Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 13-July-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1310.30p    
INCLUDING current year revenue                              1329.84p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1262.03p    
INCLUDING current year revenue                              1281.58p    
The NAV includes a provision for any performance fee applicable.        
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