Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 31 August 2004

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       3.8%               
                                                                          
General Industrials                                    2.0%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            24.3%              
                                                                          
Cyclical Services                                      19.0%              
                                                                          
Non-Cyclical Services                                  11.1%              
                                                                          
Utilities                                              15.0%              
                                                                          
Financials                                             8.8%               
                                                                          
Information Technology                                 1.4%               
                                                                          
Fixed Interest                                         0.9%               
                                                                          
Net current assets                                     13.7%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £149.5m            
                                                                          
Net Asset Value Per Ordinary Share                     820.1p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 31 August 2004                       726.50p            
                                                                          
Estimated Yield (net) on Ordinary Shares               3.5%               
                                                                          
Premium/(discount)                                     (11.4)%            
                                                                          
Dividends (Estimated based on last year)               25.00p             
                                                                          
Asset Gearing*                                         118                
                                                                          
Asset Gearing* excluding fixed interest securities     117                
                                                                          
* reflects the amount of loans actively invested in                       
assets and not held in cash. It is calculated by                          
dividing fixed assets investments by Shareholders'                        
funds                                                                     
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
Figures as at 31 August 2004                                              

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 RJ Reynolds                                          5.43%              
                                                                          
2 BT Group                                             4.48%              
                                                                          
3 Tesco                                                4.46%              
                                                                          
4 Brit American Tobacco                                3.72%              
                                                                          
5 GlaxoSmithKline                                      3.45%              
                                                                          
6 Altria                                               3.24%              
                                                                          
7 National Grid Transco                                2.61%              
                                                                          
8. Lloyds TSB                                          2.44%              
                                                                          
9 Imperial Tobacco                                     2.31%              
                                                                          
10 Rexam                                               2.29%              

Figures as at 31 August 2004

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03      1 Year     3 Years     5 Years
                                           *                                    
                                                                                
Share Price                          +51.04%     +12.77%      -6.64%      -28.1%
                                                                                
NAV                                  +39.83%     +18.36%      -6.46%      -23.4%
                                                                                
Benchmark (FTSE All Share)           +24.38%     +10.81%      -5.73%      -13.0%

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

Figures supplied by INVESCO Marketing / Datastream

                                                                 31 August 2004