Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 18-July-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1321.71p    
INCLUDING current year revenue                              1342.10p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1272.08p    
INCLUDING current year revenue                              1292.47p    
The NAV includes a provision for any performance fee applicable.        
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