Net Asset Value(s)

Artemis Alpha Trust PLC
12 September 2005

ARTEMIS ALPHA TRUST PLC (the 'Company')

As at close of business on 9 September 2005, the Net Asset Value ('NAV') per

ordinary 1p share of the Company was as follows:



Undiluted NAV per share: 199.34 pence

Diluted NAV per share: 185.86 pence



12 SEPTEMBER 2005








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