Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 17-May-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1242.01p    
INCLUDING current year revenue                              1272.61p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1201.62p    
INCLUDING current year revenue                              1232.22p    
The NAV includes a provision for any performance fee applicable.        
---