Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31 October 2003

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       2.2%               
                                                                          
General Industrials                                    1.8%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            22.3%              
                                                                          
Cyclical Services                                      20.9%              
                                                                          
Non-Cyclical Services                                  9.5%               
                                                                          
Utilities                                              13.3%              
                                                                          
Financials                                             6.1%               
                                                                          
Information Technology                                 1.5%               
                                                                          
Fixed Interest                                         4.0%               
                                                                          
Net current assets                                     18.4%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £140.9m            
                                                                          
Net Asset Value Per Ordinary Share                     756.0p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 31 October 2003                      692.50p            
                                                                          
Estimated Yield (net) on Ordinary Shares               3.7%               
                                                                          
Premium/(discount)                                     (8.4)%             
                                                                          
Gearing                                                114                
                                                                          
Gearing excluding fixed interest securities            110                
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
(Figures as at 31 October 2003)                                           

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 BT Group                                             4.4%               
                                                                          
2 RJ Reynolds                                          4.1%               
                                                                          
3 Brit American Tobacco                                3.6%               
                                                                          
4 National Grid Transco                                3.1%               
                                                                          
5 Centrica                                             3.0%               
                                                                          
6 Marks & Spencer                                      2.9%               
                                                                          
7 Altria                                               2.8%               
                                                                          
8 Signet Group                                         2.6%               
                                                                          
9 Unilever                                             2.3%               
                                                                          
10 BAE Systems                                         2.2%               

Figures as at 31 October 2003

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +37.4%     +41.6%      -24.3%      -25.5%
                                                                               
NAV                                   +24.2%     +23.0%      -32.2%      -17.1%
                                                                               
Benchmark                             +15.9%     +13.6%      -24.4%       -2.8%

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

Figures supplied by INVESCO Marketing / Datastream

                                                                31 October 2003