Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 18-November-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1217.75p    
INCLUDING current year revenue                              1251.34p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1179.61p    
INCLUDING current year revenue                              1213.20p    
The NAV includes a provision for any performance fee applicable.        
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