Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 14-November-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1236.84p    
INCLUDING current year revenue                              1268.03p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1199.62p    
INCLUDING current year revenue                              1230.81p    
The NAV includes a provision for any performance fee applicable.        
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