Net Asset Value(s)

Ruffer Investment Company Limited
10 May 2007



                       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          £1.193          B018CS4         04 May 2007
          Ltd


The NAV is inclusive of £0.007 revenue per share
Valuation as at date: 04 May 2007
Date: 08 May 2007

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311



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