Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 09-November-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1332.32p    
INCLUDING current year revenue                              1364.79p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1274.87p    
INCLUDING current year revenue                              1307.33p    
The NAV includes a provision for any performance fee applicable.        
---