Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 28 February 2005

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       3.6%               
                                                                          
General Industrials                                    1.9%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            29.6%              
                                                                          
Cyclical Services                                      22.0%              
                                                                          
Non-Cyclical Services                                  12.2%              
                                                                          
Utilities                                              16.5%              
                                                                          
Financials                                             9.4%               
                                                                          
Information Technology                                 4.3%               
                                                                          
Fixed Interest                                         0.5%               
                                                                          
                                                       100.0%             

Statistics

Total Gross         167.3      Dividend (p)               30.00
Assets (£m)                                                    
                                                               
Ordinary Shares:               Dividend Yield              2.9%
                                                               
- Mid Market        892.0      Asset Gearing**              115
Price (p)                                                      
                                                               
- Net Asset Value   953.4      Asset Gearing**              114
(p)                                                            
                                                               
Discount             6.4%      (excluding fixed                
                               interest securities)            

** 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 GlaxoSmithkline                                      4.0%               
                                                                          
4 Tesco                                                4.0%               
                                                                          
5 Brit American Tobacco                                3.8%               
                                                                          
6 Altria                                               3.6%               
                                                                          
7. ICI                                                 2.3%               
                                                                          
8 Rexam                                                2.2%               
                                                                          
9. Assoc British Foods                                 2.2%               
                                                                          
10 Scottish Power                                      2.2%               

Figures as at 28 February 2005

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +89.6%     +26.8%      +35.8%       15.8%
                                                                               
NAV                                   +65.7%     +19.9%      +22.7%       -1.8%
                                                                               
Benchmark (FTSE All Share)            +41.8%     +15.0%      +11.7%       -1.6%

* 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

                                                                   8 March 2005