Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 17-July-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1308.17p    
INCLUDING current year revenue                              1327.63p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1258.91p    
INCLUDING current year revenue                              1278.36p    
The NAV includes a provision for any performance fee applicable.        
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