Performance at Month End

Mercury Keystone Inv Trust PLC
10 May 2000


MERCURY KEYSTONE INVESTMENT TRUST plc
All information is at 30th April 2000 and unaudited.

Performance at month end with net income reinvested

                        Three     One      Three     Five
                       months     year     years     years
Net asset value          7.2%    - 0.9%     47.4%    122.1%
Share price            - 5.4%    -20.5%     19.6%     71.4%
FTSE All-Share Index     1.7%      1.5%     52.2%    120.6%

At month end
Net asset value*                    1269.31p
Share price:                         967.50p
Discount:                             23.8%
Total assets:                       £220.6m
Net yield:                             3.1%
Gearing:                              22.2%
Effective gearing:                    16.8%
Value of debt:                       £40.0m
Ordinary shares in issue:        14,250,562
* Includes current year net revenue   23.3p

UK Sectors                     % Portfolio
Non-Cyclical Services                 23.5
Financials                            19.0
Resources                             15.3
Cyclical Services                     14.2
Non-Cyclical Consumer Goods           12.1
General Industrials                    7.1
Utilities                              3.3
Basic Industries                       2.3
Cash/Fixed interest                    3.2
                                     -----
Total                                100.0
                                     =====

Ten Largest Equity Investments
Company                      % Investments

BP Amoco                               6.6
Vodafone Airtouch                      6.5
Glaxo Wellcome                         5.7
Shell Transport and Trading            5.4
Telewest Comms                         3.9
Pearson                                3.2
British Sky Broadcasting               3.2
SmithKline Beecham                     3.0
Colt Telecom                           2.6
Tesco                                  2.6
                                     -----
Total                                 42.7
                                     =====

Sources: Standard & Poor's Micropal
Latest information is available by typing 'MAMINDEX' on Reuters, 'MAMI' on
Bloomberg or '8800' on Topic 3 (ICV terminal).