Net Asset Value(s)

Ruffer Investment Company Limited
24 April 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           £1.231   B018CS4       24 April 2006

 N.B. The NAV is inclusive of £0.006 revenue per share.


Valuation as at date: 21 April 2006

Date: 24 April 2006


Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311




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