Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 19-December-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1216.23p    
INCLUDING current year revenue                              1223.36p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1174.81p    
INCLUDING current year revenue                              1181.94p    
The NAV includes a provision for any performance fee applicable.        
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