Result of Redemption Facility

Ruffer Investment Company Limited
21 November 2007


Not for release, publication or distribution in or into the United States
Canada, Australia or Japan


21 November 2007

                       Ruffer Investment Company Limited

                       Results of the Redemption Facility

Background

The Company offered a redemption facility for up to 25 per cent. of the
Company's Shares in issue at the prevailing Net Asset Value per Share on 29
November 2007 (less the costs of redemption).

The Redemption Facility was under subscribed and redemption requests 16,987,371
Shares of 0.01p each (16.01% of the issued Shares) were received.

The redemption requests will be satisfied in full.

Expected timetable of events

Calculation date                               close of business on 28 November
                                               2007
NAV and Redemption Price announced             29 November 2007
Redemption Date                                29 November 2007
Settlement Date: payments despatched through   3 December 2007
CREST
Balancing Share certificates despatched        3 December 2007
through CREST
Cheques despatched by                          7 December 2007
Balancing Share certificates despatched by     7 December 2007

Definitions

Terms defined in the Circular have the same meaning when used herein unless the
context otherwise requires.

Enquiries:

Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Tel: [phone]

UBS Investment Bank
Joe Winkley

Tel: [phone]



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