Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 27-January-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1254.23p    
INCLUDING current year revenue                              1265.14p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1213.80p    
INCLUDING current year revenue                              1224.71p    
The NAV includes a provision for any performance fee applicable.        
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