Holding(s) in Company

ITM Power PLC
08 July 2004

8 July 2004

                                 ITM Power plc

                               Holding in Company

NOTIFICATIONS UNDER SECTIONS 198 TO 202 - - U.K. COMPANIES ACT

1.   Company in which shares are held:     ITM Power plc

2.   Notifiable Interest:           Ordinary Shares of 5p each

     (A) FMR Corp.
           82 Devonshire Street
           Boston, MA 02109

           Parent holding company of Fidelity Management & Research Company
          (FMRCO), investment manager for US mutual funds. (See Schedule A for
           listing of Registered Shareholders and their holdings).

     (B) Fidelity International Limited (FIL)
           P.O. Box HM 670
           Hamilton HMCX, Bermuda

           Parent holding company for various direct and indirect subsidiaries. 
           (See Schedule A for listing of Registered Shareholders and their 
           holdings.)

3.         The notifiable interests also comprise the notifiable interest of:

           Mr. Edward C. Johnson 3d
           82 Devonshire Street
           Boston, MA 02109

           A principal shareholder of FMR Corp. and Fidelity International
           Limited.

4.         The notifiable interests include interest held on behalf of
           authorised unit trust schemes in the U.K., notwithstanding the 
           exemption from reporting pursuant to Section 209 (1)(h) of the 
           Companies Act 1985.

5.         These notifications of disclosable interests constitute separate
           notifications of interest in the shares and are combined solely for
           the purposes of clarity and efficiency. Nothing herein should be 
           taken to indicate that FMR Corp. and its direct and indirect 
           subsidiaries, Fidelity International Limited and its direct and 
           indirect subsidiaries or Mr. Edward C. Johnson 3d act as a group or in 
           concert in respect of the disclosed interests, or that they are 
           required to submit these notifications on a joint basis.

6.         The disclosable interests arise under section 208 (4)(b) of the Act,
           namely where a person, not being the registered holder, is entitled
           to exercise a right conferred by the holding of the shares or to
           control the exercise of such rights, or under section 203 of the Act
           respectively.

Schedule A

Security: ITM Power plc

Shares Held                       Management Company                Nominee/Registered Name

2,700,000                         FMRCO                             Mellon Bank
     75,900                       FIL                               Brown Brothers Harriman Ltd LUX
     38,800                       FIL                               Deutsche Bank AG, London

Total Ordinary Shares: 2,814,700

Current ownership percentage: 3.08%

Shares in issue: 91,400,000




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