Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 21-May-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1230.46p    
INCLUDING current year revenue                              1260.98p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1190.38p    
INCLUDING current year revenue                              1220.90p    
The NAV includes a provision for any performance fee applicable.        
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