Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 15-November-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1320.47p    
INCLUDING current year revenue                              1353.55p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1262.98p    
INCLUDING current year revenue                              1296.06p    
The NAV includes a provision for any performance fee applicable.        
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