Manager warrants

Artemis Alpha Trust PLC
09 February 2006


ARTEMIS ALPHA TRUST PLC (the 'Company')

Manager Warrants


As at close of business on 8 February 2006, the Net Asset Value ('NAV') per
ordinary 1p share of the Company was as follows:



Undiluted NAV per share: 223.76 pence

Diluted NAV per share: 206.51 pence



Under the terms of the Third Manager Warrant Agreement, approved by shareholders
at an Extraordinary General Meeting of the Company on 8 February 2006, the
Company will issue further manager warrants to Artemis Investment Management
Limited or its nominee(s) at an issue price equal to 16 per cent. of the
undiluted NAV per share as at the date of the approval resolution and at an
exercise price equal to the undiluted NAV per share as at the date of the
resolution (in each case 8 February 2006). The issue and exercise price of each
new manager warrant will therefore be as follows:

Issue price: 35.8016 pence

Exercise price: 223.76 pence



Further details of the Third Manager Warrant Agreement and the new manager
warrants are set out in the circular to shareholders dated 18 January 2006.



BNP Paribas Secretarial Services Limited

Secretary

9 February 2006


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