Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 30 June 2003

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       7.2%               
                                                                          
General Industrials                                    1.4%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            15.0%              
                                                                          
Cyclical Services                                      20.6%              
                                                                          
Non-Cyclical Services                                  10.3%              
                                                                          
Utilities                                              13.5%              
                                                                          
Financials                                             6.3%               
                                                                          
Information Technology                                 0.7%               
                                                                          
Fixed Interest                                         4.8%               
                                                                          
Net current assets                                     20.2%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £134.5m            
                                                                          
Net Asset Value Per Ordinary Share                     708.2p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 30 June 2003                         629.00p            
                                                                          
Estimated Yield (net) on Ordinary Shares               4.1%               
                                                                          
Premium/(discount)                                     (11.2)%            
                                                                          
Gearing                                                113                
                                                                          
Gearing*                                               108                
                                                                          
*excluding fixed interest securities                                      
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
Figures as at 30 June 2003                                                

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 BT Group                                             5.0%               
                                                                          
2 Brit American Tobacco                                3.5%               
                                                                          
3 RJ Reynolds                                          3.4%               
                                                                          
4 Marks & Spencer                                      3.4%               
                                                                          
5 National Grid Transco                                3.4%               
                                                                          
6 Signet Group                                         3.2%               
                                                                          
7 Centrica                                             3.1%               
                                                                          
8 Somerfield                                           2.5%               
                                                                          
9 Tesco                                                2.4%               
                                                                          
10 Altria                                              2.3%               

Figures as at 30 June 2003

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03   1 Year     3 Years     5 Years  
                                    *                                          
                                                                               
Share Price                   +24.8%         +1.1%      -34.3%      -38.3%     
                                                                               
NAV                           +16.2%         -3.3%      -38.0%      -29.7%     
                                                                               
Benchmark                     +6.3%          -9.7%      -29.0%      -17.8%     

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

Figures supplied by INVESCO Marketing

                                                                   30 June 2003