Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31 August 2003

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       3.6%               
                                                                          
General Industrials                                    2.1%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            19.4%              
                                                                          
Cyclical Services                                      21.3%              
                                                                          
Non-Cyclical Services                                  9.8%               
                                                                          
Utilities                                              13.3%              
                                                                          
Financials                                             5.9%               
                                                                          
Information Technology                                 0.9%               
                                                                          
Fixed Interest                                         4.0%               
                                                                          
Net current assets                                     19.7%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £136.4m            
                                                                          
Net Asset Value Per Ordinary Share                     722.6p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 31 August 2003                       675.00p            
                                                                          
Estimated Yield (net) on Ordinary Shares               3.8%               
                                                                          
Premium/(discount)                                     (6.6)%             
                                                                          
Gearing                                                113                
                                                                          
Gearing excluding fixed interest securities            109                
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
(Figures as at 31 August 2003)                                            

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 BT Group                                             4.4%               
                                                                          
2 Brit American Tobacco                                3.6%               
                                                                          
3 Signet Group                                         3.4%               
                                                                          
4 National Grid Transco                                3.4%               
                                                                          
5 Marks & Spencer                                      3.2%               
                                                                          
6 RJ Reynolds                                          3.1%               
                                                                          
7 Centrica                                             3.0%               
                                                                          
8 Altria                                               2.8%               
                                                                          
9 BAE Systems                                          2.6%               
                                                                          
10 Colt Telecom                                        2.1%               

Figures as at 31 August 2003

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +33.9%     +26.3%      -32.4%      -23.1%
                                                                               
NAV                                   +18.6%     +11.7%      -39.6%      -18.9%
                                                                               
Benchmark                             +12.3%      +4.6%      -29.6%       -3.0%

* With effect from 1 January 2003 INVESCO Asset Management Limited was
appointed Investment Manager of the Company

Figures supplied by INVESCO Marketing / Datastream

                                                                 31 August 2003