Net Asset Value(s)

Ruffer Investment Company Limited
20 December 2005


                       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        19 December 2005

 N.B. The NAV is inclusive of £0.003 revenue per share.


Valuation as at date: 16 December 2005
Date: 19 December 2005

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311




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