Ten largest investments

Artemis Alpha Trust PLC
02 November 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
October 2004, the ten largest investments in its portfolio were as follows:

Company                                                                          Percentage of gross
                                                                                              assets
EMERALD ENERGY ORD GBP0.10                                                                      4.61
ADULIS RESOURCES COM CAD NPV                                                                    3.83
ROYAL BANK OF SCOTLAND GROUP ORD GBP0.25                                                        3.00
HEALTHCARE ENTERPRISES GROUP GBP0.001                                                           2.90
GREYSTAR RESOURCES COM NPV                                                                      2.88
HBOS ORD GBP0.25                                                                                2.82
ALMANIJ (ALGEM MAA) EUR NPV                                                                     2.77
TRANSNEFT RUB1 PRF                                                                              2.68
BARCLAYS ORD GBP0.25                                                                            2.57
OILEXCO COM CAD NPV                                                                             2.50





BNP Paribas Secretarial Services Limited

Secretary



2 NOVEMBER 2004






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