Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 29-November-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1213.13p    
INCLUDING current year revenue                              1218.31p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1174.76p    
INCLUDING current year revenue                              1179.94p    
The NAV includes a provision for any performance fee applicable.        
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