Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 25-July-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1285.07p    
INCLUDING current year revenue                              1306.09p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1235.80p    
INCLUDING current year revenue                              1256.83p    
The NAV includes a provision for any performance fee applicable.        
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