Interim Management Statement

Keystone Investment Trust plc

Interim Management Statement

for the three months ended 30 June 2014

Material Events

No material events, specifically in relation to the Company, occurred during
the period to 30 June 2014.

Dividends

In the period a first interim dividend of 18p per ordinary share was paid on 27
June 2014 to shareholders on the register on 30 May 2014. The shares were
marked ex-dividend on 28 May 2014.

Performance - Total Return

                             3 Months       1 Year      3 Years      5 Years
                                                                            
Share Price                      3.9%        16.1%        56.6%       130.1%
                                                                            
Net Asset Value                  1.7%        17.5%        54.7%       132.0%
                                                                            
FTSE All-Share Index             2.2%        13.1%        29.2%        96.7%

Source: Thomson Reuters Datastream


Share Price and Discount

                                                     For the Three Months Ended
                                                                               
                                                                   30 June 2014
                                                                               
                           As at 30 June 2014       High        Low     Average
                                                                               
Share Price (pence)                   1753.00    1777.00    1685.00     1744.43
                                                                               
Discount (debt at par)                   4.6%                                  
                                                                               
Discount (debt at fair                   2.3%                                  
value)                                                                         

Source: Thomson Reuters Datastream


Assets and Gearing

                                               30 June 2014                    
                                                                               
Total Gross Assets (£m)                               280.4                    
                                                                               
of which cash and Certificates of Deposit (£m)         18.3                    
                                                                               
Borrowings (£m)                                        31.9                    
                                                                               
Cum Income Net Asset Value (pence)                  1,837.9                    
                                                                               
Gross Gearing                                         12.8%                    
                                                                               
Net Gearing                                            5.5%                    

`Gross Gearing' reflects the amount of a company's gross borrowings and takes
no account 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.

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

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

- £24,968,300 debenture stock 2023


Industry Breakdown of Portfolio (excluding Cash and near cash)

                                                           30 June 2014
                                                                       
Financials                                                        26.7%
                                                                       
Health Care                                                       19.0%
                                                                       
Industrials                                                       16.2%
                                                                       
Consumer Goods                                                    15.8%
                                                                       
Consumer Services                                                  8.1%
                                                                       
Telecommunications                                                 6.6%
                                                                       
Utilities                                                          5.1%
                                                                       
Oil & Gas                                                          2.4%
                                                                       
Basic Materials                                                    0.1%
                                                                       
                                                                 100.0%

Top Ten Holdings

Investments                                              % of Portfolio
                                                                       
British American Tobacco                                           4.9%
                                                                       
AstraZeneca                                                        4.2%
                                                                       
Imperial Tobacco                                                   4.2%
                                                                       
BT Group                                                           4.0%
                                                                       
Reynolds American - US Common Stock                                3.9%
                                                                       
Roche - Swiss Common Stock                                         3.6%
                                                                       
GlaxoSmithKline                                                    3.4%
                                                                       
Reckitt Benckiser                                                  2.8%
                                                                       
BAE Systems                                                        2.8%
                                                                       
Novartis - Swiss Common Stock                                      2.6%
                                                                       

All ordinary shares unless otherwise stated

Changes to Share Capital

                                            Ordinary Shares of 50p each
                                                                       
                                                                 Issued
                                                                       
As at 31 Mar 2014                                            13,518,799
                                                                       
Shares bought back                                                    0
                                                                       
Shares issued                                                         0
                                                                       
As at 30 Jun 2014                                            13,518,799

The Company has authority to buy back shares for cancellation or to hold in
treasury 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

11 July 2014