Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 20-July-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1318.96p    
INCLUDING current year revenue                              1339.30p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1269.49p    
INCLUDING current year revenue                              1289.83p    
The NAV includes a provision for any performance fee applicable.        
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