Churchill Announces Improved Terms for its $200 Million Credit Facility

Changes Include 25 Basis Point Interest Rate Reduction

CALGARY, July 13, 2012 /PRNewswire/ – The Churchill Corporation (TSX: CUQ, CUQ.DB) (“Churchill” or the “Corporation”) today announced that it has
negotiated improved terms and conditions for its $200 million senior
secured revolving credit facility (the “Revolver”). The syndicate of
lenders remains the same and the Revolver continues to include a $75
million accordion feature. Changes to the Revolver, which became
effective July 12, 2012, include a 25 basis point reduction in the
applicable interest rate, a one-year extension of the facility (new
maturity date of July 12, 2016), and additional flexibility on consents
regarding dividends and acquisitions.

About The Churchill Corporation

The Churchill Corporation provides building construction, commercial and
industrial electrical contracting, earthmoving and industrial
insulation services to an array of public and private sector clients.
Churchill operates office locations throughout British Columbia,
Alberta, Saskatchewan, Manitoba, and northern Ontario. Churchill common
shares and convertible debentures are listed on the Toronto Stock
Exchange under the symbols “CUQ” and “CUQ.DB”, respectively. www.churchillcorporation.com

SOURCE The Churchill Corporation