Former BAE Systems Executive Joins Ricardo as Global Director of Program Management

VAN BUREN TWP., Mich., Aug. 5, 2008 -- Ricardo, Inc., a leading independent engineering firm specializing in total vehicle fuel economy and efficiency, today announced that former BAE Systems executive Frederick (Fred) Payne has joined the company as vice president and global director of program management. Payne is a 27-year veteran of the defense and aerospace industries with an exceptional track record in program management and delivery.

In his new role with Ricardo, Payne will provide guidance for the global Ricardo project management community, ensuring effective and appropriate application of the Ricardo Project Life Cycle Process Framework. He also will oversee the development of project managers through training and certification programs. Payne will be based at the Ricardo Detroit Technology Campus in Van Buren, Michigan.

Prior to joining Ricardo, Payne was the corporate director of program management, responsible for the direction, coordination and stewardship of policy, processes and project management development for more than 5,000 project and program managers at BAE Systems. He represented the company on the Global Corporate Council of the Project Management Institute (PMI) and is a past chair of that organization. In 2005 he was named by the PMI as a Top 50 Power Program Management Leader. Payne also is an officer of the Australia-based College of Complex Project Managers. He holds B.S.E.E. and M.B.A. degrees from Fairleigh Dickinson University as well as a Graduate Certificate Degree in Project Management from Stevens Institute of Technology.

Commenting on Payne's appointment, Ricardo President Dean Harlow said: "The quality of major program management is an important determinant of operational effectiveness and commercial success for an advanced technology solutions provider such as Ricardo. I am very pleased to welcome Fred to the company and believe that his wealth of experience gained in the defense and aerospace sectors will be extremely valuable to Ricardo and its customers in the years ahead."

About Ricardo

Ricardo, the Eco-Innovation Technology Company, is a leading independent provider of technology, product innovation, engineering solutions and strategic consulting to the world's automotive, military, transport and new energy industries. The company's skill base represents the state-of-the-art in low emissions and fuel-efficient powertrain technology, and can be best summarized: "Ricardo is Fuel Economy."

With technical centers and offices throughout Europe, the U.S. and Asia, Ricardo provides engineering expertise ranging from vehicle systems integration, controls & electronics, hardware and software development, to the latest driveline and transmission systems and gasoline, diesel, hybrid and fuel cell powertrain technologies. Its customers include the world's major automakers and suppliers as well as manufacturers in the military, commercial, off-highway and clean energy sectors. The company also serves in advisory roles to governmental and independent agencies. Ricardo's U.S. operation, Ricardo, Inc., is headquartered in Van Buren Township, Michigan. Ricardo plc posted sales of $344 million in financial year 2007 and is a constituent of the FTSE TechMark 100 index - a group of innovative technology companies listed on the London Stock Exchange.