Holding(s) in Company

Ricardo PLC
17 December 2003

                           SCHEDULE 10
 
             NOTIFICATION OF MAJOR INTERESTS IN SHARES


1)   NAME OF COMPANY

      RICARDO PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

      STANDARD LIFE INVESTMENTS

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.

       STANLIFE NOMINEES LIMITED

5)   Number of shares/amount of stock acquired.

       N/A

6)   Percentage of issued Class

       N/A

7)   Number of shares/amount of stock disposed

       579,913

8)   Percentage of issued Class

       1.16%

9)   Class of security

      ORDINARY SHARES

10)  Date of transaction

      12 DECEMBER, 2003

11)  Date company informed

      15 DECEMBER, 2003

12)  Total holding following this notification

       1,317,954
               
13)  Total percentage holding of issued class following this notification

       2.64%

14)  Any additional information



15)  Name of contact and telephone number for queries

      01273 794416

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

     Date of Notification 17 DECEMBER, 2003




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