Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 31-January-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1245.66p    
INCLUDING current year revenue                              1256.48p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1203.52p    
INCLUDING current year revenue                              1214.35p    
The NAV includes a provision for any performance fee applicable.        
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