Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 15-December-2014     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1786.72p    
INCLUDING current year revenue                              1794.49p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1733.69p    
INCLUDING current year revenue                              1741.46p    
The NAV includes a provision for any performance fee applicable.        
---