Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31May2005

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       3.4%               
                                                                          
General Industrials                                    1.9%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            29.3%              
                                                                          
Cyclical Services                                      19.7%              
                                                                          
Non-Cyclical Services                                  11.8%              
                                                                          
Utilities                                              19.3%              
                                                                          
Financials                                             10.4%              
                                                                          
Information Technology                                 4.2%               
                                                                          
Fixed Interest                                         0.0%               
                                                                          
                                                       100.0%             

Statistics

Total Gross         167.5      Dividend (p)               30.00
Assets (£m)                                                    
                                                               
Ordinary Shares:               Dividend Yield              3.6%
                                                               
- Mid Market        843.5      Asset Gearing*               116
Price (p)                                                      
                                                               
- Net Asset Value   955.0      Asset Gearing*               116
(p)                                                            
                                                               
Discount            11.7%      (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. GlaxoSmithkline                                     5.2%               
                                                                          
2. BT Group                                            5.1%               
                                                                          
3. Reynolds American Inc                               4.8%               
                                                                          
4. Brit American Tobacco                               4.1%               
                                                                          
5. Altria                                              3.9%               
                                                                          
6. Tesco                                               3.4%               
                                                                          
7 Scottish Power                                       2.4%               
                                                                          
8. Cable & Wireless                                    2.4%               
                                                                          
9. Rexam                                               2.3%               
                                                                          
10. Reuters                                            2.3%               

Figures as at 31 May

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +82.0%     +21.1%      +36.4%       -0.7%
                                                                               
NAV                                   +68.3%     +22.0%      +27.0%       -7.5%
                                                                               
Benchmark (FTSE All Share)            +42.7%     +16.5%       +11.0       -4.3%

* 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 June 2005