Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31 January 2005

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       4.3%               
                                                                          
General Industrials                                    1.6%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            28.8%              
                                                                          
Cyclical Services                                      22.4%              
                                                                          
Non-Cyclical Services                                  12.3%              
                                                                          
Utilities                                              16.4%              
                                                                          
Financials                                             9.2%               
                                                                          
Information Technology                                 4.5%               
                                                                          
Fixed Interest                                         0.5%               
                                                                          
                                                       100.0%             

Statistics

Total Gross         166.4      Dividend (p)               30.00
Assets (£m)                                                    
                                                               
Ordinary Shares:               Dividend Yield              3.0%
                                                               
- Mid Market        853.5      Asset Gearing**              114
Price (p)                                                      
                                                               
- Net Asset Value   946.8      Asset Gearing**              114
* (p)                                                          
                                                               
Discount             9.9%      (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 BT Group                                             4.5%               
                                                                          
3 Tesco                                                4.0%               
                                                                          
4 Brit American Tobacco                                3.7%               
                                                                          
5 Altria                                               3.6%               
                                                                          
6 GlaxoSmithKline                                      3.5%               
                                                                          
7. Marconi                                             2.4%               
                                                                          
8 Rexam                                                2.2%               
                                                                          
9. Scottish Power                                      2.2%               
                                                                          
10 Assoc British Foods                                 2.2%               

Figures as at 31 January 2005

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +81.2%     +25.0%      +23.3%       -0.0%
                                                                               
NAV                                   +64.6%     +25.7%      +20.6%       -5.4%
                                                                               
Benchmark (FTSE All Share)            +38.2%     +15.3%       +7.8%       -5.1%

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

Figures supplied by INVESCO Marketing / Datastream = Total Return

                                                                7 February 2005