Company Announcements

12 July 2022

RUFFER INVESTMENT COMPANY LIMITED

(a closed-ended investment company incorporated in Guernsey with registration number 41996)

(the "Company")

Hamish Baillie steps down as co-manager of Ruffer Investment Company Limited

The Board of Ruffer Investment Company announces that Hamish Baillie has decided to step down from his role as co-manager of the Company, and from his work as a partner at Ruffer LLP at the end of July to pursue other opportunities. Duncan MacInnes will continue as manager of the Company.

Hamish Baillie: "It has been a privilege to be a part of the firm over the last 20 years and to see the Company grow while stewarding our investors through some turbulent times in financial markets. I know I leave with the business in great shape and I will cherish fond memories of the time I have had at Ruffer. I look to the future with excitement both for me personally and for the prospects for Ruffer."

Chris Russell, the Company's Chairman said: "Hamish has been an excellent servant of the Company, and he leaves with our admiration and gratitude for all he has contributed. With Duncan MacInnes and the wider Ruffer team, the investment stewardship of the Company's assets remains in very good hands."

Enquiries:

Four Communications

Media enquiries

Jonathan Atkins

DDI: +44 (0) 7872 495 396

Email: Ruffer@fourcommunications.com

Sanne Fund Services (Guernsey) Limited

Company Secretary

Katrina Rowe

DDI: +44(0)1481 737673

Email: ric@praxisifm.com

Investec Bank plc

Broker

David Yovichic

DDI: +44(0)20 7597 4952

Email: David.yovichic@investec.co.uk

LEI 21380068AHZKY7MKNO47