Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Ricardo plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

√

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 thenotification obligation: iii

Aviva plc & its subsidiaries

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

Registered Holder:

BNY Norwich Union Nominees Limited 135,756*

Chase (GA Group) Nominees Limited 853,346*

Chase Nominees Limited 56,597*

Kas Bank NV 1,370,097*

Vidacos Nominees Limited 2,673*

* denotes direct interest

Chase Nominees Limited 22,851

Kas Bank NV 4,124,198

Banque de Luxembourg SA 1,502,339

Vidacos Nominees Limited 200,269

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

17 January 2011

6. Date on which issuer notified:

18 January 2011

7. Threshold(s) that is/are crossed orreached: vi, vii

15% to 16% Change at Combined Interest Level

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary Shares

GB0007370074

7,971,643

7,971,643

8,268,126

2,418,469

5,849,657

4.70%

11.38%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

8,268,126

16.08%

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

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:

·; Aviva plc (Parent Company)

·; Aviva Group Holdings Limited (wholly owned subsidiary of Aviva plc)

·; Aviva Investors Holdings Limited (wholly owned subsidiary of Aviva Group Holdings Limited)

·; Aviva Investors Global Services Limited (wholly owned subsidiary of Aviva Investors Holdings Limited)

Delta Lloyd Asset Management NV:

·; Aviva plc (Parent Company)

·; Aviva Group Holdings Limited (wholly owned subsidiary of Aviva plc)

·; Aviva International Insurance Limited (wholly owned subsidiary of Aviva Group Holdings Limited)

·; Aviva Insurance Limited (wholly owned subsidiary of Aviva International Insurance Limited)

·; Aviva International Holdings Limited (wholly owned subsidiary of Aviva Insurance Limited)

·; CGU International Holdings BV (wholly owned subsidiary of Aviva International Holdings Limited)

·; Delta Lloyd NV (majority owned subsidiary of CGU International Holdings BV)

·; Delta Lloyd Asset Management NV (wholly owned subsidiary of Delta Lloyd NV)

Proxy Voting:

10. Name of the proxy holder:

See Section 4

11. Number of voting rights proxy holder will ceaseto hold:

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

13. Additional information:

Figures are based on a total number of voting rights of 51,408,202 as per the Company's Total Voting Rights Announcement of 29/10/2010.

14. Contact name:

Neil Whittaker, Aviva plc

15. Contact telephone number:

01603 684420