Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 26-January-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1261.32p    
INCLUDING current year revenue                              1272.26p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1222.01p    
INCLUDING current year revenue                              1232.95p    
The NAV includes a provision for any performance fee applicable.        
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