Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST 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 the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

 X

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

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

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

 Aviva plc & its subsidiaries

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

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

23 September 2009

6. Date on which issuer notified:

25 September 2009

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

11% to 12% Change at Combined Interest Level

8. Notified details:

A: Voting rights attached to shares

Class/type of shares

if possible using the 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

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

 Ordinary Shares

 5,639,729

 5,639,729

 6,274,729

 1,010,071

 5,264,658

 1.98%

 10.29%

 GB0007370074

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ Conversion Period

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date

Exercise/ Conversion period

Number of voting rights instrument refers to

% of voting rights

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

6,274,729

12.27%

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

The voting rights are managed and controlled by Aviva Investors Global Services Limited and Delta Lloyd Asset Management NV, with the following chain of controlled undertakings:-

Aviva Investors Global Services Limited:

Delta Lloyd Asset Management NV:

Proxy Voting:

10. Name of the proxy holder:

 See Section 4

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

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

13. Additional information:

Figures are based on a total number of voting rights of 51,154,745.

14. Contact name:

 Neil Whittaker

15. Contact telephone number:

 01603 684420