Net Asset Value(s)

Ruffer Investment Company Limited
21 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          £1.185            B018CS4        18th May 2007
          Ltd


The NAV is inclusive of £0.008 revenue per share
Valuation as at date: 18th May 2007
Date: 21st May 2007
Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311



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