Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31 December 2003

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       2.3%               
                                                                          
General Industrials                                    1.6%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            25.4%              
                                                                          
Cyclical Services                                      19.3%              
                                                                          
Non-Cyclical Services                                  10.4%              
                                                                          
Utilities                                              14.3%              
                                                                          
Financials                                             5.7%               
                                                                          
Information Technology                                 0.5%               
                                                                          
Fixed Interest                                         2.1%               
                                                                          
Net current assets                                     18.4%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £143.7m            
                                                                          
Net Asset Value Per Ordinary Share                     777.4p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 31 December 2003                     714.00p            
                                                                          
Estimated Yield (net) on Ordinary Shares               3.6%               
                                                                          
Premium/(discount)                                     (8.2)%             
                                                                          
Dividends (Estimated based on last year)               25.50p             
                                                                          
Gearing                                                113                
                                                                          
Gearing excluding fixed interest securities            110                
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
(Figures as at 31 December 2003)                                          

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 BT Group                                             4.73%              
                                                                          
2 RJ Reynolds                                          4.41%              
                                                                          
3 Brit American Tobacco                                3.77%              
                                                                          
4 Centrica                                             3.36%              
                                                                          
5 mmO2                                                 2.86%              
                                                                          
6 Altria                                               3.31%              
                                                                          
7 National Grid Transco                                3.25%              
                                                                          
8 Unilever                                             2.89%              
                                                                          
9 Marks & Spencer                                      2.83%              
                                                                          
10 GlaxoSmithkline                                     2.74%              

Figures as at 31 December 2003

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +45.6%     +45.6%      -25.0%      -30.0%
                                                                               
NAV                                   +30.3%     +30.3%      -28.0%      -20.1%
                                                                               
Benchmark                             +20.9%     +20.9%      -19.0%       -5.3%

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

Figures supplied by INVESCO Marketing / Datastream

                                                               31 December 2003