Top 10 Investments

Keystone Investment Trust Plc                         

HEADING: Top 10 Investments

Keystone Investment Trust Plc announces that, as at 31 December 2004, its top
ten investments were as follows:

Investments over 5% of total assets                      
                                                         
NONE                                                     
                                                         
Investments under 5% of total assets                     
                                                         
REYNOLDS AMERICAN INC                                    
                                                         
TESCO PLC                                                
                                                         
BT GROUP PLC                                             
                                                         
BRITISH AMERICAN TOBACCO PLC                             
                                                         
GLAXOSMITHKLINE PLC                                      
                                                         
ALTRIA GROUP, INC                                        
                                                         
REXAM PLC                                                
                                                         
ASSOCIATED BRITISH FOODS PLC                             
                                                         
IMPERIAL TOBACCO GROUP PLC                               
                                                         
BAE SYSTEMS PLC                                          

Ordinary Shares unless otherwise stated.

This information is based on the most recent available valuation, as at 31
December 2004.

This announcement is made in accordance with Paragraph 21.20(l)(ii) of the
Listing Rules.

INVESCO Asset Management Limited

5 January 2005