16 June 2022

RUFFER INVESTMENT COMPANY LIMITED

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

(the "Company")

Appointment of Non-Executive Directors

The Board of Ruffer Investment Company Limited (RICL) is pleased to announce the appointments of Susie Farnon and Solomon Soquar as non-executive directors of the Company with effect from 1 September 2022 and 2 December 2022 respectively.

As disclosed in the Company's half-yearly financial report published in February, two current  directors, David Staples and Jill May, have confirmed that they will retire from the Board without standing for re-election by shareholders at the annual general meeting of the Company to be held on 2 December 2022.

It is intended that Susie Farnon, a Guernsey resident, will succeed David Staples as chair of the Company's Audit and Risk Committee, following David's retirement. By joining the Board on 1 September, Susie will have time to parallel run with David through the annual report preparation and audit planning process.

Susie Farnon is a Fellow of the Institute of Chartered Accountants in England and Wales and a non- executive director of a number of property and investment companies (as further detailed below). Susie was a Banking and Finance Partner with KPMG Channel Islands from 1990 until 2001 and Head of Audit KPMG Channel Islands from 1999. She has served as President of the Guernsey Society of Chartered and Certified Accountants and as a member of the States of Guernsey Audit Commission and Vice-Chairman of the Guernsey Financial Services Commission. Susie was appointed as a non-executive director of the Association of Investment Companies, the UK Investment Companies' trade body, on 1 April 2018. As at the date of this announcement, Mrs Farnon holds 16,200 shares in the Company.

Solomon Soquar will succeed Jill May on her retirement at the AGM in December. Solomon has a long and deep experience of over 30 years across Investment Banking, Capital Markets (and in particular in structuring risk management solutions) and Wealth Management. He has worked with a number of major financial institutions, including Goldman Sachs, Bankers Trust, Merrill Lynch, Citi and Barclays. His most recent executive role has been as CEO of Barclays Investments Solutions Limited. Solomon studied and taught at Oxford University. He holds BA/MA in Politics, Philosophy and Economics and M.Phil in Economics from Balliol College, Oxford. Solomon currently devotes part of his time on pro-bono activities across Global Health, Climate economics and developmental enablers for Africa.

Mr Chris Russell, Chairman, said:

"We are delighted to be welcoming Susie to the Board in September and I'm confident that she will have a great deal to contribute, given her background and considerable experience as audit chair of public listed companies. These include HICL Infrastructure plc, a FTSE 250 company, from which Susie will retire next month following nine years on the Board and five years as chair of the Audit and Risk Committee.

We are equally delighted to be welcoming Solomon to the Board in December. Solomon brings skills, experience and a perspective which are particularly relevant to the protection strategies that are a critical part of  RICL's  investment strategy. Solomon's knowledge and experience in this area is  complementary to the other skills and experience on the Board."

In accordance with paragraph 9.6.13 of the Financial Conduct Authority's Listing Rules, details of Mrs Farnon's current and previous public company directorships are included below:

-     HICL Infrastructure plc, London Stock Exchange main market (current)

-     Apax Global Alpha Limited, London Stock Exchange main market (current)

-     Real Estate Credit Investments Limited, London Stock Exchange main market (current)

-     Bailiwick Investments Limited, The International Stock Exchange (current)

-     BH Global Limited, London Stock Exchange main market (previous)

-     Breedon Group PLC, London Stock Exchange AIM (previous)

-     Standard Life Investments Property Income Trust Limited, London Stock Exchange main market (previous)

-     Threadneedle UK Select Trust Limited, London Stock Exchange main market (previous)

-     Ravenscroft Limited, The International Stock Exchange (previous)

-     Ravenscroft Holdings Limited, The International Stock Exchange (previous)

No further disclosures are required for Mrs Farnon or Mr Soquar in respect of paragraph 9.6.13 of the Financial Conduct Authority's Listing Rules.

Enquiries:

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