Net Asset Value(s)

Ruffer Investment Company Limited
19 November 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   £1.228   B018CS4       16th November 2007

The NAV is inclusive of £0.01 revenue per share

Valuation as at date: 16th November 2007

Date: 19th November 2007

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Harry Rouillard 44 (0)1481 745315


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