Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31 December 2004

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       4.3%               
                                                                          
General Industrials                                    2.2%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            29.3%              
                                                                          
Cyclical Services                                      20.3%              
                                                                          
Non-Cyclical Services                                  13.9%              
                                                                          
Utilities                                              16.7%              
                                                                          
Financials                                             9.1%               
                                                                          
Information Technology                                 4.2%               
                                                                          
                                                       100.0%             

Statistics

Total Gross         164.1      Dividend (p)               30.00
Assets (£m)                                                    
                                                               
Ordinary Shares:               Dividend Yield              2.9%
                                                               
- Mid Market        865.0      Actual Gearing**             132
Price (p)                                                      
                                                               
- Net Asset Value   929.7      Asset Gearing**              113
* (p)                                                          
                                                               
Discount             7.0%      Asset Gearing**              113
                                                               
                               (excluding fixed                
                               interest securities)            
                                                               

* Where appropriate the diluted NAV figure is quoted.

** Actual gearing reflects loans drawn down whereas `Asset Gearing' reflects
the amount of loans invested in the portfolio. A figure of 100 means that the
Company has no gearing.

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 Reynolds American Inc                                5.0%               
                                                                          
2 Tesco                                                4.8%               
                                                                          
3 BT Group                                             4.7%               
                                                                          
4 Brit American Tobacco                                3.9%               
                                                                          
5 GlaxoSmithKline                                      3.6%               
                                                                          
6 Altria                                               3.5%               
                                                                          
7 Rexam                                                2.6%               
                                                                          
8 Assoc British Foods                                  2.4%               
                                                                          
9 United Utilities                                     2.3%               
                                                                          
10 Imperial Tobacco                                    2.2%               

Figures as at 31 December 2004

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +83.7%     +26.2%      +21.2%       -9.6%
                                                                               
NAV                                   +61.6%     +24.0%      +14.8%      -17.4%
                                                                               
Benchmark (FTSE All Share)            +36.4%     +12.8%       +5.4%      -14.0%

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

Figures supplied by INVESCO Marketing / Datastream

                                                                 6 January 2005