Dividend Declaration

Ruffer Investment Company Limited
22 March 2005



                                                                   22 March 2005
                       Ruffer Investment Company Limited
                                (the 'Company')

                            Re: Dividend Announcement


The Directors of Ruffer Investment Company Limited have declared that a dividend
be payable in respect of the year ended 31 December 2004 as follows:

               Ex Date                 30 March 2005
               Record Date             1 April 2005
               Pay Date                13 April 2005
               Dividend per Share      GBP0.005 (0.5 pence)


All Enquiries:

Douglas Mackay
Guernsey International Fund Managers Limited
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
Fax: [phone]



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