Result of AGM

RUFFER INVESTMENT COMPANY LIMITED                       
 (a closed-ended investment company incorporated in Guernsey with registration 
                                 number 41996)                                 
                                (the "Company")                                

                               19 November 2014                                

                       RESULTS OF ANNUAL GENERAL MEETING                       

At the Annual General Meeting of the Company held on 19 November 2014, all
resolutions set out in the AGM Notice sent to shareholders dated 30 September
2014 were duly passed.

Details of the proxy voting results which should be read alongside the Notice
sent to shareholders on 10 October 2014 are noted below:

Ordinary            For                 Against            Abstain           
Resolution    
                                                                         
1                   41,967,793          56,219             10,073            
                                                                             
2                   42,034,086          0                  0                 
                                                                             
3                   42,034,086          0                  0                 
                                                                             
4                   42,009,086          0                  25,000            
                                                                             
5                   42,009,086          0                  25,000            
                                                                             
6                   31,477,618          6,653,579          3,902,887         
                                                                             
7                   41,880,172          56,219             97,694            
                                                                             
8                   41,880,172          56,219             97,694            
                                                                             
9                   31,477,618          6,653,579          3,902,887         
  
                                                                           
Special Resolution  For                 Against            Abstain           
                                                                             
1                   42,019,086          0                  15,000            
                                                                             
2                   42,004,225          14,861             15,000            

In accordance with Listing Rule 9.6.3, copies of the Special Resolutions have
been submitted to the National Storage Mechanism and will shortly be available
for inspection at: www.morningstar.co.uk/uk/NSM.

Enquiries:
Northern Trust International Fund Administration Services (Guernsey) Limited
The Company Secretary
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
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