Holding in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Mam Funds Plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Yes

Other (please specify):

3. Full name of person(s) subject to the notification obligation:

Ruffer LLP (for its discretionary clients)

4. Full name of shareholder(s) (if different from 3.):

5. Date of the transaction and date on which the threshold is crossed or reached:

21 April 2011

6. Date on which issuer notified:

26 April 2011

7. Threshold(s) that is/are crossed or reached:

9% to 8%

8. Notified details:

A: Voting rights attached to shares

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

GB00B01WR582

12,121,212

12,121,212

12,121,212

12,121,212

-

8.32

-

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate

Exercise/Conversion Period

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date

Exercise/Conversion period

Number of voting rights instrument refers to

% of voting rights

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

12,121,212

8%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable:

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

Ruffer LLP now controls the voting rights over 12,121,212 shares (8% of the voting rights) of Mam Funds Plc, which are held by Ruffer's discretionary clients.

The change in percentage voting rights is due to an increase in the issued capital of MAM Funds Plc by 13,117,572 shares resulting in a new total of 145,682,308 on 21 April 2011. As a result, our percentage voting rights decreased from 9% to 8%.

14. Contact name:

Louise Stanway

15. Contact telephone number:

020 7963 8146