Dividend Declaration

Ruffer Investment Company Limited
16 March 2006


                                                                   16 March 2006

                       Ruffer Investment Company Limited

                                (the 'Company')

                            Re: Dividend Announcement


The Directors of Ruffer Investment Company Limited have declared that an interim
dividend be payable in respect of the period ended 31 December 2005 as follows:

     Ex Date                22 March 2006
     Record Date            24 March 2006
     Pay Date               25 April 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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