Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 09-May-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1260.43p    
INCLUDING current year revenue                              1289.44p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1221.42p    
INCLUDING current year revenue                              1250.43p    
The NAV includes a provision for any performance fee applicable.        
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