Holding(s) in Company

Ruffer Investment Company Limited
13 July 2004


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

                    Notification of Major Interest in Shares

As of 8 July 2004, Computershare Co Nominees Limited holds 100% of the 50
million issued redeemable participating preference shares of 0.01p each in
Ruffer Investment Company Limited.

Date: 13 July 2004

Enquiries:

Guernsey Fund Managers Limited

Rob King 44 (0)1481 745 5342




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