Net Asset Value(s)

Ruffer Investment Company Limited
04 January 2007




                       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     £1.196   B018CS4        29 December 2006

NB The NAV is inclusive of £0.011 revenue per share

Valuation as at date: 29 December 2006
Date: 2nd January 2006

Enquiries:
Northern Trust International Fund Administration Services (Guernsey) Limited
Sean Murray 44 (0)1481 745311



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