Admission of Shares

23 April 2014

Ceramic Fuel Cells Limited

("CFCL" or the "Company")

Admission of Shares

Ceramic Fuel Cells Limited (AIM / ASX: CFU), a leading developer of generators that use fuel-cell technology to convert natural gas into electricity and heat for homes and other buildings, announces that following the proposed fundraising of £3.36 million as announced on 24 March 2014, application has been made for the admission of 672,000,000 ordinary shares of no par value in the Company ("Ordinary Shares") to trading on AIM ("Admission").

The issue is subject, inter alia, to shareholder approval to be sought at the EGM of the Company to be held on 28 April 2014. Once shareholder approval has been received, it is expected that Admission will become effective and trading in the new Ordinary Shares will commence on AIM at 8.00 a.m. on 29 April 2014.

The new Ordinary Shares will represent approximately 27.50 per cent. of the enlarged share capital of the Company immediately after Admission and will, when issued, rank pari passu in all respects with the other Ordinary Shares then in issue.

Following Admission, the Company's Chairman, Mr Alasdair Locke, holds 282,258,782 Ordinary Shares representing 11.59 per cent. of the voting rights in the Company.