Net Asset Value(s)

Ruffer Investment Company Limited
15 January 2008


                       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            £1.285          B018CS4         11th January
          Ltd                                                        2008


The NAV is inclusive of £0.022 revenue per share
Valuation as at date: 11th January 2008

Date: 14th January 2008

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Harry Rouillard 44 (0)1481 745315



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