Net Asset Value(s)

Ruffer Investment Company Limited
05 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       £1.173   B018CS4        5 December 2005

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



FUND NAME                           NAV      SEDOL        NAV DATE

Ruffer Investment Company Limited   £0.983   B0DWPC9      5 December 2005
Class C

N.B. The NAV is inclusive of £0.005 revenue per share.


Valuation as at date: 02 December 2005
Date: 05 December 2005

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311




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