RICA Ruffer Investment Company Ltd

                               RNS ANNOUNCEMENT

                       Ruffer Investment Company Limited

 (a closed-ended investment company incorporated with limited liability under
              the laws of Guernsey with registered number 41996)

                                18 December 2014

                            Directors Notification

In accordance with the requirements of Listing Rule 9.6.14, Ruffer Investment
Company Limited advises the following changes to directorships in other
publicly quoted companies, held by a member of the Board:

With effect from 1 January 2015, Mr Christopher Spencer will be appointed a
non-executive director of Summit Germany Limited, a company listed on AIM.

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited
Fraser Hiddelston
Tel: +44 (0)1481 745738