Portfolio Update

Keystone Investment Trust Plc                         

HEADING: Top 10 Investments

Keystone Investment Trust Plc announces that, as at 31 March 2006, its top ten
investments were as follows:

Investments at 5% and over of total assets               
                                                         
GLAXOSMITHKLINE PLC                                      
                                                         
BT GROUP PLC                                             
                                                         
Investments under 5% of total assets                     
                                                         
REYNOLDS AMERICAN INC                                    
                                                         
ALTRIA GROUP, INC                                        
                                                         
TESCO PLC                                                
                                                         
BAA PLC                                                  
                                                         
BRITISH AMERICAN TOBACCO PLC                             
                                                         
BCO ESPIRITO SAN C/D 4.525 APR 2006 (MMF)                
                                                         
BRADFORD & BINGLEY C/D 4.525 APR 2006 (MMF)              
                                                         
BRITISH ENERGY PLC                                       

Ordinary Shares unless otherwise stated.

This information is based on the most recent available valuation, as at 31
March 2006.

This announcement is made in accordance with UKLA Listing Rule 15.4.11(2).

INVESCO Asset Management Limited

4 April 2006