Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31 March 2004

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       3.0%               
                                                                          
General Industrials                                    1.9%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            28.6%              
                                                                          
Cyclical Services                                      19.1%              
                                                                          
Non-Cyclical Services                                  9.8%               
                                                                          
Utilities                                              14.1%              
                                                                          
Financials                                             6.5%               
                                                                          
Information Technology                                 0.3%               
                                                                          
Fixed Interest                                         1.7%               
                                                                          
Net current assets                                     15.0%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £149.1m            
                                                                          
Net Asset Value Per Ordinary Share                     817.6p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 31 March 2004                        716.50p            
                                                                          
Estimated Yield (net) on Ordinary Shares               3.6%               
                                                                          
Premium/(discount)                                     (12.4)%            
                                                                          
Dividends (Estimated based on last year)               25.00p             
                                                                          
Gearing                                                116.0              
                                                                          
Gearing excluding fixed interest securities            114.0              
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
(Figures as at 31 March)                                                  

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 BT Group                                             4.42%              
                                                                          
2 RJ Reynolds                                          4.18%              
                                                                          
3 Brit American Tobacco                                3.71%              
                                                                          
4 National Grid Transco                                3.46%              
                                                                          
5 GlaxoSmithkline                                      3.31%              
                                                                          
6 Unilever                                             3.30%              
                                                                          
7 Altria                                               3.29%              
                                                                          
8 Tesco                                                3.03%              
                                                                          
9 Centrica                                             2.55%              
                                                                          
10 Marks & Spencer                                     2.52%              

Figures as at 31 March 2004

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +49.0%     +57.9%      -14.1%      -29.7%
                                                                               
NAV                                   +39.4%     +54.4%      -10.6%      -20.1%
                                                                               
Benchmark                             +21.6%     +31.0%      -11.0%      -12.7%

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

Figures supplied by INVESCO Marketing / Datastream

                                                                  31 March 2004