Net Asset Value(s)

Ruffer Investment Company Limited
24 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         £1.175       B018CS4       21 July 2006

   N.B. The NAV is inclusive of £0.016 revenue per share.


Valuation as at date: 21 July 2006
Date: 24 July 2006


Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311



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