Director/PDMR Shareholding

Annex DTR3

Notification of Transactions of Directors/Persons Discharging Managerial
Responsibility and Connected Persons

  All relevant boxes should be completed in block capital letters.

                                    2. State whether the notification      
                                    relates to (i) a transaction notified  
                                    in accordance with DTR 3.1.2 R, (ii) a 
                                    disclosure made in accordance with LR  
RUFFER INVESTMENT COMPANY LIMITED   9.8.6R(1) or (iii) a disclosure made in
                                    accordance with section 793 of the     
                                    Companies Act (2006).                  
                                                                           
                                    (i)                                    
                                                                           
                                    4. State whether notification relates  
3. Name of person discharging       to a person connected with a person    
managerial responsibilities/        discharging managerial responsibilities
director                            /director named in 3 and identify the  
                                    connected person                       
MR. ASHE WINDHAM                                                           
                                    MRS. ARABELLA WINDHAM                  
                                                                           
5. Indicate whether the             6. Description of shares (including    
notification is in respect of a     class), debentures or derivatives or   
holding of the person referred to   financial instruments relating to      
in 3 or 4 above or in respect of a  shares                                 
non-beneficial interest1                                                   
                                    REDEEMABLE PARTICIPATING PREFERENCE    
MRS. ARABELLA WINDHAM               SHARES                                 
                                                                           
                                                                           
7. Name of registered shareholders                                         
(s) and, if more than one, the                                             
number of shares held by each of                                           
them                                8. State the nature of the transaction 
                                                                           
BARCLAYS ISA ACCOUNT- 16,500 SHARES PURCHASE                               
                                                                           
                                                                           
                                                                           
                                                                           
9. Number of shares, debentures or  10. Percentage of issued class acquired
financial instruments relating to   (treasury shares of that class should  
shares acquired                     not be taken into account when         
                                    calculating percentage)                
1,500                                                                      
                                    0.00097%                               
                                                                           
11. Number of shares, debentures or 12. Percentage of issued class disposed
financial instruments relating to   (treasury shares of that class should  
shares disposed                     not be taken into account when         
                                    calculating percentage)                
N/A                                 N/A                                    
                                                                           
13. Price per share or value of     14. Date and place of transaction      
transaction                                                                
                                    8 June 2015, London                    
£2.222 per share                                                           
                                                                           
15. Total holding following                                                
notification and total percentage   16. Date issuer informed of transaction
holding following notification (any                                        
treasury shares should not be taken 8 June 2015                            
into account when calculating                                              
percentage)                                                                
                                                                           
18,000 SHARES - 0.0117%                                                    
                                                                           
                                                                           
If a person discharging managerial responsibilities has been granted       
options by the issuer complete the following boxes                         
                                                                           
                                                                           
                                    18. Period during which or date on     
17. Date of grant                   which exercisable                      
                                                                           
                                                                           
                                                                           
                                    20. Description of shares or debentures
19. Total amount paid (if any) for  involved (class and number)            
grant of the option                                                        
                                                                           
                                                                           
21. Exercise price (if fixed at     22. Total number of shares or          
time of grant) or indication that   debentures over which options held     
price is to be fixed at the time of following notification                 
exercise                                                                   
                                                                           
                                                                           
23. Any additional information      24. Name of contact and telephone      
                                    number for queries                     

Name of authorised official of issuer responsible for making notification

Fraser Hiddelston

for Northern Trust International Fund Administration Services (Guernsey)
Limited 

as Company Secretary to  Ruffer Investment Company  Limited 

Tel: [phone]  Email: [e-mail]

Date of notification ____8 June 2015______________________

Notes: This form is intended for use by an issuer to make a RIS notification
required by DTR 3.1.4.

(1) An issuer making a notification in respect of a transaction relating to the
shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.

(2) An issuer making a notification in respect of a derivative relating the
shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.

(3) An issuer making a notification in respect of options granted to a director
/person discharging managerial responsibilities should complete boxes 1 to 3
and 17 to 24.

(4) An issuer making a notification in respect of a financial instrument
relating to the shares of the issuer (other than a debenture) should complete
boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.