Net Asset Value(s)

Ruffer Investment Company Limited
29 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     £1.199    B018CS4        28 December 2005

N.B. The NAV is inclusive of £0.004 revenue per share.


Valuation as at date: 23 December 2005

Date:                 29 December 2005

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311


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