Ten Largest Investments

Artemis Alpha Trust PLC
02 February 2005

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 2005,

the ten largest investments in its portfolio were as follows:

Company                                                Percentage of gross
                                                                    assets
ADULIS RESOURCES COM CAD NPV                                          5.93
EMERALD ENERGY ORD GBP0.10                                            4.98
FINANCIAL DEVELOPMENT CORP GBP0.001                                   4.85
HEALTHCARE ENTERPRISES GROUP ORD GBP0.025                             4.35
ONDINE BIOPHARMA                                                      4.21
GREYSTAR RESOURCES COM CAD NPV                                        2.79
HBOS ORD GBP0.25                                                      2.65
INCISIVE MEDIA ORD GBP0.01                                            2.31
BARCLAYS ORD GBP0.25                                                  2.27
IMPERIAL ENERGY ORD GBP0.025                                          2.17





BNP Paribas Secretarial Services Limited

Secretary



2 FEBRUARY 2005






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