Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 25-January-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1255.28p    
INCLUDING current year revenue                              1266.22p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1216.51p    
INCLUDING current year revenue                              1227.45p    
The NAV includes a provision for any performance fee applicable.        
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