5 January 2016

                           Ruffer Investment Company Limited                       
                                    (the "Company")                                

                           Issue of Equity and Voting Rights                       

    The Company announces the tap issue of 250,000 Redeemable Participating
    Preference Shares of £0.01 each ("Shares") at a price of 211.2 pence per share.

    Following the allotment of these shares, the Company will have the ability to
    issue a further 12,256,342 Shares under its block listing facility.

    The total number of voting rights in the Company is now 155,838,416 which may
    be used by shareholders as the denominator for the calculations by which they
    will determine if they are required to notify their interest in, or a change
    to, their interest in the Company under the FCA's Disclosure and Transparency
    Rules.



    Enquiries:

    Phil Higgs
    Cenkos Securities plc
    Tel: 020 7397 1913

    Company Secretary
    Northern Trust International Fund Administration Services (Guernsey) Limited
    Tel: 01481 745001