Director/PDMR Shareholding

Annex DTR3

Notification of Transactions of Directors/Persons Discharging Managerial
Responsibility and Connected Persons

  All relevant boxes should be completed in block capital letters.

                                      2. State whether the notification      
                                      relates to (i) a transaction notified  
                                      in accordance with DTR 3.1.2 R, (ii) a 
                                      disclosure made in accordance with LR  
RUFFER INVESTMENT COMPANY LIMITED     9.8.6R(1) or (iii) a disclosure made in
                                      accordance with section 793 of the     
                                      Companies Act (2006).                  
                                                                             
                                      (i)                                    
                                                                             
                                      4. State whether notification relates  
3. Name of person discharging         to a person connected with a person    
managerial responsibilities/director  discharging managerial responsibilities
                                      /director named in 3 and identify the  
ASHE WINDHAM                          connected person                       
                                                                             
                                      NO                                     
                                                                             
5. Indicate whether the notification  6. Description of shares (including    
is in respect of a holding of the     class), debentures or derivatives or   
person referred to in 3 or 4 above or financial instruments relating to      
in respect of a non-beneficial        shares                                 
interest1                                                                    
                                      REDEEMABLE PARTICIPATING PREFERENCE    
ASHE WINDHAM                          SHARES                                 
                                                                             
                                                                             
7. Name of registered shareholders(s)                                        
and, if more than one, the number of                                         
shares held by each of them           8. State the nature of the transaction 
                                                                             
HARGREAVES LANSDOWN SIPP - 28,500     PURCHASE                               
SHARES                                                                       
BARCLAYS ISA - 35,000 SHARES                                                 
                                                                             
9. Number of shares, debentures or    10. Percentage of issued class acquired
financial instruments relating to     (treasury shares of that class should  
shares acquired                       not be taken into account when         
                                      calculating percentage)                
3,500                                                                        
                                      0.00227%                               
                                                                             
11. Number of shares, debentures or   12. Percentage of issued class disposed
financial instruments relating to     (treasury shares of that class should  
shares disposed                       not be taken into account when         
                                      calculating percentage)                
N/A                                                                          
                                      N/A                                    
                                                                             
13. Price per share or value of       14. Date and place of transaction      
transaction                                                                  
                                      8 June 2015, London                    
£2.222 per share                                                             
                                                                             
15. Total holding following                                                  
notification and total percentage     16. Date issuer informed of transaction
holding following notification (any                                          
treasury shares should not be taken   8 June 2015                            
into account when calculating                                                
percentage)                                                                  
                                                                             
67,000 SHARES - 0.0435%                                                      
                                                                             
                                                                             
If a person discharging managerial responsibilities has been granted options 
by the issuer complete the following boxes                                   
                                                                             
                                                                             
                                      18. Period during which or date on     
17. Date of grant                     which exercisable                      
                                                                             
                                                                             
                                                                             
                                      20. Description of shares or debentures
19. Total amount paid (if any) for    involved (class and number)            
grant of the option                                                          
                                                                             
                                                                             
                                      22. Total number of shares or          
21. Exercise price (if fixed at time  debentures over which options held     
of grant) or indication that price is following notification                 
to be fixed at the time of exercise                                          
                                                                             
                                                                             
23. Any additional information        24. Name of contact and telephone      
                                      number for queries                     

Name of authorised official of issuer responsible for making notification

Fraser Hiddelston

for Northern Trust International Fund Administration Services (Guernsey)
Limited 

as Company Secretary to  Ruffer Investment Company  Limited 

Tel: [phone]  Email: [e-mail]

Date of notification ____8 June 2015______________________

Notes: This form is intended for use by an issuer to make a RIS notification
required by DTR 3.1.4.

(1) An issuer making a notification in respect of a transaction relating to the
shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.

(2) An issuer making a notification in respect of a derivative relating the
shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.

(3) An issuer making a notification in respect of options granted to a director
/person discharging managerial responsibilities should complete boxes 1 to 3
and 17 to 24.

(4) An issuer making a notification in respect of a financial instrument
relating to the shares of the issuer (other than a debenture) should complete
boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.