Director Shareholding

SCHEDULE 11                                  

HEADLINE: NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1) Name of company

KEYSTONE INVESTMENT TRUST PLC

2) Name of director

WILLIAM KENDALL

3) Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest

DIRECTOR'S SPOUSE

4) Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified)

PERSHING NOMINEES LIMITED

5) Please state whether notification relates to a person(s) connected with the
Director named in 2 above and identify the connected person(s)

MRS M. KENDALL (NEE PAGEWOOD)

6) Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary

BENEFICIAL PURCHASE

7) Number of shares/amount of stock acquired

4,500

8) Percentage of issued class

0.034%

9) Number of shares/amount of stock disposed

N/A

10) Percentage of issued class

N/A

11) Class of security

ORDINARY SHARES

12) Price per share

692p

13) Date of transaction

25 NOVEMBER 2003

14) Date company informed

25 NOVEMBER 2003

15) Total holding following this notification

4,500

16) Total percentage holding of issued class following this notification

0.034%

17) Any additional information

KERSTIN RUCHT

18) Name of contact and telephone number for queries

020 7065 4517

19) Name and signature of authorised company official responsible for making
this notification

KERSTIN RUCHT

FOR INVESCO ASSET MANAGEMENT LIMITED - SECRETARIES

Date of Notification

26 NOVEMBER 2003