Grant of Options

2 May 2014

Churchill China plc

Grant of Options under LTIP

Churchill China plc (the "Company") announces that on 1 May 2014 the following options over 10p ordinary shares ("Ordinary Shares") were granted under the Churchill China Long Term Incentive Plan ("CCLTIP") (the "Grants"):

The Grants are subject to the achievement of performance conditions as specified by the Remuneration Committee and are subject to claw back provisions in certain circumstances. The performance conditions require that the Company's adjusted (pre-exceptional items and adjusted for pension interest charges and credits) earnings per share ("Adjusted EPS") for the financial year ending 31 December 2016 reaches the following figures for each level of vesting:

Between these target levels, share options will vest on a pro-rata basis and shares will vest, subject to the achievement of performance conditions, from 1 May 2017.

The adjusted EPS for the base year 2013 has been calculated as 25.4p using a normalised tax charge, as defined by the Remuneration Committee, and excluding the net effect of pension fund interest receipts.

The Grants represent 40 per cent of current base salary for each participant.

Following the Grants:

David O'Connor will be interested in 6,000 Ordinary Shares representing 0.05 per cent. of the total issued share capital of the Company. David O'Connor also holds options over Ordinary Shares as follows:

David Taylor will be interested in 20,000 Ordinary Shares representing 0.18 per cent. of the total issued share capital of the Company. David Taylor also holds options over Ordinary Shares as follows:

For further details, please contact: