Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 25-November-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1178.30p    
INCLUDING current year revenue                              1183.56p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1139.42p    
INCLUDING current year revenue                              1144.67p    
The NAV includes a provision for any performance fee applicable.        
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