Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 16-December-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1215.18p    
INCLUDING current year revenue                              1222.38p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1174.97p    
INCLUDING current year revenue                              1182.17p    
The NAV includes a provision for any performance fee applicable.        
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