Manager Warrants and NAV

Artemis Alpha Trust PLC
27 October 2003

ARTEMIS ALPHA TRUST PLC ('the Company')

(1) Manager Warrant Subscriptions

Following the approval of a manager warrant agreement between the Company and
its investment manager, Artemis Investment Management Limited ('Artemis') at the
Company's annual general meeting held on 28 August 2003, the Company has issued
warrants under that agreement ('Manager Warrants') to subscribe for 2,609,939
ordinary shares of 1 pence each in the capital of the Company ('Ordinary
Shares') (equivalent to approximately 20% of the Company's current issued
Ordinary Shares) to nominated members of the investment management team at
Artemis.

The Company has received a total consideration of £367,312 for the issue of the
Manager Warrants, representing 14.0736 pence per Manager Warrant. These
consideration monies have resulted in an uplift of 2.83% to the Company's total
net asset value as at 24 October 2003. The diluted and undiluted net asset value
of the Company's Ordinary Shares as at 24 October 2003 are detailed in section
(2) below.

The Manager Warrants entitle the holders to subscribe for new Ordinary Shares on
specified subscription dates (being the last business day in March and September
of each year up to and including September 2013, the first subscription date
being 30 September 2004) and on the occurrence of certain events at an exercise
price of 87.96 pence per Ordinary Share, being the net asset value per Ordinary
Share of the Company as at close of business on 28 August 2003.

The announcement below and future announcements of the net asset value per
Ordinary Share of the Company will take into account the impact of the Manager
Warrants.

(2) Net asset value statement

As at close of business on 24 October 2003, the diluted and undiluted net asset
value ('NAV') per Ordinary Share of the Company was as follows:

Undiluted NAV per share: 102.3 pence

Diluted NAV per share: 99.69 pence



Enquiries:

Mark Tyndall

Artemis Investment Management Limited

Tel: [phone]



27 OCTOBER 2003


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