Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 13-December-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1230.36p    
INCLUDING current year revenue                              1236.93p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1190.18p    
INCLUDING current year revenue                              1196.75p    
The NAV includes a provision for any performance fee applicable.        
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