Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 25-October-2011      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1248.62p    
INCLUDING current year revenue                              1278.31p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1214.27p    
INCLUDING current year revenue                              1243.96p    
The NAV includes a provision for any performance fee applicable.        
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