Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 23-January-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1266.82p    
INCLUDING current year revenue                              1276.87p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1227.60p    
INCLUDING current year revenue                              1237.66p    
The NAV includes a provision for any performance fee applicable.        
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