Interim Management Statement

Keystone Investment Trust plc

Interim Management Statement

for the three months ended 31 December 2013

Material Events

No material events, specifically in relation to the Company, occurred during
the period to 31 December 2013.

The Company's AGM was held today, 23 January 2014, and all of the resolutions
put to shareholders were passed.

Dividends

In the period a second interim dividend of 32p together with a special dividend
of 7p per ordinary share was paid on 13 December 2013 to shareholders on the
register on 22 November 2013. The shares were marked ex-dividend on 20 November
2013.

Performance - Total Return

                             3 Months       1 Year      3 Years      5 Years
                                                                            
Share Price                      7.7%        34.3%        66.8%       129.2%
                                                                            
Net Asset Value                  8.9%        35.6%        60.0%       116.0%
                                                                            
FTSE All-Share Index             5.5%        20.8%        31.0%        95.2%

Source: Thomson Reuters Datastream

Share Price and Discount

                                                     For the Three Months Ended
                                                                               
                                                                      31Dec2013
                                                                               
                            As at 31 Dec 2013       High        Low     Average
                                                                               
Share Price (pence)                   1732.00    1732.00    1640.00     1673.98
                                                                               
Discount (debt at par)                   3.1%                                  
                                                                               
Discount (debt at fair                   0.3%                                  
value)                                                                         

Source: Thomson Reuters Datastream

Assets and Gearing

                                                31 Dec 2013                    
                                                                               
Total Gross Assets (£m)                               273.6                    
                                                                               
of which cash and Certificates of Deposit (£m)         23.3                    
                                                                             
Borrowings (£m)                                        31.9                    
                                                                               
Cum Income Net Asset Value (pence)                  1,788.1                    
                                                                               
Gross Gearing                                         13.2%                    
                                                                               
Net Gearing                                            3.5%                    

`Gross Gearing' reflects the amount of a company's gross borrowings and takes
no accounts of any cash balances. It is based on gross borrowings as a
percentage of shareholders' funds.

`Net Gearing' reflects the amount of net borrowings invested, i.e borrowings
less cash and bond holdings. It is based on net borrowings as a percentage of
shareholders' funds.

The Company's structured debt is provided by 250,000 5% cumulative preference
shares of £1 each and the following debentures totalling approximately £32
million:

- £7,000,000 7.75% debenture stock 2020

- £24,968,300 debenture stock 2023

Sector Breakdown of Portfolio (excluding Cash and Certificates of Deposit)

                                                            31 Dec 2013
                                                                       
Financials                                                        24.6%
                                                                       
Health Care                                                       19.6%
                                                                       
Industrials                                                       16.6%
                                                                       
Consumer Goods                                                    14.5%
                                                                       
Consumer Services                                                 10.8%
                                                                       
Telecommunications                                                 8.5%
                                                                       
Utilities                                                          5.2%
                                                                       
Basic Materials                                                    0.2%
                                                                       
                                                                 100.0%

Top Ten Holdings

Investments                                              % of Portfolio
                                                                       
BT Group                                                           5.1%
                                                                       
British American Tobacco                                           4.4%
                                                                       
AstraZeneca                                                        4.3%
                                                                       
Novartis - Swiss Common Stock                                      4.0%
                                                                       
Imperial Tobacco                                                   3.9%
                                                                       
Reynolds American - US Common Stock                                3.8%
                                                                       
Roche - Swiss Common Stock                                         3.6%
                                                                       
GlaxoSmithKline                                                    3.4%
                                                                       
Thomas Cook                                                        3.4%
                                                                       
BAE Systems                                                        3.1%

All ordinary shares unless otherwise stated

Changes to Share Capital

                                            Ordinary Shares of 50p each
                                                                       
                                                                 Issued
                                                                       
As at 30 Sep 2013                                            13,518,799
                                                                       
Shares bought back                                                    0
                                                                       
Shares issued                                                         0
                                                                       
As at 31 Dec 2013                                            13,518,799

The Company has authority to buy back shares for cancellation and to issue new
shares (disapplying pre-emption rights), in each case within specified limits.
The Company expects to renew these authorities each year.

Price and Performance

The Company's Ordinary shares are listed on the London Stock Exchange and the
price is published in the Times and the Financial Times under `Investment
Companies' and in the Daily Telegraph under `Investment Trusts'.

The Company's net asset value is calculated on a daily basis and can be viewed
on the London Stock Exchange website at www.londonstockexchange.com

Further information can be obtained from Invesco Perpetual as follows:

Free Investor Helpline: 0800 085 8677

Internet address: www.invescoperpetual.co.uk/investmenttrusts

The information provided in this statement should not be considered as a
financial promotion.

For and on behalf of

Invesco Asset Management Limited

23 January 2014