Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 17-November-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1231.49p    
INCLUDING current year revenue                              1265.10p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1191.74p    
INCLUDING current year revenue                              1225.36p    
The NAV includes a provision for any performance fee applicable.        
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