Holding(s) in Company

Ricardo PLC
27 February 2003


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

      RICARDO PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     AVIVA PLC

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.

      BNY NORWICH UNION NOMINEES LTD                1,132,040
      CHASE GA GROUP NOMINEES LTD                   2,538,279
      CHASE NOMINEES LTD                              196,818
      CUIM NOMINEES LTD                               900,271
      RBSTB NOMINEES LTD                              128,052
      VIDACOS NOMINEES LTD                            365,674

5)   Number of shares/amount of stock acquired.

      N/A

6)   (N/A%) of issued Class

7)   Number of shares/amount of stock disposed

      324.000

8)   (0.65%) of issued Class

9)   Class of security

      ORDINARY SHARES

10)  Date of transaction

      25 FEBRUARY 2003

11)  Date company informed

      27 FEBRUARY 2003

12)  Total holding following this notification

      5,255,134
               
13)  Total percentage holding of issued class following this notification

      10.57

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 ...27 FEBRUARY 2003..


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