Holding(s) in Company

Ricardo PLC
23 December 2002

                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

RICARDO PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

LEGAL AND GENERAL INVESTMENT MANAGEMENT

3)   Please state whether notification indicates that it is in respect of 
     holding of the Shareholder named in 2 above or in respect of a 
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

AS IN 2 ABOVE

4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.

SEE LIST BELOW

5)   Number of shares/amount of stock acquired.

55,000

6)   (0.11%) of issued Class

7)   Number of shares/amount of stock disposed

N/A

8)   ( N/A %) of issued Class

9)   Class of security

ORDINARY SHARES

10)  Date of transaction

19 DECEMBER 2002

11)  Date company informed

23 DECEMBER 2002

12)  Total holding following this notification

1,992,148
               
13)  Total percentage holding of issued class following this notification

4.06

14)  Any additional information



15)  Name of contact and telephone number for queries

M. WIGHTMAN     01273 794416

16)  Name and signature of authorised company official responsible for 
     making this notification

     Date of Notification 23 DECEMBER 2002..............


Material Interest

HSBC Global Custody Nominee (UK) Ltd A/c 887711                330,000
HSBC Global Custody Nominee (UK) Ltd A/c 775245                204,191
HSBC Global Custody Nominee (UK) Ltd A/c 360509                 56,624
HSBC Global Custody Nominee (UK) Ltd A/c 357206              1,149,870
HSBC Global Custody Nominee (UK) Ltd A/c 747381                 96,623
HSBC Global Custody Nominee (UK) Ltd A/c 363605                 85,000
HSBC Global Custody Nominee (UK) Ltd A/c 866203                 69,840

                                                             1,992,148   4.06%


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