Manager Warrants and NAV

Artemis Alpha Trust PLC
24 March 2006

ARTEMIS ALPHA TRUST PLC ('the Company')



(1) Manager Warrant Subscriptions

Pursuant to a third manager warrant agreement between the Company and its
investment manager, Artemis Investment Management Limited ('Artemis'), approved
at an extraordinary general meeting held on 8 February 2006, the Company has
issued warrants under that agreement ('Manager Warrants') to Artemis or its
nominees to subscribe for 553,008 ordinary shares of 1 pence each in the capital
of the Company ('Ordinary Shares'). The Manager Warrants were issued at a price
of 35.8016 pence per warrant and the consideration monies of £197,985 have
resulted in an uplift of 0.26% in the Company's total net asset value as at 23
March 2006. The diluted and undiluted net asset value of the Company's Ordinary
Shares as at 23 March 2006 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 2006) and on the occurrence of certain events at an exercise
price of 223.76 pence per Ordinary Share.

(2) Net asset value statement

As at close of business on 23 March 2006, the diluted and undiluted net asset
value ('NAV') per Ordinary Share of the Company was as follows:

Undiluted NAV per share: 227.41 pence

Diluted NAV per share: 209.79 pence



Enquiries:

Billy Aitken

Artemis Investment Management Limited

Tel: [phone]



24 MARCH 2006


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