Net Asset Value(s)

Keystone Investment Trust Plc       
As at close of business on 28-May-2012      
NAV per Ordinary share (unaudited) with Debt at Par     
EXCLUDING undistributed current year revenue                1239.99p    
INCLUDING current year revenue                              1270.42p    
NAV per Ordinary share (unaudited) with Debt at Fair Value      
EXCLUDING undistributed current year revenue                1198.85p    
INCLUDING current year revenue                              1229.29p    
The NAV includes a provision for any performance fee applicable.        
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