The Company and Management

Ruffer Investment Company Limited is an incorporated, Guernsey registered, closed-ended investment company. Its Investment Manager is Ruffer LLP. The company has a capital structure comprising a single class of listed shares, which are listed in London, under Investment Companies. It is not intended that the company will have any borrowings except temporary purposes.

Investment Objective and Policy

The principal objective of the Company is to achieve a positive total return of at least twice the Bank of England base rate.

In selecting investments, it will assume a stock picking approach and will not adopt any investment weightings by reference to any benchmark. Both Ruffer LLP and the Board believe that the adoption of any index related investment style would inhibit the ability of the Company to deliver its objectives.

The allocation of the portfolio between equities and bonds will vary from time to time so as to enable the Company to achieve its objective

In managing the portfolio, Ruffer LLP will adopt a broadly similar investment strategy to the one applied in managing the CF Ruffer Total Return Fund, a sub-fund of the CF Ruffer Investment Funds OEIC, launched in September 2000, and also the individual segregated portfolios, which have formed the basis of Ruffer LLP's business since its inception in 1994.

The Company will invest in internationally listed or quoted equities or equity related securities (including convertibles) or bonds which are issued by corporate issuers, supranationals or government organisations. In selecting investments, it will assume a stock picking approach and will not adopt any investment weightings by reference to any benchmark. Both Ruffer LLP and the Board believe that the adoption of any index related investment style would inhibit the ability of the Company to deliver its objectives. The allocation of the portfolio between equities and bonds will vary from time to time so as to enable the Company to achieve its objective.