Holding(s) in Company

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

RNS Number : 6879M

Ricardo PLC

27 May 2010

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.):

Registered Holder:

BNY Norwich Union

Nominees Limited 146,749*

Chase (GA Group)

Nominees Limited 998,358*

Chase Nominees Limited 63,459*

Delta Lloyd

Levensverzekeringen NV 890,232*

Vidacos Nominees Limited 2,273*

* denotes direct interest

Chase Nominees Limited 62,133

Delta Lloyd Europees Deelnemingen Fonds 4,097,531

Delta Lloyd Luxembourg 1,489,006

European Participation

Fund

Vidacos Nominees Limited 221,902

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

26 MAY 2010

6. Date on which issuer notified:

27 MAY 2010

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

3% TO 4% CHANGE AT DIRECT 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	7,809,643	7,809,643	7,971,643	2,101,071	5,870,572	4.10%	11.44%
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

Total (A+B+C)

Number of voting rights

Percentage of voting rights

7,971,643

15.54%

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:

• 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)