Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 09-November-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1224.07p    
INCLUDING current year revenue                              1255.35p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1185.45p    
INCLUDING current year revenue                              1216.73p    
The NAV includes a provision for any performance fee applicable.        
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