Interim Management Statement

Keystone Investment Trust plc

Interim Management Statement

for the three months ended 30 June 2013

Material Events

No material events occurred in the period.

The Company issued 75,000 ordinary shares in July 2013 at an average price of
1707p.

Dividends

In the period, an interim dividend of 18p per ordinary share was paid on 28
June 2013 to shareholders on the register on 31 May 2013.

Performance - Total Return

                             3 Months       1 Year      3 Years      5 Years
                                                                            
Share Price                      5.5%        34.1%        70.3%        93.8%
                                                                            
Net Asset Value                  1.7%        28.7%        63.1%        72.4%
                                                                            
FTSE All-Share Index            -1.7%        17.9%        43.5%        38.2%

Source: Thomson Reuters Datastream

Share Price and Discount

                                    At  For the Three Months Ended 30 June 2013
                                                                               
                             30-Jun-13          High          Low       Average
                                                                               
Share Price (pence)            1561.00       1645.00      1490.00       1571.90
                                                                               
Discount (debt at par)            3.7%                                         
                                                                               
Discount (debt at fair            0.5%                                         
value)                                                                         

Source: Thomson Reuters Datastream

Assets and Gearing

                                                30-Jun-13                      
                                                                               
Total Gross Assets (£m)                             249.8                      
                                                                               
of which cash and Certificates of Deposit(£          11.9                      
m)                                                                             
                                                                               
Borrowings (£m)                                      31.9                      
                                                                               
Cum Income Net Asset Value (pence)                 1621.2                      
                                                                               
Gross Gearing                                       14.6%                      
                                                                               
Net Gearing                                          9.2%                      

`Gross Gearing' reflects the amount of gross borrowings in use by a company and
takes no accounts of any cash balances. It is based on gross borrowings as a
percentage of shareholders' funds.

`Net Gearing' reflects the amount of net borrowings invested, i.e borrowings
less cash and bond holdings. It is based on net borrowings as a percentage of
shareholders' funds.

The Company's structured debt is provided by 250,000 5% cumulative preference
shares of £1 each and the following debentures totalling £32 million:

- £7,000,000 7.75% debenture stock 2020

- £24,968,300 6.5% debenture stock 2023

Sector Breakdown of Portfolio (excluding Cash and Certificates of Deposit)

                             30-Jun-13
                                      
Healthcare                       21.6%
                                      
Financials                       20.3%
                                      
Consumer Goods                   16.1%
                                      
Industrials                      15.1%
                                      
Consumer Services                12.5%
                                      
Telecommunications                9.3%
                                      
Utilities                         4.9%
                                      
Basic Materials                   0.2%
                                      
                                100.0%

Top Ten Holdings

Investments                              % of Portfolio            
                                                                   
BT                                                 6.0%            
                                                                   
Reynolds American - US Common Stock                4.6%            
                                                                   
Imperial Tobacco                                   4.5%            
                                                                   
AstraZeneca                                        4.5%            
                                                                   
British American Tobacco                           4.3%            
                                                                   
Roche - Swiss Common Stock                         4.2%            
                                                                   
Novartis - Swiss Common Stock                      4.2%            
                                                                   
Thomas Cook                                        3.9%            
                                                                   
GlaxoSmithKline                                    3.7%            
                                                                   
BAE Systems                                        3.2%            

All ordinary shares unless otherwise stated

Changes to Share Capital

                                 Ordinary Shares of 50p each
                                                            
                                                      Issued
                                                            
As at 31 Mar 2013                                 13,443,799
                                                            
Shares bought back                                         0
                                                            
Shares issued                                              0
                                                            
As at 30 Jun 2013                                 13,443,799

The Company has authority to buy back shares for cancellation and to issue new
shares (disapplying pre-emption rights), in each case within specified limits.
The Company expects to renew these authorities each year.

Administration

The Company's Ordinary shares are listed on the London Stock Exchange and the
price is published in the Times and the Financial Times under `Investment
Companies' and in the Daily Telegraph under `Investment Trusts'.

The Company's net asset value is calculated on a daily basis and can be viewed
on the London Stock Exchange website at www.londonstockexchange.com

Further information can be obtained from Invesco Perpetual as follows:

Free Investor Helpline: 0800 085 8677

Internet address: www.invescoperpetual.co.uk/investmenttrusts

The information provided in this statement should not be considered as a
financial promotion.

Interim management statements are expected to be published in January and July
each year.

Invesco Asset Management Limited

For and on behalf of

The Board of Keystone Investment Trust plc

25 July 2013