4 January 2017
                                                                                   

                           Ruffer Investment Company Limited                       
                                                                                   
                                    (the "Company")                                
                                                                                   
                                                                                   
                           Issue of Equity and Voting Rights                       

    The Company announces the tap issue of 200,000 Redeemable Participating
    Preference Shares of £0.01 each ("Shares") at a price of 234.7 pence per share.

    Following the allotment of these shares, the Company will have the ability to
    issue a further 9,081,342 Shares under its block listing facility.

    The total number of voting rights in the Company is now 159,013,416 which may
    be used by shareholders as the denominator for the calculations by which they
    will determine if they are required to notify their interest in, or a change
    to, their interest in the Company under the FCA's Disclosure l