Portfolio Update

Keystone Investment Trust plc                         

Headline: Monthly Performance

Fact Sheet 28 February2006

Sector Breakdown

Basic Materials                                        2.1%               
                                                                          
Industrials                                            12.0%              
                                                                          
Consumer Goods                                         16.5%              
                                                                          
Health Care                                            10.9%              
                                                                          
Consumer Services                                      16.1%              
                                                                          
Telecommunications                                     7.8%               
                                                                          
Utilities                                              20.6%              
                                                                          
Financials                                             11.2%              
                                                                          
Technology                                             2.8%               

Statistics

Total Gross         195.4      Dividend (p)               31.50
Assets (£m)                                                    
                                                               
Ordinary Shares:               Dividend Yield              3.1%
                                                               
- Mid Market      1,031.5      Asset Gearing*               118
Price (p)                                                      
                                                               
- Net Asset Value 1,163.4      Asset Gearing*               118
(p)                                                            
                                                               
Discount            11.3%      (excluding fixed                
                               interest securities)            

* Asset Gearing reflects the amount of loans invested in the portfolio. A
figure of 100 means that the Company has no gearing.

Top 10 Equity Holdings incl convertibles * % of Portfolio

1. BT Group                                            5.1%               
                                                                          
2. Reynolds American Inc                               4.6%               
                                                                          
3. GlaxoSmithkline                                     4.1%               
                                                                          
4. Altria                                              3.5%               
                                                                          
5. Tesco                                               3.4%               
                                                                          
6. BAA                                                 3.1%               
                                                                          
7. Brit American Tobacco                               3.0%               
                                                                          
8. Imperial Tobacco                                    2.6%               
                                                                          
9. British Energy                                      2.5%               
                                                                          
10. Reuters                                            2.3%               

Figures as at 28 February

* Ordinary Shares unless stated otherwise

Ordinary Share Performance

                              Since 01/01/03     1 Year     3 Years     5 Years
                                           *                                   
                                                                               
Share Price                          +126.8%     +19.7%     +135.3%      +19.6%
                                                                               
NAV                                  +108.5%     +25.8%     +123.0%      +22.1%
                                                                               
Benchmark (FTSE All Share)            +73.3%     +22.3%      +85.6%      +20.5%

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

Figures supplied by INVESCO Marketing / Datastream = Total Return

                                                                   7 March 2006