Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 16-February-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1289.92p    
INCLUDING current year revenue                              1304.08p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1251.14p    
INCLUDING current year revenue                              1265.30p    
The NAV includes a provision for any performance fee applicable.        
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