Ruffer Investment Company (Ordinary Share) RICA

Objective:

Management Contract & Fees:

The Investment Manager will be entitled to a management fee payable monthly in arrears at a rate equivalent to 1% per annum of the Net Asset Value of the Company. The management agreement may be terminated by either party prior to the second anniversary of the agreement on not less than 12 months written notice. Out of its charges, the Investment Manager pays fees to UBS Limited for providing broking and advisory services to the Board equal to 20 basis points of the retained annual net management fee. The Administrator will be entitled to a fee calculated on the Net Asset Value of the Company of 0.15% per annum on the first GBP100 million and 0.1% per annum on any Net Asset Value in excess of GBP100 million payable monthly in arrears.