Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 24-July-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1292.98p    
INCLUDING current year revenue                              1313.23p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1243.70p    
INCLUDING current year revenue                              1263.95p    
The NAV includes a provision for any performance fee applicable.        
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