Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 15-May-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1252.20p    
INCLUDING current year revenue                              1281.08p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1212.45p    
INCLUDING current year revenue                              1241.32p    
The NAV includes a provision for any performance fee applicable.        
---