Portfolio Update

Ruffer Investment Company Limited
04 April 2006


                          STOCK EXCHANGE ANNOUNCEMENT


For Immediate Release 04 April 2006


                       Ruffer Investment Company Limited

                                (the 'Company')


                 Re: Investment Information as at 31 March 2006


In accordance with Rule 15.4.11 (ii), the Directors of the Company confirm
the following:-

Investments by the Fund with a value greater than 5% of the Fund's gross assets
as at 31 March 2006


Austria (Rep of) 3% 21/08/2009

UK Treasury 4% 07/03/2009

Switzerland (Govt of) 3.5% 08/04/2033

UK Treasury 5% 07/03/2008

UK Treasury 5.75% 07/12/2009

UK Treasury 4.75% 07/06/2010


The ten largest Investments of the Fund as at the 31 March 2006


Austria (Rep of) 3% 21/08/2009

UK Treasury 4% 07/03/2009

Switzerland (Govt of) 3.5% 08/04/2033

UK Treasury 5% 07/03/2008

UK Treasury 5.75% 07/12/2009

UK Treasury 4.75% 07/06/2010

Switzerland (Govt of) 4% 08/04/2028

BT Group

UK Treasury 2.5% 23/08/2011

Switzerland (Govt of) 4% 06/01/2049


Enquiries:

Northern Trust International Fund
Administration Services (Guernsey) Limited    Sean Murray    [phone]






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