Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 12-July-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1298.20p    
INCLUDING current year revenue                              1317.77p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1249.11p    
INCLUDING current year revenue                              1268.68p    
The NAV includes a provision for any performance fee applicable.        
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