Holding(s) in Company

Ricardo PLC
4 March 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     882,722
     CHASE GA GROUP NOMINEES LTD      2,408,091
     CHASE NOMINEES LTD.                190,818
     CUIM NOMINEES LTD.                 747,875
     RBSTB NOMINEES LTD.                128,052
   

5)   Number of shares/amount of stock acquired.

     N/A

6)   ( N/A %) of issued Class

7)   Number of shares/amount of stock disposed

      519,000

8)   ( 1.04 %) of issued Class

9)   Class of security

     ORDINARY SHARES

10)  Date of transaction

     3 MARCH 2003

11)  Date company informed

     4 MARCH 2003

12)  Total holding following this notification

     4,357,558
               
13)  Total percentage holding of issued class following this notification

     8.76

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 ....4 MARCH 2003......





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