Portfolio Update

Ruffer Investment Company Limited
03 October 2006


                          STOCK EXCHANGE ANNOUNCEMENT

For Immediate Release                                            03 October 2006

                       Ruffer Investment Company Limited
                                (the 'Company')

               Re: Investment Information as at 30 September 2006

In accordance with Rules 21.20 (L) (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 30 September 2006

Austria (Rep of)            3%      21/08/2009
UK Treasury                 4%      07/03/2009
Switzerland (Govt of)       3.5%    08/04/2033
Switzerland (Govt of)       4%      08/04/2028
UK Treasury                 5%      07/03/2008
UK Treasury                 5.75%   07/12/2009
UK Treasury                 4.75%   07/06/2010
Norwegian (Govt of)         5.5%    15/05/2009

The ten largest Investments of the Fund as at the 30 September 2006

Austria (Rep of)            3%     21/08/2009
UK Treasury                 4%     07/03/2009
Switzerland (Govt of)       3.5%   08/04/2033
Switzerland (Govt of)       4%     08/04/2028
UK Treasury                 5%     07/03/2008
UK Treasury                 5.75%  07/12/2009
UK Treasury                 4.75%  07/06/2010
Norwegian (Govt of)         5.5%   15/05/2009
Norwegian (Govt of)         6%     16/05/2011
UK Treasury Index Linked    2.5%   23/08/2011


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



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