Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 24-January-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1261.59p    
INCLUDING current year revenue                              1271.63p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1223.19p    
INCLUDING current year revenue                              1233.22p    
The NAV includes a provision for any performance fee applicable.        
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