Director Shareholding

Artemis Alpha Trust PLC
22 April 2004

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1. Name of company

ARTEMIS ALPHA TRUST PLC


2. Name of director

ANDREW DALRYMPLE


3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest

IN RESPECT OF BENEFICIAL INTERESTS MR DALRYMPLE AND THE INTERESTS OF MRS B W 
DALRYMPLE (SPOUSE) AND MISS LOUISE DALRYMPLE (MINOR CHILD)


4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified)

ADAM & CO. NOMINEES LIMITED

5. Please state whether notification relates to a person(s) connected with the
director named in 2 above and identify the connected person(s)

YES - MRS B W DALRYMPLE (SPOUSE) AND MISS L DALRYMPLE (MINOR CHILD)


6. Please state the nature of the transaction

ACQUISITION OF SHARES


7. Number of shares/amount of stock acquired

37,059


8. Percentage of issued class

0.12%


9. Number of shares/amount of stock disposed

N/A


10. Percentage of issued class

N/A


11. Class of security

ORDINARY SHARES OF 1 PENNY EACH


12. Price per share

£1.3749


13. Date of transaction

21 APRIL 2004


14. Date company informed

22 APRIL 2004


15. Total holding following this notification

58,000 ORDINARY SHARES OF 1 PENNY EACH HELD AS FOLLOWS -


ANDREW DALRYMPLE: 35,000 (INCLUDING EXISTING NON-BENEFICIAL INTEREST OF 20,000 
SHARES)

MISS LOUISE DALRYMPLE (MINOR CHILD): 11,000 SHARES

MRS B W DALRYMPLE: 12,000 SHARES


16. Total percentage holding of issued class following this notification
0.19%

17. Any additional information
NONE


18. Name of contact and telephone number for queries

LOUISE RICHARD - 020 7410 4942


19. Name and signature of authorised company official responsible for making
this notification

LOUISE RICHARD, FOR AND ON BEHALF OF BNP PARIBAS SECRETARIAL SERVICES LIMITED, 
COMPANY SECRETARY TO


ARTEMIS ALPHA TRUST PLC


Date of Notification
22 APRIL 2004


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