Investment Manager's Report

Ruffer Investment Company Limited
17 January 2006



                       RUFFER INVESTMENT COMPANY LIMITED

Attached is a link to the monthly Investment Manager's review for December 2005.


http://www.rns-pdf.londonstockexchange.com/rns/0567x_-2006-1-17.pdf

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited
Douglas Mackay [phone]



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