Performance at Month End

Mercury Keystone Inv Trust PLC
12 July 2000


MERCURY KEYSTONE INVESTMENT TRUST plc

All information is at 30th June 2000 and unaudited.

Performance at month end with net income reinvested
                         Three     One     Three       Five
                        months    year     years       years
Net asset value          -2.8%     0.0%     43.9%      113.2%
Share price               0.8%   -11.1%     25.2%       76.6%
FTSE All-Share Index     -2.1%     5.1%     49.8%      115.9%

At month end
Net asset value*                1258.37p
Share price:                    1060.00p
Discount:                          15.8%
Total assets:                    £219.1m
Net yield:                          2.8%
Gearing:                           22.1%
Effective gearing:                 17.1%
Value of debt:                    £40.0m
Ordinary shares in issue:     14,250,562

* Includes current year net revenue 8p after an interim dividend payment of
10p.

UK Sectors                   % Portfolio
Non-Cyclical Services              22.0
Financials                         18.7
Resources                          18.3
Cyclical Services                  13.8
Non-Cyclical Consumer Goods        11.6
General Industrials                 6.5
Utilities                           3.1
Basic Industries                    2.8
Cash/Fixed Interest                 3.2
                                  -----
Total                             100.0
                                  =====

Ten Largest Equity Investments
Company                    % Investments

BP Amoco                            5.9
Glaxo Wellcome                      4.6
HSBC                                4.1
Vodafone AirTouch                   3.8
Pearson                             3.6
Shell Transport and Trading         3.4
British Sky Broadcasting            3.2
British Telecom                     3.1
Lasmo                               2.7
Colt Telecom                        2.6
                                  -----
Total                              37.0
                                  =====

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