Net Asset Value(s)

Ruffer Investment Company Limited
28 January 2008






                       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            £1.284          B018CS4         25th January
          Ltd                                                        2008


The NAV is inclusive of £0.03 revenue per share

Valuation as at date: 25th January 2008

Date: 28th January 2008

Enquiries:


Northern Trust International Fund Administration Services (Guernsey) Limited


Harry Rouillard 44 (0)1481 745315



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