Net Asset Value(s)

Ruffer Investment Company Limited
28 November 2005


                       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           £1.172   B018CS4      28 November 2005

      N.B. The NAV is inclusive of £0.004 revenue per share.

FUND NAME                          NAV      SEDOL        NAV DATE
Ruffer Investment Company Limited  £0.984   B0DWPC9      28 November 2005
Class C

      N.B. The NAV is inclusive of £0.004 revenue per share.


Valuation as at date: 25 November 2005
Date: 28 November 2005

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311




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