Net Asset Value(s)

Ruffer Investment Company Limited
04 July 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       £1.194        B018CS4       30 June 2006

 N.B. The NAV is inclusive of £0.015 revenue per share.


Valuation as at date: 30 June 2006
Date: 04 July 2006

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311






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