Additional Listing

Ruffer Investment Company Limited
15 December 2005


15 December 2005

Ruffer Investment Company Limited (the 'Company')

The Company announces that the Board has determined that at least 80 per cent of
the assets attributable to the C Shares issued on 26 September 2005 have been
invested and accordingly that the C Shares will be converted into redeemable
participating preference shares of 0.01p each ('Shares') in accordance with the
provisions of the Company's Articles of Association.

The conversion ratio has been calculated at 831 Shares for every 1,000 C Shares
held.

Application has been made to the Financial Services Authority and to London
Stock Exchange plc for a total of 56,117,074 Shares to be admitted to the
Official List and to trading on the London Stock Exchange plc. It is expected
that permission to admit the Shares will be granted on 16 December 2005 and that
dealings will commence on 19 December 2005.
The Shares will rank pari passu with the existing redeemable participating
preference shares of 0.01p each.

All Enquiries:

Douglas Mackay
Northern Trust International Fund Administration Services (Guernsey) Limited
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
Fax: [phone]


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