Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 22-December-2014     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1866.78p    
INCLUDING current year revenue                              1874.36p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1813.98p    
INCLUDING current year revenue                              1821.56p    
The NAV includes a provision for any performance fee applicable.        
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