Net Asset Value(s)

Ruffer Investment Company Limited
26 June 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         £1.183       B018CS4       23 June 2006

 N.B. The NAV is inclusive of £0.011 revenue per share.


Valuation as at date: 23 June 2006
Date: 26 June 2006

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311






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