Ten Largest Investments

Artemis Alpha Trust PLC
04 May 2005

ARTEMIS ALPHA TRUST PLC (the 'Company')

TEN LARGEST INVESTMENTS



In accordance with Listing Rule 21.20(l)(ii), the Company announces that at 30
April 2005,

the ten largest investments in its portfolio were as follows:

Company                                                      Percentage of gross
                                                             assets
DMWS 504 ORD GBP                                               9.30

WHITE NILE ORD GBP0.001                                        9.03

FIRSTAFRICA OIL GBP0.001                                       4.94

EMERALD ENERGY ORD GBP0.10                                     3.86

IMPERIAL ENERGY ORD GBP0.025                                   3.07

SALAMANDER ENERGY ORD GBP0.10                                  2.99

HEALTHCARE ENTERPRISE GROUP ORD GBP0.025                       2.51

INCISIVE MEDIA ORD GBP0.01                                     2.20

BLUEHEALTH HOLDINGS ORD GBP0.01                                2.14

DOMESTIC & GENERAL GROUP ORD GBP 0.10                          2.12




BNP Paribas Secretarial Services Limited

Secretary



4 MAY 2005






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