Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 12-December-2014     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1811.23p    
INCLUDING current year revenue                              1819.06p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1758.16p    
INCLUDING current year revenue                              1765.99p    
The NAV includes a provision for any performance fee applicable.        
---