Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31 October 2004

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       3.8%               
                                                                          
General Industrials                                    2.1%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            24.0%              
                                                                          
Cyclical Services                                      18.1%              
                                                                          
Non-Cyclical Services                                  11.8%              
                                                                          
Utilities                                              14.0%              
                                                                          
Financials                                             9.7%               
                                                                          
Information Technology                                 3.5%               
                                                                          
Fixed Interest                                         0.9%               
                                                                          
Net current assets                                     12.1%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £154.0m            
                                                                          
Net Asset Value Per Ordinary Share                     853.8p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 31 October 2004                      762.5p             
                                                                          
Estimated Yield (net) on Ordinary Shares               3.3%               
                                                                          
Discount                                               10.7%              
                                                                          
Estimated Net Dividend                                 25.00p             
                                                                          
Asset Gearing*                                         119                
                                                                          
Asset Gearing* excluding fixed interest securities     117                
                                                                          
* 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 31 October 2004                                             

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 Reynolds American Inc                                4.7%               
                                                                          
2 BT Group                                             4.5%               
                                                                          
3 Tesco                                                4.5%               
                                                                          
4 Brit American Tobacco                                3.7%               
                                                                          
5 GlaxoSmithKline                                      3.6%               
                                                                          
6 Altria                                               3.0%               
                                                                          
7 mm02                                                 2.4%               
                                                                          
8 BAE Systems                                          2.3%               
                                                                          
9. Imperial Tobacco                                    2.3%               
                                                                          
10. Assoc British Foods                                2.3%               

Figures as at 31 October 2004

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +58.5%     +15.4%      +12.0%      -18.7%
                                                                               
NAV                                   +45.6%     +17.8%      +10.0%      -15.4%
                                                                               
Benchmark (FTSE All Share)            +29.4%     +11.6%       +5.0%       -8.6%

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

Figures supplied by INVESCO Marketing / Datastream              31 October 2004