Performance at Month End

Mercury Keystone Inv Trust PLC
9 June 2000


MERCURY KEYSTONE INVESTMENT TRUST plc
All information is at 31st May 2000 and unaudited.

Performance at month end with net income reinvested
                        Three     One     Three       Five
                       months    year     years       years
Net asset value          6.2%     1.9%     41.4%      109.6%
Share price             11.0%   -13.3%     18.7%       73.9%
FTSE All-Share Index     1.7%     6.8%     48.3%      114.1%

At month end
Net asset value*                         1238.85p xd
Share price:                             1022.50p xd
Discount:                                  17.5%
Total assets:                            £216.3m
Net yield:                                  2.9%
Gearing:                                   22.8%
Effective gearing:                         21.3%
Value of debt:                            £40.0m
Ordinary shares in issue:             14,250,562
* Includes current year net revenue        25.1p

UK Sectors                          % Portfolio
Non-Cyclical Services                      24.4
Financials                                 18.3
Resources                                  17.6
Cyclical Services                          16.3
Non-Cyclical Consumer Goods                10.4
General Industrials                         6.5
Utilities                                   3.3
Basic Industries                            3.2
                                          -----
Total                                     100.0
                                          =====

Ten Largest Equity Investments
Company                           % Investments

BP Amoco                                    5.8
Vodafone Airtouch                           5.3
HSBC                                        3.8
Glaxo Wellcome                              3.8
Shell Transport and Trading                 3.6
British Telecom                             3.4
Pearson                                     3.4
Telewest Comms                              3.0
Colt Telecom                                2.8
British Sky Broadcasting                    2.6
                                           ----
Total                                      37.5
                                           ====

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