Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 20-October-2011      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1236.40p    
INCLUDING current year revenue                              1266.19p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1201.10p    
INCLUDING current year revenue                              1230.89p    
The NAV includes a provision for any performance fee applicable.        
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