Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 30 April 2004

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       3.0%               
                                                                          
General Industrials                                    1.9%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            29.0%              
                                                                          
Cyclical Services                                      18.2%              
                                                                          
Non-Cyclical Services                                  10.3%              
                                                                          
Utilities                                              14.1%              
                                                                          
Financials                                             6.8%               
                                                                          
Information Technology                                 0.4%               
                                                                          
Fixed Interest                                         1.7%               
                                                                          
Net current assets                                     14.6%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £150.2m            
                                                                          
Net Asset Value Per Ordinary Share                     825.5p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 30 April 2004                        726.00p            
                                                                          
Estimated Yield (net) on Ordinary Shares               3.5%               
                                                                          
Premium/(discount)                                     (12.1)%            
                                                                          
Dividends (Estimated based on last year)               25.00p             
                                                                          
Gearing                                                116.0              
                                                                          
Gearing excluding fixed interest securities            114.0              
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
(Figures as at 30 April 2004)                                             

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 RJ Reynolds                                          4.55%              
                                                                          
2 BT Group                                             4.40%              
                                                                          
3 Brit American Tobacco                                3.83%              
                                                                          
4 Tesco                                                3.59%              
                                                                          
5 GlaxoSmithkline                                      3.58%              
                                                                          
6 Altria                                               3.48%              
                                                                          
7 National Grid Transco                                3.40%              
                                                                          
8 Unilever                                             3.22%              
                                                                          
9 Lloyds TSB                                           2.49%              
                                                                          
10 Imperial Tobacco                                    2.37%              

Figures as at 30 April 2004

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +50.1%     +44.3%      -19.7%      -30.2%
                                                                               
NAV                                   +40.7%     +40.9%      -17.1%      -24.6%
                                                                               
Benchmark                             +24.1%     +22.2%      -14.3%      -15.0%

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

Figures supplied by INVESCO Marketing / Datastream

                                                                  30 April 2004