Net Asset Value(s)

Ruffer Investment Company Limited
01 February 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     £1.216      B018CS4        01 February 2006
 N.B. The NAV is inclusive of £0.007 revenue per share.


Valuation as at date: 31 January 2006
Date: 01 February 2006

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311




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