3 October 2017
                                                                                   

                           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 pence each ("Shares") at a price of 230.5 pence per
    share.

    Following the allotment of these shares, the Company will have the ability to
    issue a further 5,783,841 Shares under its block listing facility.

    The total number of voting rights in the Company is now 168,213,416 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 Guidance and
    Transparency Rules.



    Enquiries:

    Ollie Packard
    Cenkos Securities plc
    Tel: 020 7397 1918

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