Month End Performance

Mercury Keystone Investment Trust PLC
6 December 1999


All information is at 30th November 1999 and unaudited.

Performance at month end with net income reinvested
                        Three     One     Three       Five
                       months    year     years       years
Net asset value        + 0.1%   +14.9%    +57.5%     +134.6%
Share price            - 1.5%   + 5.7%    +49.2%     +121.4%
FTSE All-Share Index   + 5.5%   +20.5%    +68.9%     +135.7%

At month end
Net asset value*                    1254.95p  xd
Share price:                        1169.00p  xd
Discount:                              6.8%
Total assets:                       £222.43m
Net yield:                             2.6%
Gearing:                              22.0%
Effective gearing:                    20.9%
Value of debt:                       £40.0m
Ordinary shares in issue:         14,302,562
* Includes current year net revenue 1.37p

UK Sectors                   % Portfolio
Financials                          24.9
Non-Cyclical Consumer Goods         14.7
Cyclical Services                   15.4
Non-Cyclical Services               13.9
Resources                           12.5
General Industrials                  9.3
Basic Industries                     5.0
Utilities                            4.3
Cash/Fixed interest                  0.0
                                   -----
Total                              100.0

Ten Largest Equity Investments
Company                   % Investments

BP Amoco                            7.0
British Telecom                     5.6
Vodafone Airtouch                   5.1
Glaxo Wellcome                      4.2
Shell Transport and Trading         3.6
SmithKline Beecham                  3.3
HSBC                                2.8
CGU                                 2.4
Lloyds TSB Group                    2.4
Prudential Corp                     2.1
                                   ____
Total                              38.5

Sources: Mercury Asset Management Ltd, Micropal
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'MAMI' on Bloomberg or '8800' on Topic 3 (ICV terminal).