Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 23-April-2012        
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1288.59p    
INCLUDING current year revenue                              1313.93p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1252.08p    
INCLUDING current year revenue                              1277.42p    
The NAV includes a provision for any performance fee applicable.        
---