Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31 March 2003

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       9.0%               
                                                                          
General Industrials                                    1.0%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            10.6%              
                                                                          
Cyclical Services                                      22.1%              
                                                                          
Non-Cyclical Services                                  8.5%               
                                                                          
Utilities                                              12.0%              
                                                                          
Financials                                             5.8%               
                                                                          
Information Technology                                 0.7%               
                                                                          
Fixed Interest                                         8.1%               
                                                                          
Net current assets                                     22.2%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets #                                   £114.7m            
                                                                          
Net Asset Value Per Ordinary Share                     560.2p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 31 March 2003                        483.50p            
                                                                          
Estimated Yield (net) on Ordinary Shares               5.3%               
                                                                          
Premium/(discount)                                     (13.7)%            
                                                                          
Gearing                                                119                
                                                                          
Gearing*                                               107                
                                                                          
*excluding fixed interest securities                                      
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
Figures as at 31 March 2003                                               

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 BT Group                                             4.4%               
                                                                          
2 National Grid Transco                                3.8%               
                                                                          
3 Signet Group                                         3.7%               
                                                                          
4 Brit American Tobacco                                3.5%               
                                                                          
5 Marks & Spencer                                      3.3%               
                                                                          
6 Tesco                                                2.6%               
                                                                          
7 MFI Furniture Group                                  2.5%               
                                                                          
8 Barratt Developments                                 2.5%               
                                                                          
9 Centrica                                             2.3%               
                                                                          
10 Pennon Group                                        2.3%               

Figures as at 31 March 2003

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                                   Since      1 Year      3 Years     5 Years  
                                 Takeover                                      
                                                                               
                                 01/01/03                                      
                                                                               
Share Price                     -5.7%       -34.5%      -49.9%      -54.4%     
                                                                               
NAV                             -9.7%       -35.1%      -52.4%      -46.5%     
                                                                               
Benchmark                       -7.2%       -29.8%      -39.4%      -28.8%     

Figures supplied by INVESCO Marketing

                                                                  31 March 2003