Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 20-December-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1223.06p    
INCLUDING current year revenue                              1230.17p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1182.43p    
INCLUDING current year revenue                              1189.53p    
The NAV includes a provision for any performance fee applicable.        
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