Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 03-January-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1273.58p    
INCLUDING current year revenue                              1281.86p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1231.58p    
INCLUDING current year revenue                              1239.87p    
The NAV includes a provision for any performance fee applicable.        
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