Holding(s) in Company

Ricardo PLC
16 February 2006



                    DISCLOSURE OF MATERIAL INTEREST IN SHARES
                       COMPANIES ACT 1985 SECTION 198 - 220

Disclosure by BriTel Fund Trustees Limited for Trustees of BT Pension Scheme
(See Note 1)

Holdings in: Ricardo Plc                            Issued Capital:   50,010,903

As at 13th February 2006

Registered Holders:         Held on behalf of               Number of     % of 
                                                               Shares   issued 
                                                                        capital
Direct Holdings:            (See Note 2)                                
BriTel Fund Nominees Ltd    Trustees of BT Pension Scheme   1,213,792    

                            Total Direct Holdings           1,213,792    2.427

Subsidiary Holdings:        (See Note 3)
Chase Nominees Ltd          Hermes Assured Limited            393,405

                            Total Subsidiary Holdings         393,405    0.787

Total interest                                              1,607,197    3.214

Stock on Loan                                                 105,450    0.211
Previous loan amount 155,885



Note 1:  The Trustees of the BT Pension Scheme control BriTel Fund Trustees 
         Limited, which is the owner of Hermes Pensions Management Limited.
         Hermes Focus Asset Management Limited, Hermes Investment Management 
         Limited, Hermes Assured Limited and Hermes SLP Limited are all 
         subsidiaries of Hermes Pensions Management Limited.

Note 2:  These shares are held on behalf of the Trustees of the BT Pension 
         Scheme in funds managed by various investment managers on its behalf.

Note 3:  These shares are held directly by Hermes Assured Limited, a subsidiary
         of Hermes Pensions Management Limited.




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