Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31 March2005

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       3.5%               
                                                                          
General Industrials                                    1.9%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            28.4%              
                                                                          
Cyclical Services                                      22.5%              
                                                                          
Non-Cyclical Services                                  11.3%              
                                                                          
Utilities                                              18.4%              
                                                                          
Financials                                             9.5%               
                                                                          
Information Technology                                 4.5%               
                                                                          
Fixed Interest                                         0.0%               
                                                                          
                                                       100.0%             

Statistics

Total Gross         165.8      Dividend (p)               30.00
Assets (£m)                                                    
                                                               
Ordinary Shares:               Dividend Yield              3.0%
                                                               
- Mid Market        845.0      Asset Gearing*               114
Price (p)                                                      
                                                               
- Net Asset Value   942.5      Asset Gearing*               114
(p)                                                            
                                                               
Discount            10.3%      (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 BT Group                                             4.8%               
                                                                          
2 Reynolds American Inc                                4.7%               
                                                                          
3 GlaxoSmithkline                                      4.4%               
                                                                          
4 Brit American Tobacco                                3.7%               
                                                                          
5 Altria                                               3.7%               
                                                                          
6. Tesco                                               3.6%               
                                                                          
7 Rexam                                                2.4%               
                                                                          
8, Marconi                                             2.3%               
                                                                          
9. ICI                                                 2.3%               
                                                                          
10 Scottish Power                                      2.2%               

Figures as at 31 March 2005

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +79.5%     +20.5%      +24.6%       -4.8%
                                                                               
NAV                                   +63.8%     +18.2%      +17.0%      -14.1%
                                                                               
Benchmark (FTSE All Share)            +40.5%     +15.6%       +6.3%       -8.2%

* 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

                                                                   6 April 2005