Top 10 Investments

Top 10 Investments

Keystone Investment Trust plc announces that, as at 31 December 2003, its top
ten investments were as follows:

Company                                     % of gross  
                                            assets*   
                                                                   
BT                                           4.73%                 
                                                                   
RJ Reynolds (US Listed)                      4.41%                 
                                                                   
British American Tobacco                     3.77%                 
                                                                   
Centrica                                     3.36%                 
                                                                   
MMO2                                         2.85%                 
                                                                   
MMO2                           7.625%        0.48%                 
                               2012                                
                                                                   
Altria (US Listed)                           3.31%                 
                                                                   
National Grid Transco                        3.25%                 
                                                                   
Unilever                                     2.89%                 
                                                                   
Marks & Spencer                              2.83%                 
                                                                   
GlaxoSmithKline                              2.74%                 

Ordinary shares unless otherwise stated.

* Subject to successful settlement of trades outstanding on the relevant date.

This announcement is made in accordance with Paragraph 21.20(l)(ii) of the
Listing Rules.

INVESCO Asset Management Limited

5 January 2004