Ceres Power is developing fuel cell micro-combined heat and power (CHP) systems for residential use to generate electricity and heat. They have secured commercial partnerships with British Gas, Calor Gas, and Bord Gáis to bring the products to market in the UK, Ireland, and Northern Ireland. The partnerships provide funding, forward orders, and established distribution channels to enable mass adoption of the Ceres CHP systems. Field trials are underway to optimize the systems and validate the business model prior to commercial launch in 2011-2012.

1. Distributed generation products for global energy markets
CBI low-carbon business breakfast
April 2010

2. © Ceres Power 2010 2
Disclaimer
This presentation is directed at institutional investors in Ceres Power Holdings plc (the “Company”). The presentation does not constitute a
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3. Ceres Power Overview
• The organisation is focussed on:
- Exploiting market-led opportunities in volume sectors
- Value-engineering fuel cell systems to meet market needs
- Securing strong B2B market channel and supply chain partnerships
• ~100 staff focussed into product teams, including experienced application development
and manufacturing engineers from global product sectors (e.g. automotive, HVAC)
© Ceres Power 2010 3
• Commercialising unique fuel cell technology within alternative energy products for global
markets
• UK-based Company with world-leading position
• Company founded in 2001
- Original IPR transferred from Imperial College, London
- Floated on AiM in 2004 (Mk Cap ~£100m) CWR.L
- Key shareholders include Oppenheimer, British Gas, I G Investment Management

4. The Ceres Power DG Proposition
• Distributed Generation (DG):
generate power at point of
use, in the home
• Use a highly efficient process
to reduce generating,
transmission and distribution
losses
• Capture heat output to drive
further savings
• Package into a wall
mountable consumer product
• A generation asset and
demand reduction device
© Ceres Power 2010 4

5. Fuel Cell microCHP in the Home
© Ceres Power 2010 5

6. Unique Technology Delivers Maximum Energy Savings
• Low heat to power ratio:
- Enables all year round operation
- Minimum heat output matched to summer
hot water requirement
- Maximum heat capture (electrically-led
thermally capped)
• Load following & cycling enables
‘smart grid’:
- Delivery of high value electricity during
peak demand
- Compatibility with existing and future grid
infrastructure
- Can be turned up & down, on & off as
required
- Controllable on-site generation asset for
demand management
© Ceres Power 2010 6
Integrated CHP unit delivers all central heating
& hot water year round

7. © Ceres Power 2009 7
Predicted carbon savings
• Independent confirmation by Oxera
• Macro economic consultancy specialising in energy sector
• Model of actual UK energy system including individual power plants (used by industry & Government)
• Oxera confirmed carbon savings potential for example product (Ceres CHP) based on
• Predicted decarbonisation of grid (incl. large-scale deployment of renewables and nuclear)
• Likely response of central generation to mass deployment of fuel cell microCHP
• Resultant likely CO2 savings (taking into account current and projected ‘merit order’)
• Annual CO2 savings of 1 to 1.5 tonnes p.a. up to 2020
• Relative to high efficiency condensing boiler and grid-supplied electricity
• Based on actual power plants displaced in the merit order
• Potential for significant additional benefits to UK energy system
• Reduces peak demand and generation investment requirements
• Reduces capex requirements for grid network

8. 8
Energy Market Context Favouring Micro CHP
• The Global Energy Challenge
- Rising electricity demand
- Major investment required in new power generation and grid infrastructure
- Need to focus on more efficient use of energy resources like natural gas
- Need to reduce carbon emissions from power generation and the ‘built environment’
• Micro CHP can help address climate change..
- Cost effective CO2 reduction for difficult to address residential sector
• Retrofit of existing homes
- A major potential impact on CO2 reduction by 2020
• Can be quickly deployed, compatible with majority of UK homes
- Persistent CO2 savings even as the electricity grid decarbonises
• Displaces peaking/mid-merit fossil plant
- Compatible with other carbon reduction measures (e.g. nuclear, renewables)
- Enables ‘smart grid’ with controllable embedded on-site generation
© Ceres Power 2010

9. Market Opportunity
Country Wall Hung as % of Boiler Sales
UK 85%
Netherlands 96%
Germany 58%
France 75%
Italy 84%
© Ceres Power 2010 9
Source:
Frost &
Sullivan,
2003
Source: Delta Energy
& Environment /
BSRIA 2003-2005
• Global annual ‘boiler’ sales
>30m/a – Goldman Sachs
• An integrated wall
mountable product is a
pre-requisite for mass
market adoption across
European markets

10. UK Mass Market Potential
© Ceres Power 2010 10
Source: Energy Saving Trust 2007 (study sponsored by UK government)
“Over 6 million fuel cell CHP units installed by 2020 (30% of the
market…)”
2008 Element Energy Report for BERR
Fuel Cell CHP optimises
electricity savings and CO2
emissions savings due to :
• All year round operation
• Load following capability

11. Benefits of CHP
© Ceres Power 2010 11
Utility Consumer
Direct Sales Model  Increased gas sales for homes (nationally
decreases overall)
 Annual energy savings (>25%)
 Opportunity to sell high margin installation,
maintenance & services
 Attractive payback
 Helps meet CO2 reduction targets  Earn FIT revenues
 Meets CERT supplier obligation (e.g.
£200m/a)
 Reduce home’s CO2 emissions
 Wall-mounted, easy to install, uses same
connections as a boiler
 No need for a separate boiler (CHP product
delivers power, hot water & heating)
 Improved Energy Security
Lease / rental Model  Lower CO2 emissions  Lower or nil upfront capital cost
 Reduced customer churn  Share annual energy savings
 Enables profitable Energy Services Model  Transfers all the costs & responsibilities of
asset ownership to utility
 Lower transmission & distribution charges
 Load following/peak shaving delivers higher
value energy sales
 Reduced central capex

12. Ceres ‘go-to-market’ Commercial Partners
Company Total cash
payments
to Ceres
Cash payments
received to date
Forward
order
volumes
Exclusivity
granted
Target date for
start of sales
British Gas £5 million £3 million 37,500 UK for 4 years H2 2011
Calor Gas £2.5 million £1 million 20,000 UK for 5 years T+12mths
Bord Gais £1.6 million £1 million 16,000 Island of Ireland
for 4 years
T+6mths
12
• Ceres has secured commercial partners that provide:
• Funding for development and trialling programme
• Market-leading channels for mass market deployment
• Volume forward orders for mass market uptake of Ceres CHP product with
minimum annual volumes
• Right for Ceres to use their well-established retail energy brands
• Buying power with Ceres supply chain partners
© Ceres Power 2010

13. © Ceres Power 2010 13
UK Natural Gas CHP Programme
• mCHP programme with British Gas
- Funded development & trialling programme (£5 million total, £3m paid
to date)
- Significant operational resources committed by British Gas for CHP
trialling & product launch (e.g. marketing, logistics, procurement,
service, maintenance)
- Volume forward order (37,500 units minimum over first 4 years)
- Equity investment (~£20 million cash by Centrica for ~10% of Ceres
Power)
• Route to market for volume uptake of fuel cell mCHP established
- Ideal market channel partner for UK mCHP
- Agreement covers residential market in England, Scotland, Wales

14. © Ceres Power 2010 14
Ceres Manufacturing Strategy
• Ceres manufactures IP-rich fuel cell technology in-house and partners with boiler assembly companies
• Ceres owns & controls complete CHP design (incl. IP)
• Ceres sells complete CHP products (captures ‘product-level’ revenues)
• Leverages existing boiler design know-how and assembly capabilities
• Controls BoP component supply chain but uses boiler partner ‘s supply chain for standard parts

15. 15
Sheltered Field Trials Underway
• Sheltered field trials enable
• Learnings from operation in houses to be captured
• Optimisation of control systems under ‘real-life’ operating conditions
• Validation of logistics chain and customer support model including installation, service
and maintenance
• ‘CE’ marking process to be conducted in parallel
© Ceres Power 2010

16. 16
Summary
• The key to engaging with investors and customers is..
- Adopt a market-led approach to exploiting the technology (not ‘technology-push’)
- Identify the market opportunity and a clear commercial route to market
- Select the relevant business model, based on
• Position in the value chain
• How to maximise value capture
• IP
• ‘Make or buy’
- Clearly articulate the commercial proposition
- Develop strong links with relevant channel partners
- Adopt an active IR campaign with current and prospective investors
- Active engagement with other stakeholders (e.g. governments)
© Ceres Power 2010

17. © Ceres Power 2010 17
Appendix

18. Fuel Cells
Fuel cells generate electricity & heat
• Operate on fuel and air
• Solid state reaction not combustion
• Near-zero NOx, SOx and CO
Fuel cell stacks are ‘electrochemical
engines’ that are
• Reliable and quiet
• Highly efficient
• Low emissions
• Modular
© Ceres Power 2010 18
1. Support (stainless steel)
2. Anode
3. Electrolyte (CGO)
4. Cathode
3
4
2
1

19. 19
Commercial – Off Gas Grid Residential CHP
• Major new agreement with Calor to bring Ceres fuel cell residential CHP Product to
customers not connected to the mains natural gas (NG) network (‘off gas grid’)
- UK's leading LPG supplier, over 70 years experience
- Part of SHV Gas, world’s largest distributor of LPG,
operations in 27 countries, annual turnover > €5 billion
• £2.5m funded development and trialling programme
• Covers supply & distribution of product in UK, with call-off order for an initial 20,000
units, over first 5 years post market entry in 2012
• Addressable UK target market under current Calor contract (> 2 million properties)
- LPG CHP represents a clean, convenient and cost-competitive energy option (lower carbon
than heating oil, with other functional benefits e.g. cooking)
- Replacing LPG boiler with Ceres LPG CHP delivers economic savings and environmental
benefits
- Ceres LPG CHP replacing heating oil boiler saves up to 50% CO2 emissions
• Ceres maintains full flexibility to develop and exploit LPG markets outside UK
• Potential European opportunity (> 100 million properties across Europe)
© Ceres Power 2010

20. 20
International Residential CHP
• New contract with Bord Gáis Éireann (BGE) to bring Ceres Power fuel cell residential
CHP product to natural gas customers in the Republic of Ireland and Northern Ireland
• £1.6 million funded development and trialling programme
• Covers exclusive supply & distribution of product in Republic of Ireland and Northern
Ireland, with call-off order for an initial 16,000 units, over first 4 years post market entry
in 2012
• BGE corporate overview
- Established in 1976
- A leading dual fuel all-island energy supplier of natural gas and electricity
- Supplies and distributes gas with majority market share
- Provides residential customers with gas appliance service and maintenance products
• Irish energy market
- >2.5 million homes on the island of Ireland
- Smart meter trials launched in 2009
© Ceres Power 2010

21. © Ceres Power 2008 21
Ceres Power Limited
Viking House
Foundry Lane
Horsham
West Sussex
RH13 5PX
United Kingdom
Phone: +44 (0) 1403 273463
Fax: +44 (0) 1403 327860
E-Mail: info@cerespower.com
www.cerespower.com