Potential Future Expansion

Artemis Alpha Trust PLC
16 October 2003


Artemis Alpha Trust plc

The Board of Artemis Alpha Trust plc ('AAT') has instructed its advisers to
review the possibility of expanding AAT over the forthcoming months, without
impacting adversely on the net assets of existing investors. Further
announcements will be made as the results of the review become known.



Enquiries:
Artemis Investment Management Limited     Mark Tyndall             0131 225 7300

Intelli Corporate Finance Limited         Robin Archibald          0131 222 9400
                                          Darren Willis            0207 653 6300

Bridgewell Securities Limited             Ben Money-Coutts         020 7003 3000
                                          Mike Cuthbert            020 7003 3000

16 OCTOBER 2003


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