Holding in Company

Ricardo PLC
18 October 2001


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

RICARDO PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

CGNU 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           1,802,823
CHASE GA GROUP NOMINEES LTD              1,584,753
CUIM NOMINEES LTD                          964,351
RBSTB NOMINEES LTD                          93,215
VIDACOS NOMINEES LTD                       462,101

5)   Number of shares/amount of stock acquired.

62,445

6)   (0.13%) 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

16 OCTOBER 2001

11)  Date company informed

18 OCTOBER 2001

12)  Total holding following this notification

4,907,243
               
13)  Total percentage holding of issued class following this notification

10.09

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

M. WIGHTMAN

     Date of Notification        18 OCTOBER, 2001