Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 30 September 2003

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       2.6%               
                                                                          
General Industrials                                    1.6%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            21.1%              
                                                                          
Cyclical Services                                      21.9%              
                                                                          
Non-Cyclical Services                                  9.4%               
                                                                          
Utilities                                              13.5%              
                                                                          
Financials                                             6.3%               
                                                                          
Information Technology                                 1.1%               
                                                                          
Fixed Interest                                         4.2%               
                                                                          
Net current assets                                     18.3%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £136.5m            
                                                                          
Net Asset Value Per Ordinary Share                     723.1p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 30 September 2003                    651.00p            
                                                                          
Estimated Yield (net) on Ordinary Shares               3.9%               
                                                                          
Premium/(discount)                                     (10.0)%            
                                                                          
Dividends (Estimated based on last year)               25.50              
                                                                          
Gearing                                                115                
                                                                          
Gearing excluding fixed interest securities            111                
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
(Figures as at 30 September 2003)                                         

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 BT Group                                             4.4%               
                                                                          
2 Brit American Tobacco                                3.6%               
                                                                          
3 RJ Reynolds                                          3.5%               
                                                                          
4 National Grid Transco                                3.3%               
                                                                          
5 Marks & Spencer                                      3.2%               
                                                                          
6 Centrica                                             3.1%               
                                                                          
7 Altria                                               2.7%               
                                                                          
8 Signet Group                                         2.7%               
                                                                          
9 Tesco                                                2.3%               
                                                                          
10 Associated British Food                             2.1%               

Figures as at 30 September 2003

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +29.2%     +50.7%      -31.0%      -23.8%
                                                                               
NAV                                   +18.7%     +29.4%      -34.0%      -16.8%
                                                                               
Benchmark                             +10.5%     +16.7%      -26.8%       -0.9%

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

Figures supplied by INVESCO Marketing / Datastream

                                                              30 September 2003