Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 22-November-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1341.20p    
INCLUDING current year revenue                              1344.12p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1285.40p    
INCLUDING current year revenue                              1288.32p    
The NAV includes a provision for any performance fee applicable.        
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