Net Asset Value(s)

Ruffer Investment Company Limited
24 October 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 Company Limited   £0.975   B0DWPC9      24 October 2005
Class C

N.B. The NAV is inclusive of £0.002 revenue per share.

Valuation as at date: 21 October 2005
Date: 24 October 2005

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311




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