Net Asset Value(s)

Ruffer Investment Company Limited
01 December 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       £1.171   B018CS4        1 December 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      1 December 2005
Class C
N.B. The NAV is inclusive of £0.005 revenue per share.


Valuation as at date: 30 November 2005
Date: 01 December 2005

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311




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