Holding(s) in Company

Ricardo PLC
23 February 2006

Letter to Ricardo PLC
Dated 20 February, 2006


RE: Declaration of Interest in Shares

In accordance with Part IV of the Companies Act 1985 (as amended), we write to
inform you that Artemis Investment Management Limited, and certain of its
subsidiary companies, have a notifiable interest of 4,912,711 shares,
representing 9.75% of the issued share capital of your company.

Full details of the interest and the beneficial holders are detailed below.


From Karen Paine
Artemis Investment Management Ltd

Beneficial Owner              Number of Shares Held        % Interest

Akzo Nobel Pension                 460,554                   0.91
Scheme 
Barclays UK Smaller                147,377                   0.29
Companies
Prudential Staff Pension           474,057                   0.94
Scheme
Institutional Special              274,536                   0.55
Situations
Artemis Special Situations       2,885,368                   5.73
Pearson                            431,331                   0.86
L&G (Barclays) Managed             239,488                   0.47
Opps Trust Artemis






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