Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 30 November 2004

Sector Breakdown

Resources                                              0.0%               
                                                                          
Basic Industries                                       3.7%               
                                                                          
General Industrials                                    2.1%               
                                                                          
Cyclical Consumer Goods                                0.0%               
                                                                          
Non-cyclical Consumer Goods                            24.9%              
                                                                          
Cyclical Services                                      17.6%              
                                                                          
Non-Cyclical Services                                  11.6%              
                                                                          
Utilities                                              14.0%              
                                                                          
Financials                                             7.9%               
                                                                          
Information Technology                                 3.7%               
                                                                          
Fixed Interest                                         0.4%               
                                                                          
Net current assets                                     14.1%              
                                                                          
                                                       100.0%             

Statistics

Total Gross Assets                                     £157.8m            
                                                                          
Net Asset Value Per Ordinary Share*                    882.3p             
                                                                          
Mid-Market Price                                                          
                                                                          
- Ordinary Shares 30 November 2004                     808.5p             
                                                                          
Estimated Yield (net) on Ordinary Shares               3.2%               
                                                                          
Discount                                               8.4%               
                                                                          
Estimated Net Dividend                                 30.00p             
                                                                          
Asset Gearing**                                        115                
                                                                          
Asset Gearing**excluding fixed interest securities     114                
                                                                          
* Where appropriate the diluted NAV figure is quoted.                     
                                                                          
** Actual gearing reflect loans drawn down whereas                        
`Asset Gearing' reflects the amount of                                    
                                                                          
loans invested in the portfolio. A figure of 100 means                    
that the Company has no gearing.                                          
                                                                          
Value of debt                                          £39.6m             
                                                                          
Ordinary shares in issue                               13,368,799         
                                                                          
Figures as at 31 October 2004                                             

Top 10 Equity Holdings incl convertibles * % of Portfolio

1 Reynolds American Inc                                4.9%               
                                                                          
2 BT Group                                             4.7%               
                                                                          
3 Tesco                                                4.7%               
                                                                          
4 Brit American Tobacco                                3.9%               
                                                                          
5 Altria                                               3.4%               
                                                                          
6 GlaxoSmithKline                                      3.4%               
                                                                          
7 Rexam                                                2.6%               
                                                                          
8 Imperial Tobacco                                     2.5%               
                                                                          
9 Assoc British Foods                                  2.4%               
                                                                          
10 BAE Systems                                         2.4%               

Figures as at 30 November 2004

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                           +71.4%     +21.6%      +15.2%      -17.3%
                                                                               
NAV                                   +53.4%     +21.7%       +8.7%      -17.4%
                                                                               
Benchmark (FTSE All Share)            +32.5%     +12.9%       +2.9%      -12.1%

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

Figures supplied by INVESCO Marketing / Datastream

                                                               30 November 2004