FUEL TECH, INC. — Director's Dealing 2005

Jan 3, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FUEL TECH N V (FTEK)
CIK: 0000846913
Period of Report: 2004-12-29

Reporting Person: BILEY RALPH E (Director, Chairman, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-29	Common Stock	J	4650000	—	Disposed	4650000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option	$1.531	2008-07-17	Common (10000)	10000	Direct
Options	$2.125	2009-06-28	Common (10000)	10000	Direct
Options	$2.344	2010-06-26	Common (10000)	10000	Direct
Options	$3.595	2011-06-13	Common (10000)	10000	Direct
Options	$6.265	2012-06-06	Common (10000)	10000	Direct
Options	$4.195	2013-05-29	Common (10000)	10000	Direct
Options	$4.565	2014-06-03	Common (10000)	10000	Direct

Footnotes

F1: Held 100% by a family limited liability company (the "Company") the interests in which Company are owned 50% by the reporting person and 50% by the spouse of the reporting person. The reporting person holds 100% of the voting power over these Fuel Tech shares.