Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 31-December-2014     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1859.37p    
INCLUDING current year revenue                              1868.60p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1805.61p    
INCLUDING current year revenue                              1814.83p    
The NAV includes a provision for any performance fee applicable.        
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