Issue of Equity

Churchill China PLC
15 November 2006

Churchill China plc



Issue of shares



Under the terms of its approved and unapproved share option schemes, the Company
has today allotted 40,000 new Ordinary Shares of 10p each as follows:


                                          Exercise price      Number of Ordinary
                                                                          Shares

Executive share option scheme                         151p                24,500
Executive share option scheme                         171p                 7,500
Unapproved executive share option scheme              151p                   500
Unapproved executive share option scheme              171p                 7,500



The new Ordinary Shares will rank pari passu with existing Ordinary Shares in
issue and following the allotment, the total number of Ordinary Shares in issue
is 10,902,126.



Application has been made to AIM for the new Ordinary Shares to be admitted to
trading.



Certain of the options are being exercised by the Directors of the Company.
Details of the options being exercised and the resulting shareholdings of the
relevant Directors in the Company are as follows:


                               Number of share     Exercise price    Total number of      Percentage of
                              options exercised                    Ordinary Shares held  issued ordinary
                             and Ordinary Shares                    following exercise    share capital
                                   acquired                             of options

David O'Connor                              7,500             151p               12,099               0.11
Ralph Grundy                                9,500             151p               14,000               0.13
Iain Hicks                                  7,500             171p                7,500               0.07



Additionally, Messrs. O'Connor, Grundy and Hicks respectively hold further
options over 27,250, 45,500 and 10,000 Ordinary Shares in the Company.






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