Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 04-January-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1266.79p    
INCLUDING current year revenue                              1275.14p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1225.56p    
INCLUDING current year revenue                              1233.91p    
The NAV includes a provision for any performance fee applicable.        
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