Share Options

Churchill China PLC 5 December 2000 CHURCHILL CHINA plc Share Options Churchill China plc announces that the following directors surrendered existing share options on 1st December 2000 issued under the Group's Approved and Unapproved Executive Share Option Schemes and were granted new share options under the Group's Approved and Unapproved schemes on 5th December 2000. Option Options New Price surrendered options David J.S.Taylor Approved Scheme 280p 35,716 Approved Scheme 505p 10,000 Unapproved Scheme 342p 5,000 Approved and Unapproved Scheme 151p 40,000 Paul D.Deighton Approved Scheme 280p 21,434 Unapproved Scheme 575p 7,500 Unapproved Scheme 342p 5,000 Approved and Unapproved Scheme 151p 40,000 David M.O'Connor Approved Scheme 280p 14,283 Unapproved Scheme 575p 7,500 Unapproved Scheme 342p 5,000 Approved and Unapproved Scheme 151p 40,000 After the above transactions each of the above Directors will have 62,500 shares under option. The Remuneration Committee consider that the options surrendered did not provide appropriate motivation to executives regarded as important to the continued progress of the Group. The Remuneration Committee was also mindful that before any existing options were cancelled and new options granted that a clear and sustained recovery in the Group's trading performance should be demonstrated and that this should be reflected in a substantial growth in share price from the historic lows recorded early in the year. These conditions have now been fulfilled. In addition to the above a further 40,000 share options at a price of 151p were granted to Ralph Grundy under the Approved and Unapproved Schemes on 5th December 2000, giving him a total of 62,500 shares under option. For further information please contact Stephen Roper - Chairman - 01782 577566 David Taylor - Finance Director - 01782 577566