Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 24-October-2011      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1257.19p    
INCLUDING current year revenue                              1286.90p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1223.42p    
INCLUDING current year revenue                              1253.13p    
The NAV includes a provision for any performance fee applicable.