Ten Largest Investments

Artemis Alpha Trust PLC
05 May 2004

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 2004, the ten largest investments in its portfolio were as follows:


Company                                                      Percentage of gross
                                                                          assets

OILEXCO COM AD NPV                                                          4.02
ROYAL BANK OF SCOTLAND GROUP ORD GBP0.25                                    3.70
INCISIVE MEDIA ORD GBP0.01                                                  3.41
HBOS ORD GBP0.25                                                            3.31
BT GROUP PLC GBP0.05                                                        3.23
BARCLAYS ORD GBP0.25                                                        2.88
TRANSNEFT RUB1 PRF                                                          2.85
EMERALD ENERGY ORD GBP0.001                                                 2.73
BRITISH AMERICAN TOBACCO ORD GBP0.25                                        2.55
REGAL PETROLEUM GBP0.05                                                     2.55



BNP Paribas Secretarial Services Limited

Secretary



5 MAY 2004


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