Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 23-May-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1219.60p    
INCLUDING current year revenue                              1250.14p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1178.12p    
INCLUDING current year revenue                              1208.66p    
The NAV includes a provision for any performance fee applicable.        
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