Director Shareholding

Ricardo PLC
12 November 2003

Ricardo PLC ('Ricardo' or 'the Company')
Directors' Interests in Shares

Ricardo announces that, following the release of shares which have previously
vested pursuant to the Company's Long Term Incentive Plan ('LTIP'), a total of
21,714 shares have been transferred out of the Ricardo PLC Employees' Share
Trust ('the Trust') to the following executive directors of the Company.

The executive directors have today sold a total of 7,225 ordinary shares at a
price of £1.80 per share. Details of the share sales and the resulting effect on
the executive directors' shareholdings are set out below:

Director      Previous        Shares       Of which     New Shareholding       % of issued 
               Holding   transferred    shares sold                          share capital

G.Andrews       30,465         2,252            901               31,816               .06

C.Bates          8,892         2,437            975               10,354               .02 

C.Hickman        2,068         2,495            998                3,565               .01 

J.Holt          28,471         3,651                              32,122               .06 

R.Westhead     224,184         6,818          2,727              228,275               .45 

A.Goodburn      45,480         4,061          1,624               47,917               .10

                      This information is provided by RNS
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