Holding in Company

Ricardo PLC
2 January 2001

Letter to Ricardo PLC

NOTIFICATION UNDER PART VI OF THE COMPANIES ACT 1985 (AS AMENDED BY THE
COMPANIES ACT 1989)

I write to advise that the combined asset management operation of Hill Samuel
Asset Management Ltd and Scottish Widows Investment Management Ltd, known as
Scottish Widows Investment Partnership Ltd, no longer has a notifiable interest
in the ordinary shares of the above mentioned company.

This notification is made on behalf of Lloyds TSB Group plc, Lloyds TSB Bank plc
and Scottish Widows Group Limited.

From Scottish Widows Investment Partnership