Miscellaneous - Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31 May 2004

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       3.1%               
                                                                          
General Industrials                                    2.0%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            28.3%              
                                                                          
Cyclical Services                                      17.2%              
                                                                          
Non-Cyclical Services                                  11.5%              
                                                                          
Utilities                                              14.9%              
                                                                          
Financials                                             6.4%               
                                                                          
Information Technology                                 0.4%               
                                                                          
Fixed Interest                                         0.9%               
                                                                          
Net current assets                                     15.3%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £148.0m            
                                                                          
Net Asset Value Per Ordinary Share                     809.1p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 31 May 2004                          722.50p            
                                                                          
Estimated Yield (net) on Ordinary Shares               3.5%               
                                                                          
Premium/(discount)                                     (10.7)%            
                                                                          
Dividends (Estimated based on last year)               25.00p             
                                                                          
Asset Gearing*                                         116.0              
                                                                          
Asset Gearing* excluding fixed interest securities     115.0              
                                                                          
* reflects the amount of loans actively invested in                       
assets and not held in cash. It is calculated by                          
dividing fixed assets investments by Shareholders'                        
funds                                                                     
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
(Figures as at 30 April 2004)                                             

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 BT Group                                             4.61%              
                                                                          
2 RJ Reynolds                                          4.12%              
                                                                          
3 Tesco                                                4.10%              
                                                                          
4 Brit American Tobacco                                3.65%              
                                                                          
5 GlaxoSmithkline                                      3.57%              
                                                                          
5 National Grid Transco                                3.52%              
                                                                          
6 Altria                                               3.20%              
                                                                          
8 Unilever                                             3.20%              
                                                                          
9 Celltech                                             2.93%              
                                                                          
10 Lloyds TSB                                          2.59%              

Figures as at 31 May 2004

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +50.2%     +31.3%      -18.9%      -28.8%
                                                                               
NAV                                   +38.0%     +25.5%      -17.3%      -23.2%
                                                                               
Benchmark                             +22.5%     +15.6%      -13.9%      -12.2%

* With effect from 1 January 2003 INVESCO Asset Management Limited was
appointed Investment Manager of the Company

Figures supplied by INVESCO Marketing / Datastream

                                                                    31 May 2004