Performance at Month End 31 March 2000

Mercury Keystone Inv Trust PLC
10 April 2000


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

Performance at month end with net income reinvested
                        Three     One     Three       Five
                       months    year     years       years
Net asset value        - 1.3%   + 9.1%    +55.5%     +136.0%
Share price            - 7.3%   -11.3%    +34.5%     + 95.2%
FTSE All-Share Index   - 3.4%   +10.0%    +60.6%     +134.6%

At month end
Net asset value*                         1303.91p
Share price:                             1062.50p
Discount:                                  18.51%
Total assets:                             £225.2m
Net yield:                                   2.8%
Gearing:                                    21.5%
Effective gearing:                          17.9%
Value of debt:                             £40.0m
Ordinary shares in issue:              14,250,562
* Includes current year net revenue         17.9p

UK Sectors                            % Portfolio
Non-Cyclical Services                        25.1
Financials                                   18.7
Resources                                    15.8
Cyclical Services                            14.7
Non-Cyclical Consumer Goods                  12.9
General Industrials                           5.3
Utilities                                     3.3
Basic Industries                              2.4
Cash/Fixed interest                           1.8
                                            -----
Total                                       100.0
                                            =====

Ten Largest Equity Investments
Company                             % Investments

Vodafone Airtouch                             7.9
BP Amoco                                      7.4
Shell Transport and Trading                   5.2
Glaxo Wellcome                                5.0
Telewest Comms                                4.3
Smithkline Beecham                            3.5
British Sky Broadcasting                      3.2
AstraZeneca Group                             2.8
Pearson                                       2.7
Mercury Grosvenor Trust                       2.4
                                            -----
Total                                        44.4
                                            =====

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