Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 23-November-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1177.94p    
INCLUDING current year revenue                              1183.24p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1138.12p    
INCLUDING current year revenue                              1143.42p    
The NAV includes a provision for any performance fee applicable.        
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