Director/PDMR Shareholding

Ruffer Investment Company Limited

(the “Company”)

Notification of Transactions by Persons Discharging Managerial Responsibilities ("PDMRs") and Connected Persons

21 September 2016

1.	Details of PDMR / person closely associated with them ("PCA")
a)	Name	Christopher Spencer
b)	Position / status	Non-Executive Director
c)	Initial notification / amendment	Initial Notification
2.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument	Redeemable participating preference shares
b)	Nature of the transaction	Purchase of shares
c)	Price(s) and volume(s)	Price(s) Volume(s) £2.265 13,150
d)	Aggregated information Aggregated volume Price	N/A
e)	Date of the transaction	19 September 2016
f)	Place of the transaction	London Stock Exchange

1.	Details of PDMR / person closely associated with them ("PCA")
a)	Name	Sarah Evans
b)	Position / status	Non-Executive Director
c)	Initial notification / amendment	Initial Notification
2.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument	Redeemable participating preference shares
b)	Nature of the transaction	Purchase of shares
c)	Price(s) and volume(s)	Price(s) Volume(s) £2.2672 10,000
d)	Aggregated information Aggregated volume Price	N/A
e)	Date of the transaction	19 September 2016
f)	Place of the transaction	London Stock Exchange

Enquiries
Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited
PO Box 255, Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

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