cant find unexpected '}'

Can you see it?

<?php $posts = query_posts($query_string .'&orderby=title&order=asc');while (have_posts()) : the_post(); ?>
     <div class="list">
	<ul>
<li><a href="<?php the_permalink() ?>"><?php the_title(); ?></a></li>
        </ul>
<?php endwhile; ?>
	</div>
<?php else : ?>
	<h2>test it.</h2>
<?php endif; ?>