Net Asset Value(s)

Ruffer Investment Company Limited
15 May 2006


                       RUFFER INVESTMENT COMPANY LIMITED

 (a closed-ended investment company incorporated in Guernsey with registration
                                 number 41996)




FUND NAME                         NAV          SEDOL         NAV DATE
Ruffer Investment Co Ltd         £1.219       B018CS4       12 May 2006

 N.B. The NAV is inclusive of £0.010 revenue per share.


Valuation as at date: 12 May 2006

Date: 15 May 2006


Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray     44 (0)1481 745311




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