Ricardo to Develop World-Class R&D Capability for Leading Indian Tier 1 Supplier

VAN BUREN TWP., Mich., Sept. 17, 2008 - Ricardo, a leading independent provider of technology, product innovation and engineering solutions to the world's automotive, military, transport and new energy industries, will help Indian Tier 1 supplier Sharda Motor Industries define and implement an independent, self-sustaining and state-of-the-art product development capability. Sharda supplies exhaust systems, catalytic converters, fuel tanks, independent suspensions, seat frames and other components to Indian automakers and the regional operations of international manufacturers.

Ricardo's strategic consulting and Indian divisions will lead the project, with an emphasis on product strategy and development processes, infrastructure requirements, development tools and facilities, and skills and core competence requirements for the Sharda's staff. The Ricardo team will carry out a rigorous analysis of the markets in which the company operates and the drivers likely to affect those markets in the coming years. These will include projections of the technology road maps of Sharda's customer base and estimations of the emerging engineering requirements for future product portfolios. Ricardo then will develop detailed organizational development and implementation plans with the goal of delivering future product development capability within a clearly defined time period and against measurable outcomes.

Sharda and Ricardo will collaborate to implement a strategy that will include comprehensive technology transfer as well as engineering and testing support from Ricardo until Sharda fully implements its own research and development capabilities. To support Sharda's ongoing product engineering requirements, Ricardo will provide advanced computer aided engineering services. This will ensure that Sharda has access to the technology required to meet its immediate program needs, as well as having long-term plans in place to support its future strategic product development aspirations.

"The support being provided to Sharda Motor Industries is an excellent demonstration of the breadth and quality of services that Ricardo can offer, as well as the effectiveness of our strategy of providing a global reach to our business operations," said Ricardo CEO Dave Shemmans. "Sharda is a leading automotive supplier to the Indian market and can benefit both from the expertise of our strategic consulting team in charting the future direction of its business, as well as that of our engineering teams in providing the expertise required for its immediate product engineering programs. I look forward to a long and mutually beneficial partnership with Sharda Motor Industries as this project progresses."