Issue of Equity

7 March 2018

Ruffer Investment Company Limited

(the “Company”)

Issue of Equity and Voting Rights

The Company announces the tap issue of 300,000 Redeemable Participating Preference Shares of 0.01 pence each (“Shares”) at a price of 230 pence per share.

Following the allotment of these shares, the Company will have the ability to issue a further 14,021,341 Shares under its block listing facility.

The total number of voting rights in the Company is now 173,088,416 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 FCA's Disclosure Guidance and Transparency Rules.

Enquiries:

David Yovichic
Canaccord Genuity Limited
Tel: [phone]

Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Tel: [phone]