Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 28-December-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1242.84p    
INCLUDING current year revenue                              1250.67p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1201.48p    
INCLUDING current year revenue                              1209.30p    
The NAV includes a provision for any performance fee applicable.        
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