Holding(s) in Company

1.

Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached

PROTON POWER SYSTEMS PLC

2.

Reason for the notification (please tick the appropriate box or boxes)

An acquisition or disposal of voting rights

( )

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

( )

An event changing the breakdown of voting rights

( )

Other (specify):

Company's share capital increase

(X)

3.

Full name of person(s) subject to the notification obligation:

1. Lombard Atlantic Bank N.V. (LAB)

2. Awal Bank B.S.C. (Awal)

3. Saad Investments Company Limited (as parent undertaking of Lombard Atlantic Bank N.V.) (SICL)

4. Awal Trust Company Limited (as parent undertaking of LAB and SICL) (ATCL)

5. Maan Abdulwahed Al-Sanea (as parent undertaking of Lombard Atlantic Bank N.V.) (MAS)

4.

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

1. Lombard Atlantic Bank N.V.

2. Vidacos Nominees Ltd

3. Giltspur Nominees Ltd

5.

Date of the transaction (and date on which the threshold is crossed or reached if different):

N/A

6.

Date on which issuer notified:

20.10.08

7.

Threshold(s) that is/are crossed or reached:

1. LAB (

2. Awal (>11%)

3. SICL (>12%)

4. ATCL (>12%)

5. MAS (>12%)

8.

Notified details:

Class/type of shares (if possible using the ISIN code)

GB00B00QHC86

Situation previous to the triggering transaction

Resulting situation after the

 triggering transaction

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

Lombard Atlantic Bank N.V.

1,250,000

1,250,000

1,250,000

750,000

500,000

1.05%

0.7%

Awal Bank BSC

7,875,000

7,875,000

7,875,000

Nil

7,875,000

Nil

11.03%

Type of financial instrument

Expiration date

Exercise/Conversion Period/Date

Number of voting rights that may be acquired if the instrument is exercised/converted

% of voting rights

Number of voting rights

% of voting rights

9,125,000

12.78%

9.

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

Maan Abdulwahed Al-Sanea is subject to a notification obligation pursuant to DTR 5.2.1(e) as a parent undertaking of Awal, the entity that holds 7,875,000 (11.03%) shares held through Vidacos Nominees Ltd. and Giltspur Nominees Ltd.

MAS is also the parent undertaking of LAB, although this latter entity is no longer subject to a notification obligation since its holding fell below the 3% threshold (current holding: 1,250,000 (1.75%) shares, split in 750,000 shares directly held and 500,000 shares indirectly held through Vidacos Nominees Ltd and Giltspur Nominees Ltd.).

LAB is fully owned by SICL which is 96.2% owned by ATCL as trustee of the Saad STAR Trust. SICL and ATCL are therefore subject to a notification obligation pursuant to DTR 5.2.1(e) as a parent undertaking of LAB.

10.

Name of the proxy holder:

11.

Number of voting rights proxy holder will cease to hold:

12.

Date on which proxy holder will cease to hold voting rights:

13.

Additional information:

14:

Contact name:

Christopher C. Hart

15.

Contact telephone number:

+44 22 715 0303