Proposed Manager Warrants

Artemis Alpha Trust PLC
03 August 2004


ARTEMIS ALPHA TRUST PLC (the 'Company')

Proposed issue of Manager Warrants

Following the Placing and Open Offer, in December 2003, the Company issued
17,543,754 new ordinary shares. In the prospectus relating to the Placing and
Open Offer, it was noted, firstly, that the Board had undertaken to review the
level of manager warrants from time to time to ensure that the Manager was being
incentivised fairly in light of the assets being managed and, secondly, that the
Board indicated that maintaining approximately 20 per cent. of the issued share
capital under option through manager warrants would be consistent with the
changes to the Company announced in May 2003. The Directors also stated that
they would review the position again following the financial year ending 30
April 2004 and in advance of the Annual General Meeting of the Company in 2004.
The Directors have now carried out this review and believe that it is
appropriate to issue new manager warrants representing 20 per cent. of the
additional ordinary shares issued on 15 December 2003.

On 2 August 2004 the Company agreed the terms of the new manager warrant
agreement ('New Manager Warrant Agreement') which it is proposed to enter into
with Artemis Investment Management Limited ('Investment Manager'), the
investment manager of the Company. The New Manager Warrant Agreement is subject
to the approval of shareholders and a resolution will be put to shareholders at
the Annual General Meeting to be held on Tuesday, 7 September 2004 ('AGM').

If the New Manager Warrant Agreement is approved by shareholders, the Company
will issue to the Investment Manager or its nominees 3,508,750 new manager
warrants at fair value and each new manager warrant will entitle the holder to
subscribe for one ordinary share in the Company at a subscription price equal to
the net asset value of an ordinary share immediately preceding the AGM. The
Directors of the Company have determined a fair value for the new manager
warrants in consultation with Bridgewell Securities Limited and this has been
agreed with the Investment Manager. The fair value established is equal to 16
per cent. of the undiluted net asset value of the ordinary shares prevailing at
the date of the AGM.

If the new manager warrants are issued as proposed then the new manager warrants
and the existing manager warrants will, in aggregate, represent the right to
subscribe for up to 6,118,689 ordinary shares representing approximately 20 per
cent. of the current issued ordinary share capital of the Company.

A circular to shareholders containing further details of the New Manager Warrant
Agreement and notice of the AGM will be published shortly.

Contact for further information:

BNP Paribas Secretarial Services Limited

Secretary

Tel: [phone]



3 AUGUST 2004


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