Form 8.3 RICARDO PLC

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY

A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR

MORE

Rule 8.3 of the Takeover Code (the "Code")

1.

KEY INFORMATION

(a)

Full name of discloser:

Barclays PLC.

(b)

Owner or controller of interest and short

positions disclosed, if different from 1(a):

(c)

Name of offeror/offeree in relation to whose

RICARDO PLC

relevant securities this form relates:

(d)

If an exempt fund manager connected with an

offeror/offeree, state this and specify identity of

offeror/offeree:

(e)

Date position held/dealing undertaken:

13 Jun 2025

(f)

In addition to the company in 1(c) above, is the discloser making

NO

disclosures in respect of any other party to the offer?

2.

POSITIONS OF THE PERSON MAKING THE DISCLOSURE

(a)

Interests and short positions in the relevant securities of the offeror or offeree

to which the disclosure relates following the dealing(if any)

Class of relevant security:

25p ordinary

Interests

Short Positions

Number

(%)

Number

(%)

(1)

Relevant securities owned

and/or controlled:

152,595

0.25%

745,756

1.20%

(2)

Cash-settled derivatives:

and/or controlled:

709,923

1.14%

150,852

0.24%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

862,518

1.39%

896,608

1.44%

(b)

Rights to subscribe for new securities (including directors and other executive

options)

Class of relevant security in relation to

which subscription right exists

Details, including nature of the rights

concerned and relevant percentages:

3.

DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER

(a)

Purchases and sales

Class of relevant

Purchase/sale

Number of

Price per unit

security

securities

25p ordinary

Purchase

12,523

4.2444 GBP

25p ordinary

Purchase

12,505

4.2800 GBP

25p ordinary

Purchase

9,372

4.2576 GBP

25p ordinary

Purchase

5,439

4.2459 GBP

25p ordinary

Purchase

5,232

4.2427 GBP

25p ordinary

Purchase

3,927

4.2441 GBP

25p ordinary

Purchase

3,415

4.2532 GBP

25p ordinary

Purchase

1,901

4.2400 GBP

25p ordinary

Purchase

1,025

4.2450 GBP

25p ordinary

Purchase

503

4.2397 GBP

25p ordinary

Purchase

246

4.2486 GBP

25p ordinary

Purchase

117

4.2500 GBP

25p ordinary

Sale

3,904

4.2800 GBP

25p ordinary

Sale

2,980

4.2718 GBP

25p ordinary

Sale

887

4.2350 GBP

25p ordinary

Sale

800

4.2427 GBP

25p ordinary

Sale

749

4.2450 GBP

25p ordinary

Sale

624

4.2400 GBP

25p ordinary

Sale

387

4.2500 GBP

25p ordinary

Sale

139

4.2437 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

25p ordinary

SWAP

Increasing Long

2,448

4.2557 GBP

25p ordinary

SWAP

Increasing Long

978

4.2590 GBP

25p ordinary

SWAP

Increasing Long

833

4.2797 GBP

25p ordinary

SWAP

Increasing Long

3,904

4.2800 GBP

25p ordinary

SWAP

Decreasing Long

503

4.2397 GBP

25p ordinary

SWAP

Decreasing Long

10,007

4.2443 GBP

25p ordinary

SWAP

Decreasing Long

10,188

4.2448 GBP

25p ordinary

SWAP

Decreasing Long

8,647

4.2468 GBP

25p ordinary

SWAP

Decreasing Long

117

4.2500 GBP

25p ordinary

SWAP

Decreasing Long

9,372

4.2576 GBP

25p ordinary

SWAP

Decreasing Long

12,505

4.2800 GBP

25p ordinary

CFD

Decreasing Long

3,632

4.2300 GBP

25p ordinary

CFD

Decreasing Long

295

4.2500 GBP

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class

Product

Writing,

Number

Exercise

Type

Expiry

Option

of

description

purchasing,

of

price

date

money

relevant

selling,

securities

per unit

paid/

security

varying etc

to which

received

option

per unit

relates

(ii)

Exercising

Class of relevant

Product description

Exercising/ exercised against

Number of

Exercise price per

security

securities

unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant

Nature of Dealings

Details

Price per unit (if

security

applicable)

4.

OTHER INFORMATION

(a)

Indemnity and other dealings arrangements

Details of any indemnity or option arrangement, or any agreement or understanding,

formal or informal, relating to relevant securities which may be an inducement to deal

or refrain from dealing entered into by the exempt principal trader making the disclosure and any party

to the offer or any person acting in concert with a party to the offer:

NONE

(b)

Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between

the person making the disclosure and any other person relating to:

(i) the voting rights of any relevant securities under any option; or

(ii) the voting rights of future acquisition or disposal of any relevant securities to which

any derivative is referenced:

NONE

(c)

Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:

16 Jun 2025

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213