Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 20-January-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1263.66p    
INCLUDING current year revenue                              1273.78p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1222.42p    
INCLUDING current year revenue                              1232.54p    
The NAV includes a provision for any performance fee applicable.        
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