Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 22-May-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1239.98p    
INCLUDING current year revenue                              1270.47p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1199.76p    
INCLUDING current year revenue                              1230.25p    
The NAV includes a provision for any performance fee applicable.        
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