Holding(s) in Company

For filings with the FSA include the annex

For filings with issuer exclude the annex 

TR-1: Notifications of Major Interests in Shares

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

Ceramic Fuels Cells Ltd.

CFU LN

AU000000CFU6

2. Reason for notification (yes/no)

An acquisition or disposal of voting rights

Y

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

N

An event changing the breakdown of voting rights

N

Other (please specify):______________

N

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

KBC Asset Management Ltd. (As controller of the voting rights directly or indirectly via a subsidiary.)

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

KBC Asset Management Ltd.

KBC Institutional Alternative Energy Fund

Samsung Alternative Energy Fund

KBC Eco Climate Change Fund

KBC Asset Management International Ltd.-(Subsidiary of KBC Asset Management Ltd)

Calvert Asset Management Company Inc

New York City Teachers Retirement System

The Educational Foundation of America

KBC Asset Management NV.

(Portfolios managed by KBC Asset Management Ltd on behalf of KBC Asset Management NV and thereby controlling the voting rights)

KBC Eco Fund Alternative Energy (sub fund of KBC ECO Fund, Belgian domiciled CIS)

KBC Eco Fund Climate Change  (sub fund of KBC ECO Fund, Belgian domiciled CIS)

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

Consolidated holdings breached 5% limit. This occurred on the 11/09/2008

6. Date on which issuer notified:

15/09/2008

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

The 5% threshold is breached.

8: Notified Details

A: Voting rights attached to shares

Class/type of shares

If possible use ISIN code

AU000000CFU6

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of shares

16584713

Number of voting rights

16584713

Number of shares

18,660,357

Number of voting rights

Percentage of voting rights

Direct

0

Indirect

18,660,357

Direct

0

Indirect

5.41%

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ conversion period/date 

No. of voting rights that may be acquired (if the instrument exercised/converted)

Percentage of voting rights

Total (A+B)

Number of voting rights

Percentage of voting rights

18,660,357

5.41%

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

Proxy Voting:

10. Name of 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:

Balraj Sra

Balraj.sra@kbcam.com

15. Contact telephone name:

003531 4384496