Holding(s) in Company

Ricardo PLC
7 July 2003

                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

RICARDO PLC


2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

AVIVA 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.    289,297
CHASE GA GROUP NOMINEES LTD.     2,786,906
CHASE NOMINEES LTD.                255,181
CUIM NOMINEE LTD.                  427,557
RBSTB NOMINEES LTD.                143,755


5)   Number of shares/amount of stock acquired.

559,000


6)   ( 1.12 %) 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

4 JULY 2003


11)  Date company informed

7 JULY 2003


12)  Total holding following this notification

3,902,696

               
13)  Total percentage holding of issued class following this notification

7.82


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 ........................7 JULY 2003


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