Director/PDMR Shareholding

Ricardo PLC

Director / PDMR Shareholdings

14 April 2016

London

1. Purchase of shares

Ricardo PLC (the "Company") announces that on 12 April 2016, it received notification of the following transactions by Ian Lee, a non-executive director of the Company, and his spouse, Ann Lee:

· on 11 April 2016, Ian Lee purchased 40 ordinary shares of 25 pence each in the Company ("Shares") into his ISA at a price of 841.15 pence per Share; and

· on 11 April 2016, Ann Lee purchased 41 Shares into her ISA at a price of 841.15 pence per Share.

Both of these transactions reflect the automatic reinvestment in further Shares of dividends received into the respective ISAs referred to above pursuant to standing elections to do so.

2. Purchase of Partnership Shares under the Ricardo PLC Share Incentive Plan (the "SIP")

The Company also announces that on 13 April 2016 it received notification from the trustee (the "Trustee") of the Company's SIP that on 11 April 2016 it purchased 15 Shares in the market at a price of 842.1 pence per Share on behalf of Mark Barge, a Person Discharging Managerial Responsibilities. This purchase related to the "Partnership Share" element of the SIP and was made using deductions from Mr Barge's gross salary.

3. Net current total holdings of Shares

Following the above transactions, the total beneficial holdings of Shares of Ian Lee and Mark Barge are as follows:

The above notifications are intended to satisfy the Company's obligations under Disclosure and Transparency Rule ("DTR") 3.1.4R.