Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 22-December-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1222.36p    
INCLUDING current year revenue                              1229.43p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1181.54p    
INCLUDING current year revenue                              1188.60p    
The NAV includes a provision for any performance fee applicable.        
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