Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 21-October-2011      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1252.22p    
INCLUDING current year revenue                              1281.99p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1217.03p    
INCLUDING current year revenue                              1246.80p    
The NAV includes a provision for any performance fee applicable.        
---