Performance at Month End

Mercury Keystone Inv Trust PLC
9 March 2000


MERCURY KEYSTONE INVESTMENT TRUST plc
All information is at 29th February 2000 and unaudited.

Performance at month end with net income reinvested
                        Three     One     Three       Five
                       months    year     years       years
Net asset value        - 6.3%   + 1.9%    +40.8%     +123.5%
Share price            -20.4%   -18.0%    +11.6%     + 83.7%
FTSE All-Share Index   - 2.8%   + 8.6%    +54.0%     +133.9%

At month end
Net asset value*                   1175.94p
Share price:                        930.00p
Discount:                            20.91%
Total assets:                       £207.3m
Net yield:                             3.2%
Gearing:                              23.8%
Effective gearing:                    20.3%
Value of debt:                       £40.0m
* Includes current year net revenue 13.2p
Ordinary shares in issue:        14,250,562
(During the month, 52,000 shares were purchased
in the market and cancelled).

UK Sectors                   % Portfolio
Non-Cyclical Services               24.1
Financials                          19.9
Cyclical Services                   15.1
Resources                           11.5
Non-Cyclical Consumer Goods         12.7
General Industrials                  8.0
Basic Industries                     3.1
Utilities                            4.0
Cash/Fixed interest                  1.6
                                   -----
Total                              100.0

Ten Largest Equity Investments
Company                    % Investments

Vodafone Airtouch                    9.6
BP Amoco                             6.0
Glaxo Wellcome                       4.4
British Telecom                      4.2
Shell Transport and Trading          4.0
Smithkline Beecham                   3.3
British Sky Broadcasting             3.0
Telewest Comms                       3.0
AstraZeneca Group                    2.5
Mercury Grosvenor Trust              2.5
                                    ____
Total                               42.5

Sources: Standard & Poor's Micropal
Latest information is available by typing 'MAMINDEX' on Reuters, 'MAMI' on
Bloomberg or '8800' on Topic 3 (ICV terminal).

9th March 2000