Holding(s) in Company

Ricardo PLC
22 January 2007


LETTER TO: RICARDO GROUP PLC
DATED:     19th JANUARY 2007


Section 198 Companies Act 1985

Pursuant to Section 198 of the Companies Act 1985 we write to inform you that as 
at the close of its business on 18th January 2007, UBS AG, acting through its 
business group and legal entities detailed below, had an interest in 2,374,834
Ordinary shares of Ricardo Group PLC, representing 4.68 per cent of the issued 
share capital of the Company (50,698,733).

None of the Relevant Shares are shares in which UBS AG is interested by virtue 
of Section 208(5) of The Act.


UBS business group/legal entity                   Breakdown of position held (%)

UBS Global Asset Management (Life) Ltd            2,173,099           4.29%
                                                   shares
UBS AG London Branch                                201,735           0.40%
                                                   shares
UBS AG - Total                                    2,374,834           4.68% 
                                                   shares


LETTER FROM: UBS AG 





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