Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 19-July-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1327.13p    
INCLUDING current year revenue                              1347.49p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1278.04p    
INCLUDING current year revenue                              1298.40p    
The NAV includes a provision for any performance fee applicable.        
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