Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 30 June 2004

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       3.2%               
                                                                          
General Industrials                                    2.1%               
                                                                          
Cyclical Consumer Goods                                7.0%               
                                                                          
Non-cyclical Consumer Goods                            18.5%              
                                                                          
Cyclical Services                                      19.1%              
                                                                          
Non-Cyclical Services                                  11.8%              
                                                                          
Utilities                                              15.1%              
                                                                          
Financials                                             6.9%               
                                                                          
Information Technology                                 0.3%               
                                                                          
Fixed Interest                                         0.9%               
                                                                          
Net current assets                                     15.1%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £151.3m            
                                                                          
Net Asset Value Per Ordinary Share                     833.7p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 30 June 2004                         751.50p            
                                                                          
Estimated Yield (net) on Ordinary Shares               3.4%               
                                                                          
Premium/(discount)                                     (9.9)%             
                                                                          
Dividends (Estimated based on last year)               25.00p             
                                                                          
Asset Gearing*                                         116.0              
                                                                          
Asset Gearing* excluding fixed interest securities     115.0              
                                                                          
* reflects the amount of loans actively invested in                       
assets and not held in cash. It is calculated by                          
dividing fixed assets investments by Shareholders'                        
funds                                                                     
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
(Figures as at 30 June 2004)                                              

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 RJ Reynolds                                          5.34%              
                                                                          
2 BT Group                                             4.86%              
                                                                          
3 Tesco                                                4.27%              
                                                                          
4 Brit American Tobacco                                3.80%              
                                                                          
5 GlaxoSmithKline                                      3.40%              
                                                                          
6 Altria                                               3.28%              
                                                                          
7 Unilever                                             3.24%              
                                                                          
8 Lloyds TSB                                           2.52%              
                                                                          
9 BAE Systems                                          2.45%              
                                                                          
10 National Grid Transco                               2.39%              

Figures as at 30 June 2004

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                            +56.2      +25.2       -11.8       -26.7
                                                                               
NAV                                    +42.2      +22.8       -10.6       -23.3
                                                                               
Benchmark (FTSE All Share)             +24.3      +16.9       -10.1       -12.8

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

Figures supplied by INVESCO Marketing / Datastream

                                                                   30 June 2004