Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 14-May-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1252.30p    
INCLUDING current year revenue                              1281.19p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1212.74p    
INCLUDING current year revenue                              1241.64p    
The NAV includes a provision for any performance fee applicable.        
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