Net Asset Value(s)

INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 28 July 2006, the unaudited
net asset values per share (AITC basis) of the following investment trust
companies managed by INVESCO Asset Management Limited are:-

                                         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   1192.81       -   1206.32       -
plc                                                                         
                                 Debt at   1142.46           1155.97        
                              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.