New Manager Warrants/NAV

Artemis Alpha Trust PLC
08 October 2004


ARTEMIS ALPHA TRUST PLC ('the Company')

(1) New Manager Warrant subscriptions

Following the announcement released on 9 September 2004, the Company confirms
that it has issued warrants ('New Manager Warrants') under the new manager
warrant agreement approved at the Annual General Meeting held on 7 September
2004 to nominees of the investment manager, Artemis Investment Management
Limited.

The Company has received a total consideration of £733,694 for the issue of the
3,508,750 New Manager Warrants, representing £0.209104 per New Manager Warrant.
These consideration monies have resulted in an uplift of 1.71% to the Company's
net assets as at 6 October 2004. The undiluted and diluted net asset value of
the Company's Ordinary Shares as at 6 October 2004 are detailed in section (2)
below.

The New Manager Warrants entitle the holders to subscribe for new Ordinary
Shares of 1 penny each on specified subscription dates (being the last business
day in March and September of each year up to and including September 2013, the
first subscription date being 30 September 2005) and on the occurrence of
certain events, at an exercise price of £1.3069 per Ordinary Share, being the
undiluted net asset value per Ordinary Share of the Company as at close of
business on 7 September 2004.

The announcement below does, and future announcements of the net asset value per
Ordinary Share of the Company will, take into account the impact of the New
Manager Warrants.

(2) Net asset value statement

As at close of business on 6 October 2004, the undiluted and diluted net asset
value ('NAV') per Ordinary Share of the Company was as follows:


Undiluted NAV per share: 142.62 pence

Diluted NAV per share: 137.59 pence



Enquiries:

Mark Tyndall

Artemis Investment Management Limited

Tel: [phone]


BNP Paribas Secretarial Services Limited

8 October 2004


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