Interim Management Statement

Artemis Alpha Trust PLC
05 March 2008

Artemis Alpha Trust plc

Interim Management Statement - 3 months ended 31st January 2008

Introduction

The Company has prepared this interim management statement ('IMS') to meet the
requirements of the UK Listing Authority's Disclosure Rules and Transparency
Rules.  The IMS covers the three month period ended 31st January 2008, together
with relevant information up to the date of publication.

Investment Objective

Artemis Alpha Trust plc aims to achieve above average rates of total return over
the longer term and to achieve a growing dividend stream.

Material Transactions

No material transactions took place in the period.

Material Events

During the period the Company purchased 300,000 of its ordinary shares at an
average discount to the prevailing net asset value of approximately 4.6%.  Since
31st January 2008, the Company purchased a further 140,000 ordinary shares at an
average discount of 5.2%. All shares repurchased are being held in Treasury.
Following these repurchases there are 32,793,488 ordinary shares in issue and
565,000 held in Treasury. The Company declared a first interim dividend for the
year to 30th April 2008 of 1.05p per ordinary share. This dividend was paid on
8th February 2008, to those shareholders on the register at close of business on
11th January 2008.

General Financial Information

                                     3rd March 2008           31st January 2008     31st October 2007
Share Price                                       226.00p               201.75p               219.75p
Net asset value (basic)                          270.96p*               230.78p               260.75p
Net asset value (diluted)                        245.73p*               212.40p               237.50p
(Discount)/premium to diluted net
asset value                                        (8.0)%                (5.0)%                (7.5)%
Net assets                                         £88.9m                £76.0m                £86.7m
Market capitalisation                              £74.1m                £66.4m                £73.0m
Number of shares in issue                      32,793,488            32,933,488            33,233,488
Number of shares in treasury                      565,000               425,000               125,000

* Included in the above is the uplift resulting from the Directors' having
revalued the Company's investment in the holding company of the Company's
manager, Artemis Asset Management Limited ('Artemis'), in order to take into
account changes to the agreements between the shareholders of Artemis (including
ABN AMRO Asset Management) triggered by the change of control of ABN AMRO Asset
Management.

Ten Largest Equity Investments

Investment                                    % of net assets at 31st   % of net assets at 31st  October
                                                          January 2008                              2007
New Britain Palm Oil                                              8.8%                                 -
Artemis Asset Management                                          7.9%                              6.9%
Salamander Energy                                                 5.8%                              4.8%
Vostok Energy                                                     5.2%                              4.4%
Aricom                                                            4.9%                              5.4%
REA Holdings                                                      3.6%                              3.1%
Solana Resources                                                  3.5%                              1.8%
Geopark Holdings                                                  3.4%                              2.9%
Revus Energy                                                      3.0%                              3.6%
Redhall Group                                                     3.0%                              2.9%

Sector Analysis

Sector                                     % of net assets at 31st      % of net assets at 31st
                                                      January 2008                 October 2007
Oil & Gas Producers                                          29.9%                        28.3%
General Financial                                            23.9%                        23.9%
Food Producers                                               12.5%                         3.2%
Mining                                                       11.3%                        10.4%
Travel & Leisure                                              4.5%                         5.6%
Electronic & Electrical Equipment                             3.5%                         2.2%
Oil Equipment, Services &                                     3.5%                         3.8%
Distribution
Aerospace & Defence                                           3.5%                         3.1%
Industrial Engineering                                        2.9%                         3.0%
Media                                                         2.6%                         3.0%
Others                                                        1.9%                        13.5%

Performance

                                       3 months           1 year          3 years  Since launch **
Net Asset Value - basic *                -11.1%            -1.0%            34.3%           238.5%
Net Asset Value - diluted *              -10.1%            -0.8%            31.6%           212.5%
Share Price *                             -7.7%            -2.7%            13.5%           205.3%
FTSE All Share Index                     -12.8%            -3.6%            35.3%            76.3%


*Source: Artemis Investment Management Limited/Datastream. All figures are to
31st January 2008 and are total returns.

**Data from 1st June 2003 - the date of Artemis' appointment as investment
manager.

A copy of the interim management statement and further information about the
Company can be found on the Investment Manager's website at
www.artemisonline.co.uk/products/investment_trusts/alpha_trust.asp

Artemis Investment Management Limited
Company Secretary
Tel:  [phone]



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