Portfolio Update

Ruffer Investment Company Limited
05 July 2007


                       RUFFER INVESTMENT COMPANY LIMITED

 (a closed-ended investment company incorporated in Guernsey with registration
                                 number 41996)

In accordance with Listing Rule 15.4.11, the Company announces its investments
with a value greater than 5% of the Company's total assets and its 10 largest
investments as at the last business day of June 2007.

Fund Name                 Value GBP       % of Total

UK TREASURY 4% 7/03/2009  10,986,006.90   8.8707
AUSTRIA(REP OF) 3% 8/09   10,050,040.29   8.1150
SWISS (GOVT) 3.5 4/33     6,939,699.14    5.6035
TREASURY 4.75% 7/6/2010   6,802,600.00    5.4928
NORWAY (GOVT) 5.5 15/5/09 6,769,840.18    5.4663
NORWAY (GOVT) 6% 2011     6,059,768.13    4.8930
SWISS (GOVT) 4% BDS       5,415,703.05    4.3729
SWISS (GOVT) 1.75%        5,196,085.81    4.1956
TREASURY 5.75% 07/12/2009 4,245,737.25    3.4282
UNILEVER PLC ORD GBP      3,228,000.00    2.6065


Date: 05 July 2007

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311




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