Final Results

Atlantis Japan Growth Fund Ld
21 August 2001


ATLANTIS JAPAN GROWTH FUND LIMITED

PRELIMINARY ANNOUNCEMENT

THE BOARD OF DIRECTORS OF THE ATLANTIS JAPAN GROWTH FUND LIMITED ANNOUNCE
AUDITED RESULTS FOR THE YEAR ENDED 30 APRIL 2001:

                                                2001             2000
                                                 USD              USD

TOTAL NET ASSETS                         220,634,969      297,052,695 

INTEREST INCOME / TURNOVER                 3,234,185        3,341,433 

NET INVESTMENT INCOME                     (2,214,247)      (2,337,130) 

DIVIDEND PAID                                    N/A              N/A

DIVIDEND PROPOSED                                N/A              N/A 

NET ASSET VALUE PER ORDINARY SHARE             10.80            14.85

DILUTED NET ASSET VALUE PER ORDINARY SHARE     10.80            14.04

EARNINGS PER ORDINARY SHARE                  (0. 111)          (0.117)


CHAIRMAN'S STATEMENT


                       ATLANTIS JAPAN GROWTH FUND LIMITED 
                              CHAIRMAN'S STATEMENT

                        FOR THE YEAR ENDED 30TH APRIL 2001


After two years of sharply higher stock prices in Japan, it was very
disappointing that the period to the end of April 2001 failed to continue to
reward shareholders. A more nervous and volatile environment for equities
worldwide (particularly in the technology sector) resulted in lower valuations
for all the major stock markets. However, since stock markets bottomed in March,
we have seen a considerable recovery prompted by the unprecedented five-stage
reduction in interest rates by the Federal Reserve Bank in the United States.
 
As one of the world's largest economies, Japan has not been immune from the
general slowdown in worldwide growth. In addition, the country has had problems
of its own in terms of its continued weak economy and lack of political
leadership. The appointment of Junichiro Koizumi to the position of Prime
Minister and President of the LDP is a refreshing change from the normal
traditionalist candidates and gives hope to those who believe that reform of the
Japanese economy needs to be put at the top of the agenda. It remains to be seen
how effective Mr. Koizumi is at persuading the traditionalists in the party of
the need for change.
      


SHARE PRICE DISCOUNT

Following the decision by shareholders last September to allow for the Fund to
repurchase its own shares, the Directors have been closely monitoring the
discount of the Company's share price to its Net Asset Value. The discount has
narrowed somewhat and is not out of line with the peer group. Consequently, to
date, no repurchases have been made. The Board will continuously monitor this
situation and will take action if necessary.


CREST

At an Extraordinary General Meeting of the Company on 4th April 2001, a
resolution was put to shareholders to amend the Company's Articles of
Association to allow for CREST settlement of the Company's shares. The 75 per
cent majority of votes cast needed to pass the Special Resolution was not
achieved. The next Annual General Meeting of the Company will provide an
opportunity for this issue to be revisited.


OUTLOOK

Last year I believed that the year 2000 would be a more challenging period for
investors in the Japanese stock market. So it has turned out to be. The coming
year will be equally challenging as investors try to determine the future course
of worldwide growth and, in particular, the severity and length of any downturn
in the United States. Currently the stock markets are signaling a relatively
shallow pattern of growth but it is, as yet, too early to say.

Within Japan, there are real prospects of political and economic change after
ten years of mis-management. Away from the macro-economic outlook, the
Investment Manager continues to find worthwhile investment opportunities in
companies which are likely to see growth in earnings this year and in coming
years. With so much bad news already discounted in share prices, we are
optimistic that if the macro-economic environment is favourable, the year will
deliver positive returns for investors in the Fund.

William Brown 
Chairman 
June 2001