Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 30-July-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1318.31p    
INCLUDING current year revenue                              1339.22p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1270.74p    
INCLUDING current year revenue                              1291.65p    
The NAV includes a provision for any performance fee applicable.        
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