Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 22-October-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1365.14p    
INCLUDING current year revenue                              1397.12p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1310.22p    
INCLUDING current year revenue                              1342.20p    
The NAV includes a provision for any performance fee applicable.        
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