Net Asset Value(s)

INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 4 July 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   1170.25       -   1183.18       -
plc                                                                         
                                 Debt at   1123.86           1136.79        
                              Fair Value                                    
                                                                            
                               Note 3                                       

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

Note:

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