Exercise of Warrants

Atlantis Japan Growth Fund Ld
25 June 2001

                ATLANTIS JAPAN GROWTH FUND LIMITED
                   RE:  EXERCISE OF WARRANTS

The Directors wish to announce that 418,008 warrants were exercised following
the final opportunity to exercise the Company's warrants on the 30th April 2001.
As a result 418,008 new ordinary shares have been issued at US$10.00 a share.

An application will be made to admit the shares to the official list of the
London Stock Exchange.

Enquiries:   Management International (Guernsey) Limited
             Julian Carey
             Phone [phone]