Net Asset Value(s)

Artemis Alpha Trust PLC
25 July 2005

 ARTEMIS ALPHA TRUST PLC (the 'Company')

As at close of business on 22 July 2005, the Net Asset Value ('NAV') per

ordinary 1p share of the Company was as follows:



Undiluted NAV per share: 182.76 pence

Diluted NAV per share: 171.85 pence



25 JULY 2005








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