Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 23-July-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1294.86p    
INCLUDING current year revenue                              1315.14p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1245.46p    
INCLUDING current year revenue                              1265.75p    
The NAV includes a provision for any performance fee applicable.        
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