Ten largest investments

Artemis Alpha Trust PLC
03 August 2004

ARTEMIS ALPHA TRUST PLC (the 'Company')

TEN LARGEST INVESTMENTS

In accordance with Listing Rule 21.20(l)(ii), the Company announces that at 31
July 2004, the ten largest investments in its portfolio were as follows:


Company                                                      Percentage of gross
                                                                          assets

Oilexco COM CAD NPV                                                         5.31
BT Group PLC GBP0.05                                                        3.39
Royal Bank of Scotland Group Ord GBP0.25                                    3.35
Regal Petroleum GBP0.05                                                     3.34
HBOS Ord GBP0.25                                                            3.20
Incisive Media Ord GBP0.01                                                  2.80
Barclays PLC Ord GBP0.25                                                    2.58
Transneft RUB1 PRF                                                          2.58
Almanij (Algem MAA) EUR NPV                                                 2.57
Havelock Europa Ord GBP0.10                                                 2.56


BNP Paribas Secretarial Services Limited

Secretary


3 AUGUST 2004



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