Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 30 June2005

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       3.3%               
                                                                          
General Industrials                                    2.0%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            28.3%              
                                                                          
Cyclical Services                                      20.1%              
                                                                          
Non-Cyclical Services                                  13.4%              
                                                                          
Utilities                                              18.6%              
                                                                          
Financials                                             10.6%              
                                                                          
Information Technology                                 3.7%               
                                                                          
Fixed Interest                                         0.0%               
                                                                          
                                                       100.0%             

Statistics

Total Gross         171.4      Dividend (p)               30.00
Assets (£m)                                                    
                                                               
Ordinary Shares:               Dividend Yield              3.5%
                                                               
- Mid Market        860.0      Asset Gearing*               117
Price (p)                                                      
                                                               
- Net Asset Value   984.4      Asset Gearing*               117
(p)                                                            
                                                               
Discount            12.6%      (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                                            5.7%               
                                                                          
2. GlaxoSmithkline                                     5.0%               
                                                                          
3. Reynolds American Inc                               4.5%               
                                                                          
4. Altria                                              3.7%               
                                                                          
5. Brit American Tobacco                               3.5%               
                                                                          
6. Tesco                                               3.4%               
                                                                          
7. Reuters                                             2.3%               
                                                                          
8 Scottish Power                                       2.3%               
                                                                          
9. Associated British Foods                            2.2%               
                                                                          
10. Rexam                                              2.2%               

Figures as at 30 June

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +85.5%     +18.7%      +50.3%       -2.4%
                                                                               
NAV                                   +73.5%     +22.0%      +44.4%       -7.4%
                                                                               
Benchmark (FTSE All Share)            +47.6%     +18.8%      +25.3%       -1.5%

* 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 July 2005