Monthly Performance

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 30 September 2004

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       4.1%               
                                                                          
General Industrials                                    2.2%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            23.8%              
                                                                          
Cyclical Services                                      17.9%              
                                                                          
Non-Cyclical Services                                  11.5%              
                                                                          
Utilities                                              15.0%              
                                                                          
Financials                                             8.7%               
                                                                          
Information Technology                                 2.3%               
                                                                          
Fixed Interest                                         0.9%               
                                                                          
Net current assets                                     13.6%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £151.0m            
                                                                          
Net Asset Value Per Ordinary Share                     831.2p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 30 September 2004                    754.00p            
                                                                          
Estimated Yield (net) on Ordinary Shares               3.4%               
                                                                          
Premium/(discount)                                     (9.3)%             
                                                                          
Dividends (Estimated based on last year)               25.00p             
                                                                          
Asset Gearing*                                         117                
                                                                          
Asset Gearing* excluding fixed interest securities     116                
                                                                          
* 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 30 September 2004                                           

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 Reynolds American Inc                                4.9%               
                                                                          
2 Tesco                                                4.7%               
                                                                          
3 BT Group                                             4.5%               
                                                                          
4 GlaxoSmithKline                                      3.8%               
                                                                          
5 Brit American Tobacco                                3.7%               
                                                                          
6 Altria                                               3.1%               
                                                                          
6 Lloyds TSB                                           2.5%               
                                                                          
8 BAE Systems                                          2.5%               
                                                                          
9 mm02                                                 2.3%               
                                                                          
10 National Grid                                       2.3%               

Figures as at 30 September 2004

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +56.8%     +21.4%      +20.2%      -19.6%
                                                                               
NAV                                   +41.7%     +21.1%      +14.0%      -17.6%
                                                                               
Benchmark (FTSE All Share)            +27.9%     +15.7%       +7.0%       -7.1%

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

Figures supplied by INVESCO Marketing / Datastream

                                                              30 September 2004