Top Ten Holdings

Artemis Alpha Trust PLC
02 August 2005

ARTEMIS ALPHA TRUST PLC (the 'Company')

TEN LARGEST INVESTMENTS



In accordance with Listing Rule 15.4.11R(2), the Company announces that at 31
July 2005,

the ten largest investments in its portfolio were as follows:

Company

DMWS 504 ORD GBP

WHITE NILE ORD GBP0.001

SALAMANDER ENERGY ORD GBP0.10

IMPERIAL ENERGY ORD GBP0.025

MCCROFT TOBACCO HOLDING COM USD

FIRSTAFRICA OIL GBP0.001

EMERALD ENERGY ORD GBPO.10

ARTEMIS INVESTMENT MANAGEMENT NEW ORD GBP

BANKERS PETROLOLEUM

ONDINE BIOPHARMA





BNP Paribas Secretarial Services Limited

Secretary



2 AUGUST 2005






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