AGM Statement

Ruffer Investment Company Limited
23 September 2005


   NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,
                           CANADA, AUSTRALIA OR JAPAN

                       RUFFER INVESTMENT COMPANY LIMITED
 (a closed-ended investment company incorporated in Guernsey with registration
                                 number 41996)

                     RESULTS OF ANNUAL GENERAL MEETING AND
                         EXTRAORDINARY GENERAL MEETING

At the Annual General Meeting and the Extraordinary General Meeting of Ruffer
Investment Company Limited ('the Company') held on 23 September at 11.00 a.m.
and 11.10 a.m. respectively, all the resolutions outlined in the notice of
Annual General Meeting and in the Circular dated 1 September 2005 were duly
passed.
Shareholders have approved proposals to adopt new Articles of Association,
increase the authorised share capital and cancel the Company's share premium
account in connection with the Placing and Offer for Subscription of up to 75
million C Shares.

Enquiries

Ruffer LLP

Jonathan Ruffer 020 7529 7900
Steve Russell 020 7529 7900



This announcement is not for distribution directly or indirectly in or into the
United States, Canada, Australia or Japan. This announcement does not constitute
an offer to sell or issue or the solicitation of an offer to buy or acquire C
Shares in the capital of Ruffer Investment Company Limited in the United States,
Canada, Australia or Japan or any jurisdiction in which such an offer or
solicitation is unlawful. The C Shares in Ruffer Investment Company Limited
referred to in this announcement have not been and will not be registered under
the Securities Act and may not be offered or sold within the United States
absent registration or an exemption from registration. No public offering of
securities will be made in the United States, Canada or Australia or Japan.

This announcement has been communicated by Ruffer Investment Company Limited
which is authorised and regulated in the United Kingdom by the Financial
Services Authority and does not constitute an offer to sell or a solicitation of
an offer to purchase any securities. The price of shares and the income from
them may go down as well as up and investors may not get back the full amount
invested on disposal of the shares. There is no guarantee that the market price
of shares in Ruffer Investment Company Limited will fully reflect their
underlying NAV.



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