Ten largest holdings

Artemis Alpha Trust PLC
03 February 2004

ARTEMIS ALPHA TRUST PLC (the 'Company')

TEN LARGEST INVESTMENTS



In accordance with Listing Rule 21.20(l)(ii), the Company announces that at 31
January 2004,  the ten largest investments in its portfolio were as follows:


Company                                             Percentage of gross
                                                             assets
Oilexco COM CAD NPV                                          5.88
Yoomedia Ord GBO0.01                                         3.97
Royal Bank of Scotland Group Ord GBP0.25                     3.78
Morrison (WM) Supermarkets Ord GBP0.10                       3.44
BT Group PLC GBP0.05                                         3.40
Shell Transport & Trading Ord GBP0.25 (REGD)                 3.24
P&O DFD GBP1                                                 3.12
Galahad Gold PLC Ord GBP0.02                                 3.00
Barclays PLC Ord GBP0.25                                     3.00
Regal Petroleum GBP0.05                                      2.79



BNP Paribas Secretarial Services Limited

Secretary



3 FEBRUARY 2004






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