Artemis Alpha Trust PLC

Pre-Annual General Meeting Information • Nov 16, 2010

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to any matter referred to in this document or as to the action you should take, you should consult your stockbroker, bank manager, solicitor, accountant or other independent financial adviser authorised under the Financial Services and Markets Act 2000 without delay.

ARTEMIS ALPHA TRUST PLC

(Incorporated in England and Wales with registered number 253644 and registered as an investment company under section 833 of the Companies Act 2006)

Directors: Registered Office: Simon Miller (Chairman) Cassini House David Barron 57 St. James's Street Tom Cross Brown London Andrew Dalrymple SW1A 1LD Charles Peel

16 November 2010

Dear Shareholder

PROPOSED ISSUE OF UP TO 30 MILLION NEW ORDINARY SHARES, BONUS ISSUE OF UP TO 10 MILLION SUBSCRIPTION SHARES, ADOPTION OF NEW ARTICLES OF ASSOCIATION, NEW INVESTMENT MANAGEMENT FEE ARRANGEMENTS AND OTHER ANCILLARY MATTERS

You should have received in the last few days a circular (the "Circular") and prospectus (the "Prospectus") each dated 11 November 2010 which contain details of a proposed issue of up to 30 million new ordinary shares, a bonus issue of up to 10 million subscription shares, adoption of new articles of association, new investment management fee arrangements and other ancillary matters. The Circular contained notice of a general meeting of Artemis Alpha Trust plc, convened to be held at 9.00 a.m. on 7 December 2010, and enclosed with the Circular was a form of proxy for use in connection with the General Meeting.

Unfortunately, the Form of Proxy enclosed with the Circular was printed incorrectly and did not have the explanatory notes for completion of the proxy on the reverse side. Accordingly, I enclose a new correct form of proxy, together with a reply paid envelope. Please disregard the previous Form of Proxy you have received.

Whether or not you propose to attend the General Meeting, you are requested to complete and return the enclosed form of proxy in accordance with the instructions printed on it. In order to be valid, the form of proxy must be completed and returned to the Company's registrar, Capita Registrars at PXS, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU as soon as possible and in any event so as to be received no later than 48 hours (excluding non-working days) before the time of the General Meeting. Even if you have already completed and returned the previous Form of Proxy, I would ask that you nonetheless complete and return the enclosed form of proxy. Your vote will not be counted twice.

I apologise for the inconvenience that this may cause you.

Yours faithfully,

Simon Miller Chairman