Portfolio Update

Ruffer Investment Company Limited
04 January 2006


                          STOCK EXCHANGE ANNOUNCEMENT

For Immediate Release                                            04 January 2006

                       Ruffer Investment Company Limited
                                (the 'Company')

               Re: Investment Information as at 31 December 2005

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 31 December 2005

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

The ten largest Investments of the Fund as at the 31 December 2005

Austria (Rep of) 3% 21/08/2009
UK Treasury 4% 07/03/2009
Switzerland (Govt of) 3.5% 08/04/2033
UK Treasury 5% 07/03/2008
UK Treasury 5.75% 07/12/2009
Switzerland (Govt of) 4% 08/04/2028
UK Treasury 4.75% 07/06/2010
Norway (Kingdom of) 5.5% 15/05/2009
UK Treasury 2.5% 23/08/2011
Switzerland (Govt of) 4% 06/01/2049

Enquiries:

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


                      This information is provided by RNS
            The company news service from the London Stock Exchange