Issue Equity/Director Shrhldg

Churchill China PLC
28 April 2004


Churchill China plc

Issue of Equity and Directors' Dealing

On 28 April 2004, Churchill China plc issued 76,750 Ordinary Shares of 10 pence
each as a result of the exercise of options over its shares granted in
accordance with its share option schemes. The exercise price of these options
was as follows:

30,000 shares at an exercise price of 82.5 pence per share
7,500 shares at an exercise price of 118.5 pence per share
39,250 shares at an exercise price of 151pence per share

The total shares in issue after the issue of these shares will be 10,781,126
ordinary shares of 10p.

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 these shares on 5   May 2004.

The following Directors of the Company exercised share options as part of the
above:

D.J.S. Taylor exercised share options in respect of 15,000 10p Ordinary Shares
(representing  0.1% of the issued share capital of the Company) at an exercise
price of 82.5p under the Company's Unapproved Executive Share Option Scheme.
After this transaction Mr Taylor holds an interest in 24,250 10p ordinary shares
(representing 0.2% of the issued share capital of the Company). Additionally Mr
Taylor retains an interest in a further 62,500 options over the shares of the
Company (representing 0.6% of the issued share capital of the Company) as
follows:

   No. of                   Scheme                Period of exercise                     Exercise price
   options

        7,500 Unapproved Executive Share Option   April 2003 - April 2010                    118.5p
              Scheme
       19,500 Executive Share Option Scheme       December 2003 - December 2010               151p
       20,500 Unapproved Executive Share Option   December 2003 - December 2010               151p
              Scheme
       15,000 Unapproved Executive Share Option   April 2005 - April 2012                     171p
              Scheme


D.M. O'Connor exercised share options in respect of 9,750 10p Ordinary Shares
(representing  0.1% of the issued share capital of the Company) at an exercise
price of 151p under the Company's Executive Share Option Scheme. After this
transaction Mr O'Connor holds an interest in 14,349 10p ordinary shares
(representing 0.1% of the issued share capital of the Company). Additionally Mr
O'Connor retains an interest in a further 52,750 options over the shares of the
Company (representing 0.5% of the issued share capital of the Company) as
follows:


   No. of                   Scheme                Period of exercise                     Exercise price
   options

        7,500 Unapproved Executive Share Option   April 2003 - April 2010                    118.5p
              Scheme
        9,750 Executive Share Option Scheme       December 2003 - December 2010               151p
       20,500 Unapproved Executive Share Option   December 2003 - December 2010               151p
              Scheme
       15,000 Unapproved Executive Share Option   April 2005 - April 2012                     171p
              Scheme



R.N.Grundy exercised share options in respect of 15,000 10p Ordinary Shares
(representing  0.1% of the issued share capital of the Company) at an exercise
price of 82.5p under the Company's Unapproved Executive Share Option Scheme and
7,500 10p Ordinary Shares (representing  0.1% of the issued share capital of the
Company) at an exercise price of 118.5p under the Company's Unapproved Executive
Share Option Scheme. After this transaction Mr Grundy holds an interest in
24,500 10p ordinary shares (representing 0.2% of the issued share capital of the
Company). Additionally Mr Grundy retains an interest in a further 55,000 options
over the shares of the Company (representing 0.5% of the issued share capital of
the Company) as follows:


   No. of                   Scheme                Period of exercise                      Exercise price
   options

       19,500 Executive Share Option Scheme       December 2003 - December 2010                151p
       20,500 Unapproved Executive Share Option   December 2003 - December 2010                151p
              Scheme
       15,000 Unapproved Executive Share Option   April 2005 - April 2012                      171p
              Scheme





END


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