In reference to Section 9, the shares detailed are managed by the named discretionary investment management entity within multiple portfolios on behalf of underlying clients, based on investment management agreements whereby the client has delegated the exercise of the voting power to the referenced investment manager.

This disclosure also reflects the fact that the voting rights effectively held indirectly by the intermediate holding company Standard Life Investments (Holdings) Limited ('SLIHL') decreased below the 10% notifiable threshold due to trading on 22 January 2019. SLIHL now holds the delegated voting rights to 9.92% of the shares in Ricardo plc. Prior to this crossing, SLIHL held 10.05% of the delegated voting rights.

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Ricardo plc published this content on 24 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 24 January 2019 08:33:01 UTC