Dividend Declaration

Ruffer Investment Company Limited
14 March 2007


                                                                 14 March 2007


                       Ruffer Investment Company Limited

                                (the 'Company')


Re: Dividend Announcement


The Directors of Ruffer Investment Company Limited have declared that the
following dividend be payable which represents substantially all of the net
income earned by the Company for the six month period ended 31 December 2006;


Ex Date         21 March 2007

Record Date     23 March 2007

Pay Date        17 April 2007

Dividend Rate   1.25 pence per share



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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