INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 21 January 2004, the unaudited
net asset value per share (AITC basis) of the following investment trust
company managed by INVESCO Asset Management Limited is:-

Company                                    Undiluted Diluted Undiluted  Diluted
                                                                               
                                             Capital Capital       Cum      Cum
                                                                               
                                             (pence) (pence)    Income   Income
                                                                               
                                                               (pence)  (pence)
                                                                               

Keystone Investment Trust plc                 789.53       -    797.32         

END