 151 pence per share.

Application has been made to the Alternative Investment Market of the London
Stock Exchange for the new Ordinary Shares to be admitted to trading.  Trading
is expected to commence on 15 December 2003.

END


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