Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 15-December-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1223.09p    
INCLUDING current year revenue                              1230.31p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1182.89p    
INCLUDING current year revenue                              1190.11p    
The NAV includes a provision for any performance fee applicable.        
---