Net Asset Value(s)

Ruffer Investment Company Limited
18 December 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 Company Ltd    £1.200   B018CS4      15 December 2006


NB The NAV is inclusive of £0.010 revenue per share

Valuation as at date: 15 December 2006

Date: 18 December 2006

Enquiries:


Northern Trust International Fund Administration Services (Guernsey) Limited


Sean Murray 44 (0)1481 745311



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