Portfolio Update

Keystone Investment Trust Plc                         

HEADING: Top 10 Investments

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

Investments at 5% and over of total assets               
                                                         
BT GROUP PLC                                             
                                                         
Investments under 5% of total assets                     
                                                         
GLAXOSMITHKLINE PLC                                      
                                                         
IMPERIAL TOBACCO PLC                                     
                                                         
REYNOLDS AMERICAN INC                                    
                                                         
ROYAL DUTCH SHELL PLC (`B' SHARES)                       
                                                         
TESCO PLC                                                
                                                         
NATIONAL GRID PLC                                        
                                                         
ALTRIA GROUP, INC                                        
                                                         
VODAFONE GROUP PLC                                       
                                                         
BRITISH AMERICAN TOBACCO PLC                             

Ordinary Shares unless otherwise stated.

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

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

INVESCO Asset Management Limited

3 January 2007