Holding(s) in Company

Ricardo PLC
4 July 2002


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     RICARDO PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     AVIVA PLC (FORMERLY 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      1,644,197

     CHASE GA GROUP NOMINEES LTD         2,109,487

     CUIM NOMINEE LTD                    1,529,578   

     RBSTB NOMINEES LTD                     95,697

     VIDACOS NOMINEES LTD                  423,266

5)   Number of shares/amount of stock acquired.

     N/A

6)   ( N/A %) of issued Class

7)   Number of shares/amount of stock disposed

     66,727

8)   ( 0.14%) of issued Class

9)   Class of security
     
     ORDINARY SHARES

10)  Date of transaction

     2 JULY 2002     

11)  Date company informed

     4 JULY 2002

12)  Total holding following this notification

     5,802,225
                             
13)  Total percentage holding of issued class following this notification

     11.84

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 JULY 2002


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            The company news service from the London Stock Exchange