1.

Investment Management Fees (Normally subject to VAT)

Smaller portfolios, where appropriate, may be invested in the Ruffer OEICs (see note 4 below). There are normally no initial or termination charges for new or leaving clients.

2.

Dealing Charges (Normally VAT exempt)

A dealing charge of £50 per transaction is levied by Ruffer LLP on each type of security. Dealing charges paid to the market will be passed on to clients at cost. An analysis and explanation of any market charges is provided along with client's periodic statements and valuations.

3.

Ruffer OEICs

The sub funds of the CF Ruffer Investment Funds attract a total annual management charge of 1.5% (other than the CF Ruffer Baker Steel Gold Fund the annual management charge of which is 1.85%). Holdings in these Ruffer OEICs do not bear the fees and dealing chagres noted in 1-3 above. Full details about the Ruffer OEICs are set out in their Simplified Prospectus, which is available on request.

4.

Other

We do not normally charge for reports or other work undertaken for clients' advisers. However, we reserve the right to do so in certain circumstances. Similarly, we reserve the right to make charges on certain other occasions (e.g. arranging foreign exchange deals, making BACS/CHAPS payments, custodian charges for transferring stock out of our nominee account and the provision of probate valuations).

5.

Offshore service

An offshore service is available through Ruffer (Channel Islands) Limited. The charges will be supplied on request.

July 2007