Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 18-January-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1267.29p    
INCLUDING current year revenue                              1277.44p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1225.15p    
INCLUDING current year revenue                              1235.30p    
The NAV includes a provision for any performance fee applicable.        
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