Holding in Company

Ricardo PLC
19 January 2001



                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

RICARDO plc


2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

THE EQUITABLE LIFE ASSURANCE SOCIETY


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.

THE EQUITABLE LIFE ASSURANCE SOCIETY   1,013,000
EQUITABLE SMALLER COMPANIES FUND         295,000


5)   Number of shares/amount of stock acquired.

N/A


6)   ( N/A %) of issued Class



7)   Number of shares/amount of stock disposed

425,000


8)   ( 0.89 %) of issued Class



9)   Class of security

ORDINARY SHARES


10)  Date of transaction

18 JANUARY 2001


11)  Date company informed

19 JANUARY 2001


12)  Total holding following this notification

1,308,000
               
              
13)  Total percentage holding of issued class following this notification

2.73


14)  Any additional information



15)  Name of contact and telephone number for queries

M. WIGHTMAN    01926 319 335

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

     Date of Notification .. 19 JANUARY 2001 ...