Net Asset Value(s)

Artemis Alpha Trust PLC
19 September 2005

ARTEMIS ALPHA TRUST PLC (the 'Company')

As at close of business on 16 September 2005, the Net Asset Value ('NAV') per

ordinary 1p share of the Company was as follows:



Undiluted NAV per share: 196.54 pence

Diluted NAV per share: 183.50 pence



19 SEPTEMBER 2005








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