Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 22-November-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1190.04p    
INCLUDING current year revenue                              1224.21p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1151.23p    
INCLUDING current year revenue                              1185.40p    
The NAV includes a provision for any performance fee applicable.        
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