Director Shareholding

Ricardo PLC
22 February 2005


                                     SCHEDULE 11

                  NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED 
                                       PERSONS


1)   NAME OF COMPANY

     RICARDO PLC


2)   NAME OF DIRECTOR

     D. SHEMMANS
     

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 or in respect of an non-beneficial interest

     

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



5)   Please state whether notification relates to a person(s) connected
     with the Director named in 2 above and identify the connected person(s)



6)   Please state the nature of the transaction. For PEP transactions
     please indicate whether general/single co PEP and if discretionary/non
     discretionary



7)   Number of shares/amount of
     stock acquired



8)   Percentage of issued Class



9)   Number of shares/amount
     of stock disposed



10)  Percentage of issued Class



11)  Class of security



12)  Price per share



13)  Date of transaction



14)  Date company informed



15)  Total holding following this notification



16)  Total percentage holding of issued class following this notification



     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17)  Date of grant

     22 FEBRUARY 2005


18)  Period during which or date on which exercisable

     7 YEARS FROM 22 FEBRUARY 2008


19)  Total amount paid (if any) for grant of the option

     -


20)  Description of shares or debentures involved: class, number.

     80,000 ORDINARY SHARES


21)  Exercise price (if fixed at time of grant) or indication that price
     is to be fixed at time of exercise
     
     267.5P


22)  Total number of shares or debentures over which options held
     following this notification

     127,814 ORDINARY SHARES


23)  Any additional information

     

24)  Name of contact and telephone number for queries

     M. WIGHTMAN
     01273 794416


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

     Date of Notification                                 

     22 FEBRUARY 2005


                      This information is provided by RNS
            The company news service from the London Stock Exchange