Replacement NAV's

Artemis Alpha Trust PLC
22 November 2005



ARTEMIS ALPHA TRUST PLC (the 'Company')

Corrected Net Asset Values ('NAV') and portfolio update

As a result of an administrative error by BNP Paribas Fund Services UK Limited,
the Company's net asset values as at close of business on 11th November to 
17th November 2005 inclusive were understated. These figures had previously 
been announced to the market and the table below sets out the amended net asset 
values for these dates, together with those announced previously.

                                  CORRECTED FIGURES                         PREVIOUS FIGURES

Date                          Undiluted NAV       Diluted NAV          Undiluted NAV       Diluted NAV
                                    (pence)           (pence)                (pence)           (pence)
11 November 2005                     184.99            173.74                 177.14            167.47
14 November 2005                     184.53            173.36                 176.70            167.10
15 November 2005                     183.52            172.50                 175.73            166.27
16 November 2005                     181.63            170.90                 173.92            164.73
17 November 2005                     182.13            171.33                 174.40            165.14


Portfolio update

The information set out below shows the Company's top ten investments, on a
consolidated basis, as at close of business on 21 November 2005. The previous 
announcement of the Company's top ten investments dated 4 November 2005 was 
made on an unconsolidated basis.


Company                                                                 Valuation (£)      % of total
                                                                                         Gross Assets

WHITE NILE                                                                  4,434,500            6.10
IMPERIAL ENERGY                                                             3,340,610            4.59
BANKERS PETROLEUM                                                           2,978,163            4.09
SOLANA RESOURCES                                                            2,922,751            4.02
MCCROFT TOBACCO HOLDING                                                     2,908,922            4.00
SALAMANDER ENERGY                                                           2,300,692            3.16
ARTEMIS INVESTMENT MANAGEMENT                                               2,123,200            2.92
ONDINE BIOPHARMA                                                            2,119,646            2.91
REVUS ENERGY                                                                1,853,947            2.55
NEW STAR ASSET MANAGEMENT                                                   1,786,668            2.46


For further information contact Nicholas Jarrett
BNP Paribas Secretarial Services Limited

020 7410 4186



22 NOVEMBER 2005


                      This information is provided by RNS
            The company news service from the London Stock Exchange