Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 07-November-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1234.15p    
INCLUDING current year revenue                              1265.45p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1196.77p    
INCLUDING current year revenue                              1228.07p    
The NAV includes a provision for any performance fee applicable.        
---