Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 16-November-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1307.21p    
INCLUDING current year revenue                              1340.25p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1249.73p    
INCLUDING current year revenue                              1282.78p    
The NAV includes a provision for any performance fee applicable.        
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