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:

Ricardo PLC

2. Reason for notification (yes/no)

An acquisition or disposal of voting rights

X

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

An event changing the breakdown of voting rights

Other (please specify):______________

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

Highclere International Investors Ltd

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

The Highclere International Investors Smaller Companies Fund

The Highclere (Jersey) International Investors Smaller Companies Fund

The Highclere International Investors Smaller Companies Fund Share Holding Account

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

15th April 2009

6. Date on which issuer notified:

16th April 2009

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

Over 3%

8: Notified Details Not Applicable

A: Voting rights attached to shares

Class/type of shares

If possible use ISIN code

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of shares

Number of voting rights

Number of shares

Number of voting rights

Percentage of voting rights

Direct

Indirect

Direct

Indirect

ORDINARY

GB0007370074

1,437,217

1,437,217

1,548,584

1,548,584

3.03%

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

N/A

N/A

N/A

N/A

N/A

Total (A+B)

Number of voting rights

Percentage of voting rights

1,548,584

3.03%

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

Not Applicable

Proxy Voting:

10. Name of proxy holder:

Highclere International Investors Ltd

11. Number of voting rights proxy holder will cease to hold:

Not Applicable

12. Date on which proxy holder will cease to hold voting rights:

Not Applicable

13. Additional information:

Highclere International Investors Ltd ("Highclere") acts as an investment manager for the clients detailed in Question 4 above (our "Clients"). In acting for our Clients, Highclere are given full discretion over their investments and are empowered to vote on their behalf. However, we do not act as our Clients' custodian and therefore shares are not held in our name but in the nominee name of their custodian bank.

14 Contact name:

Fergus Glimour, Compliance Officer

15. Contact telephone number:

0207-258-9845