Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 01-December-2011     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1235.84p    
INCLUDING current year revenue                              1241.65p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1196.62p    
INCLUDING current year revenue                              1202.43p    
The NAV includes a provision for any performance fee applicable.        
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