Portfolio Update

Artemis Alpha Trust PLC
04 November 2005

ARTEMIS ALPHA TRUST PLC (the 'Company')

TEN LARGEST INVESTMENTS



In accordance with Listing Rule 15.4.11R(2), the Company announces that at 31
October 2005,

the ten largest investments in its portfolio were as follows:

Company                                                      Percentage of gross
                                                                          assets

DMWS 504 ORD GBP                                                            9.75
WHITE NILE ORD GBP0.001                                                     6.70
IMPERIAL ENERGY ORD GBP0.025                                                4.64
MCCROFT TOBACCO HOLDING COM USD                                             3.90
BANKERS PETROLEUM LTD ORD CAD NPV                                           3.83
SALAMANDER ENERGY ORD GBP0.10                                               3.09
ARTEMIS INVESTMENT MANAGEMENT NEW ORD GBP                                   2.93
SOLANA RESOURCES                                                            2.91
ONDINE BIOPHARMA                                                            2.84
REVUS ENERGY NOK0.25                                                        2.76





BNP Paribas Secretarial Services Limited

Secretary



4 NOVEMBER 2005






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