Interim Management Statement

Ruffer Investment Company Limited
07 April 2008


Ruffer Investment Company Limited ('the Company')

Interim Management Statement - 1 January to 31 March 2008


Performance Summary


The NAV of the Company increased from 124.2p at 31 December 2007 to 132.8p at 31
March 2008, net of a 1.25p dividend. For the period under review, the Company
recorded a positive total return (net of fees and expenses) of 7.9%, compared to
the objective return of 2.7%, being twice the time weighted Bank of England base
rate over the period. Since inception, the Company has achieved a positive total
return of 41.4%.


The price increased from 122.25p at 31 December 2007 to 126.50p at 31 March
2008. The discount to NAV increased from -1.6% to -4.7% during the period under
review.


Quarterly return history

+---------+--------+--------+--------+-------+-------+--------+-------+-------+
|Date     | 30 Sep | 31 Dec | 31 Mar |30 Jun |30 Sep | 31 Dec |31 Mar |31 Jun |
|         |   04   |   04   |   05   |  05   |  05   |   05   |  06   |  06   |
+---------+--------+--------+--------+-------+-------+--------+-------+-------+
|NAV      | 101.2p | 106.7p |107.2p* |112.2p |117.4p*| 120.5p |122.5p*|119.4p |
+---------+--------+--------+--------+-------+-------+--------+-------+-------+
|% Growth | +3.3%  | +5.4%  | +0.5%  | +4.3% | +4.6% | +2.6%  | +2.1% | +2.5% |
+---------+--------+--------+--------+-------+-------+--------+-------+-------+

+---------+--------+--------+--------+-------+-------+--------+-------+
|Date     | 30 Sep | 31 Dec | 30 Mar |30 Jun |30 Sep | 31 Dec |31 Mar |
|         |   06   |   06   |   07   |  07   |  07   |   07   |  08   |
+---------+--------+--------+--------+-------+-------+--------+-------+
|NAV      |118.8p* | 119.6p |118.7p* |116.7p |120.4p*| 124.2p |132.8p*|
+---------+--------+--------+--------+-------+-------+--------+-------+
|% Growth | -0.5%  | +0.7%  | -0.8%  | -1.7% | +3.2% | +3.2%  | +7.9% |
+---------+--------+--------+--------+-------+-------+--------+-------+

*Ex dividend 0.5p 30 Mar 05, 7 Sept 05, 31 Mar 06, 27 Sept 06, 1.25p 30 Mar 07,
28 Sept 07 and 31 Mar 08.


Financial Position


Ten largest holdings                         Ten largest holdings

31 March 2008                                31 December 2007

Stock                    % of Fund           Stock                     % of Fund

Austria 3% 2009             10.8             UK Treasury 4.25% 2011       10.2
UK Treasury I/L 1.25%        9.9             Austria 3% 2009              10.0
2017
UK Treasury 4.25% 2011       7.3             Norway Govt 6% 2011           6.1
US TIPS 2.375% 2025          6.3             UK Treasury 5% 2012           5.5
Swiss Govt 4% 2028           5.7             UK Treasury 4.75% 2010        5.5
Swiss Govt 1.75% 2009        5.6             Swiss Govt 4% 2028            5.4
UK Treasury 5% 2012          5.3             Swiss Govt 1.75% 2009         5.2
Gold Bullion                 3.9             Gold Bullion                  3.7
Swisscom                     3.5             UK Treasury I/L 1.25%         3.4
                                             2017
Euro Stoxx 50 Put            2.7             Nippon Tel & Tel              2.9
Warrant


Five largest equity holdings                 Five largest equity holdings

31 March 2008                                31 December 2007

Stock                    % of Fund           Stock                     % of Fund

Swisscom                     3.5             Nippon Tel & Tel              2.9
Nippon Tel & Tel             2.4             Kao                           2.4
Kao                          2.1             Newmont Mining                2.4
Central Japan Railway        2.1             Newcrest Mining               2.3
Newmont Mining               2.1             Central Japan Railway         1.9


Material Transactions

Five largest purchases

31 December 2007 - 31 March 2008
+----------+-----------------------------------+----------+
|Date      |Security Description               |Cost      |
+----------+-----------------------------------+----------+
|27/03/2008|US TIPS 2.375% 2025                |£7,318,456|
+----------+-----------------------------------+----------+
|07/03/2008|UK Treasury I/L 1.25% 2017         |£6,076,723|
+----------+-----------------------------------+----------+
|06/03/2008|Swisscom                           |£1,768,253|
+----------+-----------------------------------+----------+
|18/02/2008|Japan Residential Investment       |£1,352,701|
|          |Company                            |          |
+----------+-----------------------------------+----------+
|25/03/2008|UK Treasury I/L 1.25% 2017         |£1,156,809|
+----------+-----------------------------------+----------+


Five largest sales

31 December 2007 - 31 March 2008
+----------+-----------------------------------+----------+
|Date      |Security Description               |Proceeds  |
+----------+-----------------------------------+----------+
|27/03/2008|Norway Govt 6% 2011                |£7,639,226|
+----------+-----------------------------------+----------+
|07/03/2008|UK Treasury 4.75% 2010             |£6,135,157|
+----------+-----------------------------------+----------+
|17/03/2008|Euro Stoxx 50 Put Warrant          |£1,563,475|
+----------+-----------------------------------+----------+
|31/03/2008|Coca-Cola                          |£1,535,054|
+----------+-----------------------------------+----------+
|18/02/2008|UK Treasury 4.25% 2011             |£1,425,221|
+----------+-----------------------------------+----------+


The Company slightly decreased its cash weighting during the period from 1.1% at
31 December to 0.9% at 31 March 2008.


The NAV of the Company at 31 December 2007 was £110.7m and this increased to
£118.4m at 31 March 2008. The market capitalisation was £109.0m at the start of
the period under review and this increased to £112.7m at 31 March 2008.


On 28 March 2008 the Company paid a dividend per share of 1.25p.


Material Events


The Board of the Company is not aware of any significant event which has
occurred between the 31 December 2007 and the date of the publication of this
statement which would have a material impact on the financial position of the
Company.


However, please note the following two announcements made during the period:


27 February 2008: 'The Directors of Ruffer Investment Company Limited have
declared that an interim dividend will be payable in respect of the year ended
30 June 2008 as follows:

Ex Date                      05 March 2008

Record Date                  07 March 2008

Pay Date                     28 March 2008

Dividend per Share           1.25 pence (Sterling)'


27 February 2008: Ruffer Investment Company Limited announced the half-yearly
report in respect of the period ended 31 December 2007.


7 April 2008


                      This information is provided by RNS
            The company news service from the London Stock Exchange