Net Asset Value(s)

Ruffer Investment Company Limited
21 November 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           £1.163   B018CS4      21 November 2005


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



FUND NAME                             NAV     SEDOL              NAV DATE
Ruffer Investment Company Limited  £0.981   B0DWPC9      21 November 2005
Class C


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


Valuation as at date: 18 November 2005
Date: 21 November 2005

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311




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