23 November 2017
                                                                                   

                           Ruffer Investment Company Limited                       

                                    (the "Company")                                
                                                                                   

                  Change from Mid to Bid Pricing for NAV Calculations              

    In order to conform with International Financial Reporting Standards (IFRS),
    the Directors of Ruffer Investment Company Limited announce that NAV
    calculations going forward will use bid prices. To date, and in line with
    previous market norms, the NAV calculation has used mid pricing.

    The board have taken this decision to ensure consistency with the audited
    financial statements and to bring the company into line with The Association of
    Investment Companies (AIC) guidance.

    By way of illustration if the bid price method had been used at the last NAV
    calculation date it would have resulted in a reduction in the NAV by 0.2 pence
    or 0.09%.



    All Enquiries:
    The Company Secretary
    Northern Trust International Fund Administration Services (Guernsey) Limited
    PO Box 255
    Trafalgar Court
    Les Banques
    St Peter Port
    Guernsey
    GY1 3QL

    Tel: 01481 745001