Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 24-May-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1233.27p    
INCLUDING current year revenue                              1263.79p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1191.96p    
INCLUDING current year revenue                              1222.48p    
The NAV includes a provision for any performance fee applicable.        
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