Dividend Declaration

Ruffer Investment Company Limited
20 September 2006


                                                               20 September 2006



                       Ruffer Investment Company Limited
                                (the 'Company')


                            Re: Dividend Announcement


The Directors of Ruffer Investment Company Limited have declared that a second
interim dividend be payable in respect of the year ended 30 June 2006 as
follows:


Ex Date                                 27 September 2006

Record Date                             29 September 2006

Pay Date                                13 October 2006

Dividend per Share                      GBP0.005 (0.5 pence)


All Enquiries:

Douglas Mackay

Northern Trust International Fund Administrration Services (Guernsey) Limited

PO Box 255

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL


Tel: [phone]

Fax: [phone]


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