Net Asset Value(s)

Ruffer Investment Company Limited
20 March 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           £1.225   B018CS4       20 March 2006

 N.B. The NAV is inclusive of £0.010 revenue per share.





Valuation as at date: 17 March 2006

Date: 20 March 2006


Enquiries:


Northern Trust International Fund Administration Services (Guernsey) Limited


Sean Murray 44 (0)1481 745311






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