Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 17-January-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1265.92p    
INCLUDING current year revenue                              1274.09p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1224.06p    
INCLUDING current year revenue                              1232.23p    
The NAV includes a provision for any performance fee applicable.        
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