Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 03-November-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1245.00p    
INCLUDING current year revenue                              1276.39p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1207.71p    
INCLUDING current year revenue                              1239.10p    
The NAV includes a provision for any performance fee applicable.        
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