Net Asset Value(s)

Ruffer Investment Company Limited
17 December 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            £1.216          B018CS4        14th December
          Ltd                                                        2007


The NAV is inclusive of £0.02 revenue per share

Valuation as at date: 14th December 2007

Date: 17th December 2007

Enquiries:


Northern Trust International Fund Administration Services (Guernsey) Limited


Harry Rouillard 44 (0)1481 745315



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