Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 21-February-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1295.96p    
INCLUDING current year revenue                              1310.02p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1259.53p    
INCLUDING current year revenue                              1273.59p    
The NAV includes a provision for any performance fee applicable.        
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