Directorate Change

Ruffer Investment Company Limited
(the “Company”)

Appointment of non-executive director

2 December 2016

The Company is pleased to announce the appointment of Christopher Russell as non-executive director of the Company with effect from 1 December 2016.  Mr Russell is a Fellow of the UK Society of Investment Professionals, a Fellow of the Institute of Chartered Accountants in England and Wales and a non-executive director of a number of investment and financial companies in the UK, Hong Kong and Guernsey.

Pursuant to section 9.6.13(1) of the UKLA Listing Rules, Mr Russell holds or has held (within the previous five years) the following directorships in publicly quoted companies:

Company	Date Appointed	Date Resigned
JP Morgan Japan Smaller Companies Trust Plc	1 June 2006	15 July 2016
F&C Commercial Property Trust Limited	31 October 2009
HICL Infrastructure Company Limited	1 June 2010
Macau Property Opportunities Fund Limited	8 May 2012

Mr Russell (or any person that may be a connected party to Mr Russell) holds 50,000 shares of the Company at the date of this announcement.

There are no further details required to be disclosed pursuant to section 9.6.13 of the UKLA Listing Rules.

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

 [phone]