Net Asset Value(s)

Artemis Alpha Trust PLC
02 September 2005

ARTEMIS ALPHA TRUST PLC (the 'Company')

As at close of business on 1 September 2005, the Net Asset Value ('NAV') per

ordinary 1p share of the Company was as follows:



Undiluted NAV per share: 191.76 pence

Diluted NAV per share: 179.46 pence



2 SEPTEMBER 2005








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