Result of AGM

Ruffer Investment Company Limited
29 November 2006


                                                                29 November 2006


                       RUFFER INVESTMENT COMPANY LIMITED



                        Result of Annual General Meeting



At the recent Annual General Meeting of the Company, the following Special
Resolution was passed;


IT WAS RESOLVED that the Company be generally and unconditionally authorised in
accordance with The Companies (Purchase of Own Shares) Ordinance, 1998 to make
purchases as defined in that Ordinance of its Unclassified Shares of GBP0.0001
each ('Shares'), provided that:-


(i) the maximum number of Shares hereby authorised to be purchased by the
Company shall be 7,495,000 being equivalent to no more than 7.06% of the
Company's issued share capital at the date of this resolution;


(ii) the minimum price (exclusive of expenses) which may be paid for a Share is
GBP0.0001, being the nominal value per share;


(iii) the maximum price (exclusive of expenses) which may be paid for the Share
is an amount equal to 105 per cent of the average of the middle market
quotations for a Share taken from the London Stock Exchange Daily Official List
for the 5 business days immediately preceding the day on which the Share is
purchased;


(iv) purchases may only be made pursuant to this authority if the Shares are (at
the date of the proposed purchase) trading on the London Stock Exchange at a
discount to the lower of the undiluted or diluted Net Asset Value;


(v) the authority hereby conferred shall expire at the conclusion of the Annual
General Meeting of the Company in 2006 or, if earlier, on the expiry of 12
months from the passing of this resolution, unless such authority is renewed
prior to such time; and


(vi) the Company may make a contract to purchase Shares under the authority
hereby conferred prior to the expiry of such authority which will or may be
executed wholly or partly after the expiration of such authority and may make a
purchase of Shares pursuant to any such contract.


All Enquiries:


The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court, Les Banques, St Peter Port, Guernsey, GY1 3QL


Tel: [phone]



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