Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 27-July-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1312.90p    
INCLUDING current year revenue                              1333.89p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1265.51p    
INCLUDING current year revenue                              1286.49p    
The NAV includes a provision for any performance fee applicable.        
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