Exercise of Options

Ceres Power Holdings plc
16 December 2004



For immediate release
16 December 2004



                    Ceres Power Holdings Plc (the 'Company')



The Company announces that a total of 85,340 new ordinary shares of 5p each have
been issued and allotted pursuant to the Company's EMI Option Scheme. Various
employees of the Company exercised these options between 1 December 2004 and 15
December 2004 according to mid market prices prevailing between those dates.



Application has been made for the new ordinary shares to be admitted to AIM and
trading is expected to commence at 8.00 a.m. on 22 December 2004 bringing the
issued share capital of the Company to 55,181,733.






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