Investment policy

Artemis Alpha Trust PLC
30 October 2003


ARTEMIS ALPHA TRUST PLC (the 'Company')

Investment policy

The Board of the Company notes the publication of the Investment Entities
(Listing Rules and Conduct of Business) Instrument 2003 and confirms that it is
the Company's policy to invest no more than 15% of its gross assets in other UK
listed investment companies, including investment trusts (as covered by Chapter
21 of the UKLA Listing Rules).

The Company does not currently hold any investments in UK listed investment
trusts nor is there any reasonable prospect of the Company doing so.


Enquiries:

Mark Tyndall
Artemis Investment Management Limited
Tel: [phone]


30 October 2003

                      This information is provided by RNS
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