Net Asset Value(s)

INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business 13 January 2006, the unaudited
net asset value per share (AITC basis) of the following investment trust
company managed by INVESCO Asset Management Limited is:-

                                         NAVs with Debt at Par & Fair Value 
                                                                            
Company                                  Undiluted Diluted Undiluted Diluted
                                                                            
                                           Capital Capital       Cum     Cum
                                                                            
                                                              Income  Income
                                                                            
                                           (pence) (pence)   (pence) (pence)
                                     
                                                                            
Keystone Investment Trust    Debt at Par   1134.60       -   1142.47       -
plc                                                                         
                                 Debt at   1070.84           1078.71        
                              Fair Value                                    
                                                                            
                               Note 3                                       
                                                                            

All the above NAVs have been calculated using the fair value (bid) prices for
the underlying investments.

Note:

1. For these Companies the fair value of debt is not materially different from
the carrying value.

2. No cum income NAV is published for these Companies.

3. The NAVs above include a provision for performance fee where applicable.

4. The Gross assets of INVESCO City & Commercial Trust plc are £24,640,228

This can be analysed as follows:

Cash & Near Cash 58.4%

Equity Holdings 41.6%

16 January 2006