Itm Power Regulatory News (ITM)

16 Mar 2007 11:57

TR-1 (i) NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached (ii):

ITM Power Plc

2. Reason for the notification State

Yes/No

An acquisition or disposal of voting rights No An acquisition or disposal of financial instruments No

which may result in the acquisition of shares already issued to which voting rights are attached

An event changing the breakdown of voting rights No

Other (please specify): Yes Revised due to DTR rules - see section 13

3. Full name of person(s) subject to the notification FMR Corp

obligation (iii):

4. Full name of shareholder(s) (if different from 3.) See Additional

(iv): Information in C below

5. Date of the transaction (and date on which the Revised due to DTR rules threshold is crossed or reached if different) (v):

6. Date on which issuer notified: 14 March 2007 7. Threshold(s) that is/are crossed or reached: N/A

8. Notified details:

A: Voting rights attached to shares

Class/type of Situation previous Resulting situation after the triggering shares to transaction (vii) if possible the Triggering using the ISIN transaction (vi) CODE Number Number Number Number of voting % of voting of of of rights (ix) rights Shares Voting shares Rights (viii) Direct Direct Indirect Direct Indirect (x) (xi) GB00B0130H42 2,122,214 2,122,214 2,122,214 2.09% B: Financial Instruments

Resulting situation after the triggering transaction (xii)

Type of Expiration Exercise/ Number of voting % of financial date (xiii) Conversion rights that may be voting instrument Period/ Date (xiv) acquired if the rights instrument is exercised/ converted Total (A+B) Number of voting rights % of voting rights 2,122,214 2.09%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable (xv):

See Additional Information in C below

Proxy Voting:

10. Name of the proxy holder: FMR Corp 11. Number of voting rights proxy holder will cease to hold: N/A 12. Date on which proxy holder will cease to hold voting N/A

rights: 13. Additional information: As discussed with the FSA, prior to the implementation of the EU Transparency Directive, we aggregated the interests in shares of FMR Corp (FMR) and Fidelity International Limited (FIL) together for the purposes of shareholder reporting. According to the new DTR rules we are now reporting the indirect holdings of FMR and FIL separately. A separate notification is being submitted for FIL. Please note these holdings are correct as of close of business 12 March 2007. 14. Contact name: Laura Cotterell 15. Contact telephone number:

fil-regulatoryreporting@uk.fid-intl.com

Annex Notification Of Major Interests In Shares (xvi)

A: Identity of the person or legal entity subject to the

notification obligation

Full name (including legal form for legal entities) Contact address (registered office for legal entities)

Phone number

Other useful information (at least legal representative for

legal persons)

B: Identity of the notifier, if applicable (xvii)

Full name Contact address Phone number

Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

SHARES HELD NOMINEE MANAGEMENT COMPANY

2,122,214 MELLON BANK N.A. FMRCO

FMR Corp is the parent holding company of Fidelity Management & Research Company (FMRCO), investment manager for US mutual funds, and Fidelity Management Trust Company (FMTC), a US state chartered bank which acts as a trustee or investment manager of various pension and trust accounts.

Notes

i. This form is to be sent to the issuer or underlying issuer and to be filed with the competent authority.

ii. Either the full name of the legal entity or another method for identifying the issuer or underlying issuer, provided it is reliable and accurate.

iii. This should be the full name of (a) the shareholder; (b) the personacquiring, disposing of or exercising voting rights in the cases provided forin DTR5.2.1 (b) to (h); (c) all the parties to the agreement referred to inDTR5.2.1 (a), or (d) the direct or indirect holder of financial instrumentsentitled to acquire shares already issued to which voting rights are attached,as appropriate.

In relation to the transactions referred to in points DTR5.2.1 (b) to (h), the following list is provided as indication of the persons who should be mentioned:

- in the circumstances foreseen in DTR5.2.1 (b), the person that acquires the voting rights and is entitled to exercise them under the agreement and the natural person or legal entity who is transferring temporarily for consideration the voting rights;

- in the circumstances foreseen in DTR 5.2.1 (c), the person holding the collateral, provided the person or entity controls the voting rights and declares its intention of exercising them, and person lodging the collateral under these conditions;

- in the circumstances foreseen in DTR5.2.1(d), the person who has a life interest in shares if that person is entitled to exercise the voting rights attached to the shares and the person who is disposing of the voting rights when the life interest is created;

- in the circumstances foreseen in DTR5.2.1 (e), the parent undertaking and,provided it has a notification duty at an individual level under DTR 5.1, underDTR5.2.1 (a) to (d) or under a combination of any of those situations, thecontrolled undertaking;

- in the circumstances foreseen in DTR5.2.1 (f), the deposit taker of the shares, if he can exercise the voting rights attached to the shares deposited with him at his discretion, and the depositor of the shares allowing the deposit taker to exercise the voting rights at his discretion;

- in the circumstances foreseen in DTR5.2.1 (g), the person that controls the voting rights;

- in the circumstances foreseen in DTR5.2.1 (h), the proxy holder, if he canexercise the voting rights at his discretion, and the shareholder who has givenhis proxy to the proxy holder allowing the latter to exercise the voting rightsat his discretion.iv. Applicable in the cases provided for in DTR 5.2.1 (b) to (h). This shouldbe the full name of the shareholder or holder of financial instruments who isthe counterparty to the natural person or legal entity referred to in DTR5.2.

v. The date of the transaction should normally be, in the case of an on exchange transaction, the date on which the matching of orders occurs; in the case of an off exchange transaction, date of the entering into an agreement.

The date on which threshold is crossed should normally be the date on which theacquisition, disposal or possibility to exercise voting rights takes effect(see DTR 5.1.1R (3)). For passive crossings, the date when the corporate eventtook effect.

These dates will usually be the same unless the transaction is subject to a condition beyond the control of the parties.

vi. Please refer to the situation disclosed in the previous notification, Incase the situation previous to the triggering transaction was below 3%, pleasestate `below 3%'.

vii. If the holding has fallen below the minimum threshold , the notifying party should not be obliged to disclose the extent of the holding, only that the new holding is less than 3%.

For the case provided for in DTR5.2.1(a), there should be no disclosure of individual holdings per party to the agreement unless a party individually crosses or reaches an Article 9 threshold. This applies upon entering into, introducing changes to or terminating an agreement.

viii. Direct and indirect

ix In case of combined holdings of shares with voting rights attached `directholding' and voting rights `indirect holdings', please split the voting rightsnumber and percentage into the direct and indirect columns-if there is nocombined holdings, please leave the relevant box blank.

x Voting rights attached to shares in respect of which the notifying party is a direct shareholder (DTR 5.1)

xi. Voting rights held by the notifying party as an indirect shareholder (DTR 5.2.1)

xii If the holding has fallen below the minimum threshold, the notifying partyshould not be obliged to disclose the extent of the holding, only that the newholding is below 3%.

xiii date of maturity / expiration of the finical instrument i.e. the date when the right to acquire shares ends.

xiv If the financial instrument has such a period-please specify the period- for example once every three months starting from the [date]

xv. The notification should include the name(s) of the controlled undertakingsthrough which the voting rights are held. The notification should also includethe amount of voting rights and the percentage held by each controlledundertaking, insofar as individually the controlled undertaking holds 3% ormore, and insofar as the notification by the parent undertaking is intended tocover the notification obligations of the controlled undertaking.

xvi. This annex is only to be filed with the competent authority.

xvii. Whenever another person makes the notification on behalf of the shareholder or the natural person/legal entity referred to in DTR5.2 and DTR5.3.