Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 27-October-2011      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1272.79p    
INCLUDING current year revenue                              1302.62p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1237.38p    
INCLUDING current year revenue                              1267.21p    
The NAV includes a provision for any performance fee applicable.        
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