Interim Management Statement

Keystone Investment Trust plc

Interim Management Statement

for thethree months ended 30 June 2012

Material Events

No material events occurred in the period.

Dividends

In the period, an interim dividend of 18p per ordinary share was paid on 29
June 2012 to shareholders on the register on 1 June 2012.

Performance - Total Return

                             3 Months       1 Year      3 Years      5 Years
                                                                            
Share Price                     -0.1%         0.6%        47.8%        29.3%
                                                                            
Net Asset Value                  0.3%         2.4%        53.5%        15.7%
                                                                            
FTSE All-Share Index            -2.6%        -3.1%        47.4%         2.0%

Source: Thomson Reuters Datastream

Share Price and Discount

                                    At  For the Three Months Ended 30 June 2012
                                                                               
                             30-Jun-12          High          Low       Average
                                                                               
Share Price (pence)            1205.00       1245.00      1160.00       1205.81
                                                                               
Discount (debt at par)          (7.3%)                                         
                                                                               
Discount (debt at fair          (3.9%)                                         
value)                                                                         

Source: Thomson Reuters Datastream

Assets and Gearing

                                                30-Jun-12                      
                                                                               
Total Gross Assets (£m)                             207.1                      
                                                                               
of which cash and Certificates of Deposit(£          14.0                      
m)                                                                             
                                                                               
Borrowings (£m)                                      33.4                      
                                                                               
Cum Income Net Asset Value (pence)                 1300.0                      
                                                                               
Gross Gearing                                       19.2%                      
                                                                               
Net Gearing                                         10.8%                      

`Gross Gearing' reflects the amount of gross borrowings in use by a company and
takes no accounts of any cash balances. It is based on gross borrowings as a
percentage of shareholder funds.

`Net Gearing' reflects the amount of net borrowings invested, i.e borrowings
less cash and bond holdings. It is based on net borrowings as a percentage of
shareholders' funds.

The Company's structured debt is provided by 250,000 5% cumulative preference
shares of £1 each and the following debentures totalling £32 million:

- £7,000,000 7.75% debenture stock 2020

- £25,000,000 6.5% debenture stock 2023

Sector Breakdown of Portfolio (excluding Cash and Certificates of Deposit)

                             30-Jun-12
                                      
Consumer Goods                   19.6%
                                      
Healthcare                       18.6%
                                      
Financials                       15.7%
                                      
Industrials                      13.7%
                                      
Telecommunications               13.0%
                                      
Consumer Services                 7.6%
                                      
Utilities                         7.4%
                                      
Oil & Gas                         3.9%
                                      
Fixed Interest                    0.3%
                                      
Basic Materials                   0.2%
                                      
                                100.0%

Top Ten Holdings

Investments                   % of Portfolio                             
                                                                         
Reynolds American - US Common Stock     5.5%                             
                                                                         
BT                                      5.4%                             
                                                                         
British American Tobacco                5.3%                             
                                                                         
Imperial Tobacco                        5.1%                             
                                                                         
Vodafone                                4.4%                             
                                                                         
GlaxoSmithKline                         4.2%                             
                                                                         
BG                                      3.9%                             
                                                                         
AstraZeneca                             3.8%                             
                                                                         
Roche - Swiss Common Stock              3.5%                             
                                                                         
Reckitt Benckiser                       3.1%                             

All ordinary shares unless otherwise stated

Changes to Share Capital

                                 Ordinary Shares of 50p each
                                                            
                                                      Issued
                                                            
As at 31 Mar 2012                                 13,368,799
                                                            
Shares bought back                                         0
                                                            
Shares issued                                              0
                                                            
As at 30 Jun 2012                                 13,368,799

The Company has authority to buy back shares for cancellation and to issue new
shares (disapplying pre-emption rights), in each case within specified limits.
The Company expects to renew these authorities each year.

Administration

The Company's Ordinary shares are listed on the London Stock Exchange and the
price is published in the Times and the Financial Times under `Investment
Companies' and in the Daily Telegraph under `Investment Trusts'.

The Company's net asset value is calculated on a daily basis and can be viewed
on the London Stock Exchange website at www.londonstockexchange.com

Further information can be obtained from Invesco Perpetual as follows:

Free Investor Helpline: 0800 085 8677

Internet address: www.invescoperpetual.co.uk/investmenttrusts

The information provided in this statement should not be considered as a
financial promotion.

Interim management statements are expected to be published in January and July
each year.

Invesco Asset Management Limited

For and on behalf of

The Board of Keystone Investment Trust plc

26 July 2012