Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 12-January-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1262.34p    
INCLUDING current year revenue                              1270.62p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1220.66p    
INCLUDING current year revenue                              1228.94p    
The NAV includes a provision for any performance fee applicable.        
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