Issue of Equity

01 May 2018

Ruffer Investment Company Limited

(the “Company”)

LEI: 21380068AHZKY7MKN047

Issue of Equity and Voting Rights

The Company announces the tap issue of 250,000 Redeemable Participating Preference Shares of 0.01 pence each (“Shares”) at a price of 229.6 pence per share.

Following the allotment of these shares, the Company will have the ability to issue a further 11,771,341 Shares under its block listing facility.

The total number of voting rights in the Company is now 175,338,416 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]