Monthly Performance

KEYSTONE INVESTMENT TRUST PLC                                               
                                                                               
   FACT SHEET                      31-Jan-03                                   
                                                                               
   Sector Breakdown                                                            
                                                                               
   Resources                                            0.0 %                  
                                                                               
   Basic Industries                                     8.3 %                  
                                                                               
   General Industrials                                  1.1 %                  
                                                                               
   Cyclical Consumer Goods                              0.0 %                  
                                                                               
   Non-cyclical Consumer Goods                         10.6 %                  
                                                                               
   Cyclical Services                                   20.1 %                  
                                                                               
   Non-Cyclical Services                                8.6 %                  
                                                                               
   Utilities                                           12.0 %                  
                                                                               
   Financials                                           5.9 %                  
                                                                               
   Information Technology                               0.9 %                  
                                                                               
   Fixed Interest                                       7.9 %                  
                                                                               
   Net current assets                                  24.6 %                  
                                                                               
                                                      100.0 %                  
                                                                               
   Statistics                                                                  
                                                                               
   Total Gross Assets#                            GBP 115.9 m                  
                                                                               
   Net Asset Value per Ordinary Share          569.4        p                  
                                                                               
   Mid-Market Price                                                            
                                                                               
   - Ordinary Shares               31-Jan-03   515.0        p                  
                                                                               
   Estimated Yield (Net) on Ordinary Shares    5.0          %                  
                                                                               
   Premium/ (discount)                                (9.6) %                  
                                                                               
   Potential Gearing *                                  152                    
                                                                               
   Actual Gearing *                            115                             
                                                                               
   Effective Gearing ( with fixed interest     103                             
   portfolio offset against debenture                                          
   liability)*                                                                 
                                                                               
   Value of debt                                      £3.95 m                  
                                                                               
   Ordinary shares in issue                    13,368,799                      
                                                                               
   Figures as at 31 January 2003                                               
                                                                               
   * A figure of 100 means that the Company                                    
   has no gearing                                                              
                                                                               
   # Total gross assets figure is calculated using the                         
   midmarket valuation of investments and includes                             
                                                                               
   current assets less current liabilities excluding                           
   overdrafts used for investment purposes.                                    
                                                                               
   Top 10 Equity Holdings incl convertibles *          % of                    
                                                  Portfolio                    
                                                                               
 1 BT Group                                             4.8 %                  
                                                                               
 2 Brit American Tobacco                                4.3 %                  
                                                                               
 3 Signet Group                                         3.8 %                  
                                                                               
 4 National Grid Transco                                3.8 %                  
                                                                               
 5 Marks & Spencer                                      3.6 %                  
                                                                               
 6 Tesco                                                2.6 %                  
                                                                               
 7 Barratt Developments                                 2.4 %                  
                                                                               
 8 EMI Group                                            2.3 %                  
                                                                               
 9 MFI Furniture Group                                  2.3 %                  
                                                                               
10 Centrica                                             2.2 %                  
                                                                               
   Figures as at 31 January 2003                                               
                                                                               
   * Ordinary Shares unless stated otherwise                                   
                                                                               
   Ordinary Share Performance                                                  
                                                                               
                                    One Month    3 Months   One Year    Three  
                                                                        Years  
                                                                               
   NAV Total Return                   0.5%        -10.4%     -31.6%    -44.6%  
                                                                               
   Share Price Total Return           -8.2%        3.1%      -35.3%    -51.4%  
                                                                               
   FT All-Share Index                 -9.0%       -10.0%     -28.9%    -37.5%  
                                                                               
   Figures supplied by INVESCO Marketing