Holding in Company

Ricardo PLC
25 October 2000


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

RICARDO PLC


2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

SCOTTISH WIDOWS INVESTMENT PARTNERSHIP LTD


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.

AS IN 2 ABOVE


5)   Number of shares/amount of stock acquired.

N/A


6)   ( N/A %) 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

NOT DISCLOSED


11)  Date company informed

25 OCTOBER 2000


12)  Total holding following this notification

3,116,050
               
              
13)  Total percentage holding of issued class following this notification

6.50


14)  Any additional information

OF THIS TOTAL HOLDING OF 3,116,050, 1,955,203 ARE MATERIAL INTERESTS
(REPRESENTING 4.08% OF THE ISSUED SHARES) OF LLOYDS TSB GROUP PLC,
LLOYDS TSB BANK PLC AND SCOTTISH WIDOWS GROUP LIMITED


15)  Name of contact and telephone number for queries

M WIGHTMAN  01926 319 335

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

     Date of Notification ... 25 OCTOBER 2000 ........................