Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31 January 2004

Sector Breakdown

Resources                                              -                  
                                                                          
Basic Industries                                       2.4%               
                                                                          
General Industrials                                    1.5%               
                                                                          
Cyclical Consumer Goods                                -                  
                                                                          
Non-cyclical Consumer Goods                            26.2%              
                                                                          
Cyclical Services                                      19.7%              
                                                                          
Non-Cyclical Services                                  10.2%              
                                                                          
Utilities                                              14.0%              
                                                                          
Financials                                             6.3%               
                                                                          
Information Technology                                 0.5%               
                                                                          
Fixed Interest                                         2.1%               
                                                                          
Net current assets                                     17.1%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £144.2m            
                                                                          
Net Asset Value Per Ordinary Share                     781.0p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 31 January 2004                      711.00p            
                                                                          
Estimated Yield (net) on Ordinary Shares               3.6%               
                                                                          
Premium/(discount)                                     (9.0)%             
                                                                          
Dividends (Estimated based on last year)               25.50p             
                                                                          
Gearing                                                114.5              
                                                                          
Gearing excluding fixed interest securities            111.6              
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
(Figures as at 31 December 2004)                                          

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 RJ Reynolds                                          4.4%               
                                                                          
2 BT Group                                             4.3%               
                                                                          
3 Brit American Tobacco                                3.7%               
                                                                          
4 Altria                                               3.3%               
                                                                          
5 GlaxoSmithkline                                      3.3%               
                                                                          
6 Centrica                                             3.2%               
                                                                          
7 mmO2                                                 2.7%               
                                                                          
8 mmO2 7.625% 25 Jan 2012                              0.5%               
                                                                          
9 National Grid Transco                                3.1%               
                                                                          
10 Unilever                                            2.9%               
                                                                          
11 Marks & Spencer                                     2.6%               

Figures as at 31 January 2004

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +45.0%      44.3%      -28.5%      -23.1%
                                                                               
NAV                                   +30.9%      42.7%      -29.7%      -18.0%
                                                                               
Benchmark                             +19.8%      31.6%      -20.9%       -6.9%

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

Figures supplied by INVESCO Marketing / Datastream

                                                                31 January 2004