Net Asset Value(s)

Ruffer Investment Company Limited
24 September 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   £1.21   B018CS4       21st September 2007

The NAV is inclusive of £0.02 revenue per share
Valuation as at date: 21st September 2007
Date: 24th September 2007
Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Harry Rouillard 44 (0)1481 745315



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