Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 30 April 2003

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       9.2%               
                                                                          
General Industrials                                    1.1%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            11.5%              
                                                                          
Cyclical Services                                      21.8%              
                                                                          
Non-Cyclical Services                                  9.6%               
                                                                          
Utilities                                              12.0%              
                                                                          
Financials                                             5.6%               
                                                                          
Information Technology                                 0.7%               
                                                                          
Fixed Interest                                         7.8%               
                                                                          
Net current assets                                     20.7%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £122.7m            
                                                                          
Net Asset Value Per Ordinary Share                     619.8p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 30 April 2003                        533.00p            
                                                                          
Estimated Yield (net) on Ordinary Shares               4.8%               
                                                                          
Premium/(discount)                                     (14.0)%            
                                                                          
Gearing                                                117                
                                                                          
Gearing*                                               106                
                                                                          
*excluding fixed interest securities                                      
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
Figures as at 30 April 2003                                               

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 BT Group                                             4.7%               
                                                                          
2 Signet Group                                         3.8%               
                                                                          
3 National Grid Transco                                3.7%               
                                                                          
4 Brit American Tobacco                                3.2%               
                                                                          
5 Marks & Spencer                                      3.1%               
                                                                          
6 Tesco                                                2.6%               
                                                                          
7 Centrica                                             2.4%               
                                                                          
8 Barratt Developments                                 2.4%               
                                                                          
9. Somerfield                                          2.2%               
                                                                          
10 Pennon Group                                        2.0%               

Figures as at 30 April 2003

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                                   Since      1 Year      3 Years     5 Years  
                                 Takeover                                      
                                                                               
                                 01/01/03                                      
                                                                               
Share Price                     +4.0%       -25.0%      -39.4%      -49.7%     
                                                                               
NAV                             +0.5%       -25.3%      -45.7%      -40.9%     
                                                                               
Benchmark                       +1.5%       -22.0%      -31.4%      -22.5%     

Figures supplied by INVESCO Marketing

                                                                  30 April 2003