Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 29-December-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1251.47p    
INCLUDING current year revenue                              1259.28p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1209.47p    
INCLUDING current year revenue                              1217.28p    
The NAV includes a provision for any performance fee applicable.        
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