Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 12-December-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1219.79p    
INCLUDING current year revenue                              1226.37p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1180.91p    
INCLUDING current year revenue                              1187.50p    
The NAV includes a provision for any performance fee applicable.        
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