Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 30-November-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1237.78p    
INCLUDING current year revenue                              1243.61p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1199.53p    
INCLUDING current year revenue                              1205.35p    
The NAV includes a provision for any performance fee applicable.