Net Asset Value(s)

INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business 26 July 2005, 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    999.93       -   1011.00       -
plc - Note 3                                                                
                                 Debt at    946.65            957.72        
                              Fair Value                                    
                                                                            
Note:

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