Net Asset Value(s)

Ruffer Investment Company Limited
31 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 Co Ltd       £1.151   B018CS4        31 October 2005

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

FUND NAME                            NAV      SEDOL          NAV DATE
Ruffer Investment Company Limited   £0.974   B0DWPC9      31 October 2005
                          Class C

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


Valuation as at date: 28 October 2005
Date: 31 October 2005

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311


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