Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 30 November 2003

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       2.4%               
                                                                          
General Industrials                                    1.7%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            25.3%              
                                                                          
Cyclical Services                                      19.6%              
                                                                          
Non-Cyclical Services                                  10.0%              
                                                                          
Utilities                                              13.9%              
                                                                          
Financials                                             5.8%               
                                                                          
Information Technology                                 0.9%               
                                                                          
Fixed Interest                                         2.0%               
                                                                          
Net current assets                                     18.4%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £140.6m            
                                                                          
Net Asset Value Per Ordinary Share                     754.0p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 30 November 2003                     691.00p            
                                                                          
Estimated Yield (net) on Ordinary Shares               3.7%               
                                                                          
Premium/(discount)                                     (8.4)%             
                                                                          
Dividends (Estimated based on last year)               25.50              
                                                                          
Gearing                                                114                
                                                                          
Gearing excluding fixed interest securities            111                
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
(Figures as at 30 November 2003)                                          

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 RJ Reynolds                                          4.5%               
                                                                          
2 BT Group                                             4.3%               
                                                                          
3 Brit American Tobacco                                3.7%               
                                                                          
4 Altria                                               3.4%               
                                                                          
5 National Grid Transco                                3.3%               
                                                                          
6 Centrica                                             3.1%               
                                                                          
7 mmO2                                                 2.9%               
                                                                          
8 Unilever                                             2.7%               
                                                                          
9 Marks & Spencer                                      2.7%               
                                                                          
10 Imperial Tobacco                                    2.5%               

Figures as at 30 November 2003

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +40.9%     +35.0%      -27.1%      -27.9%
                                                                               
NAV                                   +33.8%     +19.5%      -28.2%      -21.5%
                                                                               
Benchmark                             +17.4%     +11.2%      -20.1%       -6.2%

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

Figures supplied by INVESCO Marketing / Datastream

                                                               30 November 2003