Interim Management Statement

Keystone Investment Trust plc

Interim Management Statement

for the three months ended 31 December 2012

Material Events

The Company issued 75,000 ordinary shares in October 2012 at an average price
of 1341.7p. No other material events occurred in the period.

Dividends

In the period an interim dividend of 30.5p per ordinary share was paid on 14
December 2012 to shareholders on the register on 23 November 2012. The shares
were marked ex-dividend on 21 November 2012.

Performance - Total Return

                             3 Months       1 Year      3 Years      5 Years
                                                                            
Share Price                      3.7%        21.0%        51.9%        42.3%
                                                                            
Net Asset Value                  4.0%        12.9%        35.2%        27.2%
                                                                            
FTSE All-Share Index             3.8%        12.3%        24.2%        13.2%

Source: Thomson Reuters Datastream

Share Price and Discount

                                                     For the Three Months Ended
                                                                               
                                                                    31 Dec 2012
                                                                               
                            As at 31 Dec 2012       High        Low     Average
                                                                               
Share Price (pence)                   1335.00    1355.00    1283.00     1321.36
                                                                               
Discount (debt at par)                   2.3%                                  
                                                                               
Premium (debt at fair                    2.0%                                  
value)                                                                         

Source: Thomson Reuters Datastream

Assets and Gearing

                                              31 Dec 2012                      
                                                                               
Total Gross Assets (£m)                             215.5                      
                                                                               
of which cash and cash equivalents (£m)              12.8                      
                                                                               
Borrowings (£m)                                      31.9                      
                                                                               
Cum Income Net Asset Value (pence)                 1366.0                      
                                                                               
Gross Gearing                                       17.4%                      
                                                                               
Net Gearing                                         10.2%                      

`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 shareholders' 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.

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

                                        31 Dec 2012
                                                   
Healthcare                                    20.6%
                                                   
Consumer Goods                                19.3%
                                                   
Financials                                    18.5%
                                                   
Industrials                                   13.7%
                                                   
Consumer Services                             11.6%
                                                   
Telecommunications                            10.4%
                                                   
Utilities                                      5.5%
                                                   
Basic Materials                                0.2%
                                                   
Fixed Interest                                 0.2%
                                                   
                                             100.0%

Top Ten Holdings

Investments                          % of Portfolio
                                                   
Imperial Tobacco                               5.7%
                                                   
BT                                             5.4%
                                                   
British American Tobacco                       4.9%
                                                   
Reynolds American                              4.6%
                                                   
- US Common Stock                                  
                                                   
AstraZeneca                                    4.4%
                                                   
Roche - Swiss Common Stock                     4.2%
                                                   
Novartis - Swiss Common Stock                  3.7%
                                                   
GlaxoSmithKline                                3.7%
                                                   
BAE Systems                                    3.4%
                                                   
Reckitt Benckiser                              3.4%

All ordinary shares unless otherwise stated

Changes to Share Capital

                         Ordinary Shares of 50p each
                                                    
                                              Issued
                                                    
As at 30 Sep 2012                         13,368,799
                                                    
Shares bought back                                 0
                                                    
Shares issued                                 75,000
                                                    
As at 31 Dec 2012                         13,433,799

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.

Price and Performance

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.

For and on behalf of

Invesco Asset Management Limited

22 January 2013