Net Asset Value(s)

Ruffer Investment Company Limited
26 September 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    £1.162   B018CS4        26 September 2005


N.B. The NAV is inclusive of £0.000 revenue per share.

This price is Ex Dividend

Valuation as at date: 23 September 2005
Date: 26 September 2005


Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311






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