Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 11-May-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1268.50p    
INCLUDING current year revenue                              1297.46p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1230.20p    
INCLUDING current year revenue                              1259.17p    
The NAV includes a provision for any performance fee applicable.        
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