New manager warrants/NAV

Artemis Alpha Trust PLC
09 September 2004


ARTEMIS ALPHA TRUST PLC (the 'Company')

New manager warrants

As at close of business on 7 September 2004, the Net Asset Value ('NAV') per
ordinary 1p share of the Company was as follows:

Undiluted NAV per share: 130.69 pence


Diluted NAV per share: 127.33 pence

Under the terms of the new manager warrant agreement, approved by shareholders
yesterday, 7 September 2004, at the Company's Annual General Meeting, the
Company will issue new manager warrants to Artemis Investment Management Limited
or its nominee(s) at an issue price equal to 16 per cent. of the undiluted NAV
per share as at the date of the approval resolution and at an exercise price
equal to the undiluted NAV per share as at the date of the approval resolution
(in each case 7 September 2004). The issue and exercise price of each new
manager warrant will therefore be as follows:

Issue price: 20.9104 pence

Exercise price: 130.69 pence

Further details of the new manager warrant agreement and the new manager
warrants are set out in the circular to shareholders dated 2 August 2004.



BNP Paribas Secretarial Services Limited

Secretary

9 SEPTEMBER 2004


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