Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 31-October-2011      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1245.24p    
INCLUDING current year revenue                              1274.99p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1211.84p    
INCLUDING current year revenue                              1241.58p    
The NAV includes a provision for any performance fee applicable.        
---