Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 29 February 2004

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       2.5%               
                                                                          
General Industrials                                    1.7%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            27.7%              
                                                                          
Cyclical Services                                      18.7%              
                                                                          
Non-Cyclical Services                                  9.8%               
                                                                          
Utilities                                              14.6%              
                                                                          
Financials                                             6.5%               
                                                                          
Information Technology                                 0.5%               
                                                                          
Fixed Interest                                         1.7%               
                                                                          
Net current assets                                     16.3%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £150.0m            
                                                                          
Net Asset Value Per Ordinary Share                     824.3p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 29 February 2004                     733.00p            
                                                                          
Estimated Yield (net) on Ordinary Shares               3.5%               
                                                                          
Premium/(discount)                                     (11.1)%            
                                                                          
Dividends (Estimated based on last year)               25.50p             
                                                                          
Gearing                                                114.0              
                                                                          
Gearing excluding fixed interest securities            112.0              
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
(Figures as at 29 February 2004)                                          

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 BT Group                                             4.36%              
                                                                          
2 RJ Reynolds                                          4.27%              
                                                                          
3 Brit American Tobacco                                3.76%              
                                                                          
4 National Grid Transco                                3.48%              
                                                                          
5 Unilever                                             3.47%              
                                                                          
6 GlaxoSmithkline                                      3.29%              
                                                                          
7 Centrica                                             3.19%              
                                                                          
8 Altria                                               3.18%              
                                                                          
9 Tesco                                                3.11%              
                                                                          
10 Marks & Spencer                                     2.68%              

Figures as at 29 February 2004

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +49.5%     +55.1%      -21.2%      -25.5%
                                                                               
NAV                                   +38.2%     +47.8%      -19.1%      -18.5%
                                                                               
Benchmark                             +23.2%     +31.9%      -14.3%       -8.8%

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

Figures supplied by INVESCO Marketing / Datastream

                                                               29 February 2004