Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 26-July-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1300.34p    
INCLUDING current year revenue                              1321.34p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1251.52p    
INCLUDING current year revenue                              1272.52p    
The NAV includes a provision for any performance fee applicable.        
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