Holding(s) in Company

NOTIFICATION OF MAJOR INTERESTS IN SHARES                   

1. Name of company

ITM POWER PLC                                                                  

2. Name of shareholder having a major interest

MORGAN STANLEY SECURITIES LIMITED ("MSSL")                                     

3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18

SHAREHOLDER NAMED ABOVE                                                        

4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them

SHAREHOLDER NAMED ABOVE                                                        

5. Number of shares / amount of stock acquired

NOT DISCLOSED                                                                  

6. Percentage of issued class

NOT DISCLOSED                                                                  

7. Number of shares / amount of stock disposed

N/A                                                                            

8. Percentage of issued class

N/A                                                                            

9. Class of security

ORDINARY SHARES OF 5 PENCE EACH                                                

10. Date of transaction

27/04/2006                                                                     

11. Date company informed

03/05/2006                                                                     

12. Total holding following this notification

2,976,916                                                                      

13. Total percentage holding of issued class following this notification

3.24%                                                                          

14. Any additional information

MSSL IS A MEMBER OF THE MORGAN STANLEY GROUP OF COMPANIES. THOSE GROUP         
COMPANIES WHICH ARE DIRECT OR INDIRECT HOLDING COMPANIES OF MSSL ARE, UNDER THE
TERMS OF S.203 OF THE COMPANIES ACT 1985, EACH INTERESTED BY ATTRIBUTION IN ANY
SHARES IN WHICH MSSL IS INTERESTED.                                            

15. Name of contact and telephone number for queries

MARCUS SCOTT - 01799 532860                                                    

16. Name and signature of authorised company official responsible for making
this notification

MARCUS SCOTT, CFO                                                              

Date of notification

03/05/2006