Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 31-July-2012     
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1313.36p    
INCLUDING current year revenue                              1334.25p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1264.54p    
INCLUDING current year revenue                              1285.44p    
The NAV includes a provision for any performance fee applicable.