Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 21-December-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1214.59p    
INCLUDING current year revenue                              1221.67p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1174.34p    
INCLUDING current year revenue                              1181.43p    
The NAV includes a provision for any performance fee applicable.        
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