Issue of Equity

13 January 2015

                       Ruffer Investment Company Limited                       

                                (the "Company")                                

                       Issue of Equity and Voting Rights                       

The Company announces the tap issue of 100,000 Redeemable Participating
Preference Shares of £0.01 each ("Shares") at a price of 220.7 pence per share.

Following the allotment of these shares, the company will have the ability to
issue a further 13,981,342 Shares under its block listing facility.

The total number of voting rights in the Company is now 154,113,416 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 FSA's Disclosure and Transparency
Rules.

Enquiries:

Phil Higgs
Cenkos Securities plc
Tel: [phone]

Fraser Hiddelston
Northern Trust International Fund Administration Services (Guernsey) Limited
Tel: [phone]