Holding(s) in Company

Ricardo PLC
22 January 2007



TR-1: notification of major interests in shares

1. Identity of the issuer or the underlying              Ricardo PLC
issuer of existing shares to which voting rights 
are attached:
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2. Reason for the notification (please tick the appropriate box or
boxes)                                                                   -------

An acquisition or disposal of voting rights
                                                                         -------
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):____________Initial Disclosure_______________       X
                                                                         -------
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3. Full name of person(s) subject to the         Baillie Gifford & Co
notification obligation:                         
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4. Full name of shareholder(s) (if different
from 3.):                                                
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5. Date of the transaction (and date on which    19 January 2007
the threshold is crossed or reached if           
different):
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6. Date on which issuer notified:                22-JAN-2007
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7. Threshold(s) that is/are crossed or reached:   5%
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8. Notified details:
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A: Voting rights attached to shares

Class/type of  Situation previous  Resulting situation after the triggering
shares         to the Triggering   transaction
if possible    transaction

using the ISIN Number   Number of  Number   Number of voting    % of voting
CODE           of       Voting     of       rights              rights
               Shares   Rights     shares
                                   Direct   Direct   Indirect   Direct  Indirect

Ordinary Share N/A      N/A                           2996654            5.91
GB0007370074

B: Financial Instruments

Resulting situation after the triggering transaction

Type of      Expiration Exercise/     Number of voting rights that may  % of
financial    date       Conversion    be acquired if the instrument is  voting
instrument              Period/       exercised/ converted.             rights
                        Date
N/A

Total (A+B)
Number of voting rights                      % of voting rights

2996654                                            5.91

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

In the narrative below, the figures in ( ) indicate the amount of voting rights
and the percentage held by each controlled undertaking where relevant.
Baillie Gifford & Co, a discretionary investment manager, is the parent
undertaking of an investment management group.

Its wholly-owned direct subsidiary undertaking Baillie Gifford Overseas Limited
(993354; 2.0%) is also a discretionary investment manager.

Its wholly-owned indirect (via Baillie Gifford Life Limited) subsidiary
undertaking Baillie Gifford & Co Limited (1000000; 2.0%) is an OEIC Authorised
Corporate Director and Unit Trust Manager which has delegated its discretionary
investment management role to Baillie Gifford & Co.
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Proxy Voting:

10. Name of the proxy holder:                        N/A
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11. Number of voting rights proxy holder will cease to hold:
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12. Date on which proxy holder will cease to hold voting rights:
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13. Additional information:
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14. Contact name:                                    Mike Donlevy
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15. Contact telephone number:                        0131 275 2650
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