Net Asset Value(s)

Ruffer Investment Company Limited
22 October 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       £1.198   B018CS4      19th October 2007


The NAV is inclusive of £0.01 revenue per share
Valuation as at date: 19th October 2007
Date: 22nd October 2007

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Harry Rouillard 44 (0)1481 745315



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