Annual Report Posted, etc.

Atlantis Japan Growth Fund Ld
29 August 2000


      Re: publication of annual report and proposal to seek authority for 
          the Company to repurchase its shares on-market

The Board of Directors of Atlantis Japan Growth Fund announces that it has today
despatched to shareholders:

(i)  the Annual Report for the financial year ended 30th April, 2000; and

(ii) a circular convening an extraordinary general meeting and a separate       
    meeting of warrant holders to seek the necessary authorities to enable the  
   Company to repurchase its shares on-market. To facilitate such               
  repurchases, authority is also being sought to reduce the share capital of    
 the Company by US$40 million, subject to the approval of the Royal Courts      
of Guernsey.


Enquiries:

Peter Irving
Director
Atlantis Japan Growth Fund
Tel:    [phone]


Paul Fincham
Head of Corporate Finance
SG Country Funds (a division of SG Securities (London) Limited, regulated by the
Securities and Futures Authority)
Tel:    [phone]