Issue of Equity

Churchill China PLC
07 September 2004

CHURCHILL CHINA PLC

ISSUE OF EQUITY

The Company announces that it has today issued 8,000 new ordinary shares
pursuant to the exercise of options under the Churchill China plc Approved
Executive Share Option Scheme.

Application has been made to the London Stock Exchange for these shares to be
admitted to trading on the Alternative Investment Market. Trading is expected to
commence on 13 September 2004.

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