Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 21-November-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1334.35p    
INCLUDING current year revenue                              1337.30p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1278.58p    
INCLUDING current year revenue                              1281.53p    
The NAV includes a provision for any performance fee applicable.        
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