Change of Auditor

9 March 2015

                       Ruffer Investment Company Limited                       

                                (the "Company")                                

                               CHANGE OF AUDITOR                               


Ruffer Investment Company Limited announces that following a competitive tender
process it has appointed Deloitte LLP as Auditors with immediate effect. The
address of the new auditors is Regency Court, Glategny Esplanade, St Peter
Port, Guernsey, GY1 3HW.

Moore Stephens have resigned as the auditors of the Company and there are no
issues relating to their resignation which should be brought to the attention
of shareholders. The Board wish to thank Moore Stephens for their services and
support over the last 10 years.


All Enquiries:

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

Tel: [phone]