Implications of AIFM Directive

ATLANTIS JAPAN GROWTH FUND LIMITED                       

                           ("AJGF" or the "Company")                           

 (a closed-ended investment company incorporated in Guernsey with registration 
                                 number 30709)                                 

                        Implications of AIFM Directive                         

                                 1 August 2014                                 

The Company announces that it has entered into arrangements necessary to ensure
compliance with the European Union's Alternative Investment Fund Managers
Directive ("AIFMD").

The changes noted below provide for a more robust management structure and
allow Mr Merner and his team at AIRC in Tokyo to continue to advise on the
Company's day to day investment activities.

Tiburon Partners LLP ("Tiburon")has been appointed as the Investment Manager
with effect from 1 August 2014, replacing AFMG Limited. Tiburon will provide
the Company with investment management services and also fulfil the role of the
Company's Alternative Investment Fund Manager.Tiburon was previously the
Investment Adviser to the Company

In addition to the change of Investment Manager and as a result of AIFMD,
Northern Trust (Guernsey) Limited, the Custodian, has been appointed to provide
depositary services to the Company with effect from 1 August 2014.

Enquiries

Andrew Maiden
Northern Trust International Fund Administration Services (Guernsey) Limited
Tel: [phone]
Email: [e-mail]