Net Asset Value(s)

Ruffer Investment Company Limited
18 January 2006


                       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       £1.211   B018CS4        16 January 2006
 N.B. The NAV is inclusive of £0.005 revenue per share.


Valuation as at date: 13 January 2006
Date: 16 January 2006

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311




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