<div id="readability-page-1"><div>RNS Number : 0083V Syquant Capital 12 August 2025 FORM 8.3PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BYA PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORERule 8.3 of the Takeover Code (the &#34;Code&#34;)1. KEY INFORMATION<div><table><tbody><tr><td>(a) Identity of the person whose positions/dealings are being disclosed:</td><td>SYQUANT CAPITAL</td></tr><tr><td>(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient</td><td></td></tr><tr><td>(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree</td><td>Ricardo plc</td></tr><tr><td>(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:</td><td></td></tr><tr><td>(e) Date position held/dealing undertaken:</td><td>August 11, 2025</td></tr><tr><td>(f) Has the discloser previously disclosed, or are they today disclosing, under the Code in respect of any other party to this offer?</td><td>NO</td></tr></tbody></table></div>2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)<div><table><tbody><tr><td>Class of relevant security:</td><td colspan="4">25p ordinary</td></tr><tr><td rowspan="2"></td><td colspan="2">Interests</td><td colspan="2">Short positions</td></tr><tr><td>Number</td><td>%</td><td>Number</td><td>%</td></tr><tr><td>(1) Relevant securities owned and/or controlled:</td><td></td><td></td><td></td><td></td></tr><tr><td>(2) Derivatives (other than options):</td><td>860,000</td><td>1.38%</td><td></td><td></td></tr><tr><td>(3) Options and agreements to purchase/sell:</td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL:</td><td>860,000</td><td>1.38%</td><td></td><td></td></tr></tbody></table></div>All interests and all short positions should be disclosed.Details of any open derivative or option positions, or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).(b) Rights to subscribe for new securities (including directors' and other executive options)<ul><li>Class of relevant security in relation to which subscription right exists:</li><li>Details, including nature of the rights concerned and relevant percentages:</li></ul>If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE(a) Purchases and sales<ul><li>Class of relevant security</li><li>Purchase/sale</li><li>Number of securities</li><li>Price per unit</li></ul>(b) Derivatives transactions (other than options)<div><table><tbody><tr><td>Class of relevant security</td><td>25p ordinary</td></tr><tr><td>Product descriptione.g. CFD</td><td>CFD</td></tr><tr><td>Nature of dealinge.g. opening/closing a long/short position, increasing/reducing a long/short position</td><td>increasing a long position</td></tr><tr><td>Number of reference securities</td><td>860,000</td></tr><tr><td>Price per unit</td><td>422 GBp</td></tr></tbody></table></div>(c) Options transactions in respect of existing securities(i) Writing, selling, purchasing or varying<ul><li>Class of relevant security</li><li>Product description e.g. call option</li><li>Writing, purchasing, selling, varying etc.</li><li>Number of securities to which option relates</li><li>Exercise price per unit</li><li>Typee.g. American, European etc.</li><li>Expiry date</li><li>Option money paid/ received per unit</li></ul>(ii) Exercising<ul><li>Class of relevant security</li><li>Product descriptione.g. call option</li><li>Number of securities</li><li>Exercise price per unit</li></ul>(d) Other dealings (including subscribing for new securities)<ul><li>Class of relevant security</li><li>Nature of dealinge.g. subscription, conversion</li><li>Details</li><li>Price per unit (if applicable)</li></ul>The currency of all prices and other monetary amounts should be stated.Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.4. OTHER INFORMATION(a) Indemnity and other dealing arrangements<ul><li>Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:If there are no such agreements, arrangements or understandings, state &#34;none&#34;</li><li>N/A</li></ul>(b) Agreements, arrangements or understandings relating to options or derivatives<ul><li>Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:(i) the voting rights of any relevant securities under any option; or(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:If there are no such agreements, arrangements or understandings, state &#34;none&#34;</li><li>N/A</li></ul>(c) Attachments<ul><li>Is a Supplemental Form 8 (Open Positions) attached?</li><li>NO</li></ul><div><table><tbody><tr><td>Date of disclosure:</td><td>August 12, 2025</td></tr><tr><td>Contact name:</td><td>Laurent Boscherel</td></tr><tr><td>Telephone number:</td><td>+33 1 42 56 56 27</td></tr></tbody></table></div>Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on +44 (0) 20 7638 0129.The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END RETSFMFSEEISEFA</div></div>

RCDO

Syquant Capital disclosed a position in Ricardo plc, reporting ownership of 860,000 ordinary shares, representing 1.38% of the company's relevant securities. The disclosure was made under Rule 8.3 of the Takeover Code, with the position held as of August 11, 2025. No previous disclosures under the Code were made regarding other parties to this offer. The announcement was made on August 12, 2025, by Laurent Boscherel, with contact details provided for further inquiries.

REG - Syquant Capital Ricardo PLC - Form 8.3 - RCDO LN