Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 14-December-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1212.70p    
INCLUDING current year revenue                              1219.94p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1172.70p    
INCLUDING current year revenue                              1179.94p    
The NAV includes a provision for any performance fee applicable.        
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