Top Ten Holdings

Artemis Alpha Trust PLC
02 February 2006

ARTEMIS ALPHA TRUST PLC (the 'Company')

TEN LARGEST INVESTMENTS



In accordance with Listing Rule 15.4.11R(2), the Company announces that at 31
January 2006,

the ten largest investments in its portfolio were as follows:
Company                                                                          Percentage of gross
                                                                                              assets
WHITE NILE ORD GBP0.001                                                                         5.65
IMPERIAL ENERGY ORD GBP0.025                                                                    5.42
ARTEMIS INV MGMT NEW ORD GBP                                                                    5.25
SOLANA RESOURCES COM CAD NPV                                                                    4.11
BANKERS PETROLEUM LTD ORD CAD NPV                                                               3.50
MCCROFT TOBACCO HOLDING COM USD                                                                 3.28
SALAMANDER ENERGY ORD GBP0.10                                                                   2.98
REVUS ENERGY NOK0.25                                                                            2.63
NEW STAR ASSET MANAGEMENT ORD GBP0.05                                                           2.58
HBOS ORD                                                                                        2.31





BNP Paribas Secretarial Services Limited

Secretary



2 FEBRUARY 2006






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