Top 10 Investments

Keystone Investment Trust Plc                         

HEADING: Top 10 Investments

Keystone Investment Trust Plc announces that, as at 31 March 2005, its top ten
investments were as follows:

Investments over 5% of total assets                      
                                                         
NONE                                                     
                                                         
Investments under 5% of total assets                     
                                                         
BT GROUP PLC                                             
                                                         
REYNOLDS AMERICAN INC                                    
                                                         
GLAXOSMITHKLINE PLC                                      
                                                         
BRITISH AMERICAN TOBACCO PLC                             
                                                         
ALTRIA GROUP, INC                                        
                                                         
TESCO PLC                                                
                                                         
REXAM PLC                                                
                                                         
MARCONI CORPORATION PLC                                  
                                                         
IMPERIAL CHEMICAL INDUSTRY, PLC                          
                                                         
SCOTTISH POWER PLC                                       

Ordinary Shares unless otherwise stated.

This information is based on the most recent available valuation, as at 31
March 2005.

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

INVESCO Asset Management Limited

4 April 2005