Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 17-October-2011      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1240.42p    
INCLUDING current year revenue                              1269.23p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1208.10p    
INCLUDING current year revenue                              1236.91p    
The NAV includes a provision for any performance fee applicable.        
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