Final Results

Atlantis Japan Growth Fund Ld
23 July 2002


FOR IMMEDIATE RELEASE

RELEASED BY MANAGEMENT INTERNATIONAL (GUERNSEY) LIMITED

ATLANTIS JAPAN GROWTH FUND LIMITED

PRELIMINARY ANNOUNCEMENT

THE BOARD OF DIRECTORS OF ATLANTIS JAPAN GROWTH FUND LIMITED ANNOUNCE AUDITED
RESULTS FOR THE YEAR ENDED 30 APRIL 2002:

                             AUDITED BALANCE SHEET

                              As at 30 April 2002
                      (Expressed in United States Dollars)

                                                                                   2002                             2001
                                                                                      $                                $

FIXED ASSETS
Investments at market value                                                   217,759,235                    231,642,671
(cost $239,643,971; 2001 - $276,233,775)

CURRENT ASSETS
Due from brokers                                                                1,380,029                      2,937,137
Dividends and interest receivable                                               1,060,552                      1,137,665
Debtors                                                                                 -                      4,184,517

Bank balances                                                                   1,538,176                      8,653,023
                                                                                3,978,757                     16,912,342
CURRENT LIABILITIES
Due to brokers                                                                    794,375                      3,191,813

Creditors and accrued expenses                                                    455,419                        438,700

Loans payable                                                                  23,356,300                     24,289,531

                                                                               24,606,094                     27,920,044

NET CURRENT LIABILITIES                                                      (20,627,337)                   (11,007,702)

TOTAL NET ASSETS                                                             $197,131,898                   $220,634,969
Represented by:
RESERVES
Called-up share capital                                                           204,356                        204,356
Share premium                                                                 192,649,953                    192,649,953
Other reserves                                                                  4,277,589                     27,780,660
                                                                             $197,131,898                   $220,634,969

NET ASSET VALUE PER ORDINARY                                                        $9.65                         $10.80
SHARE


Based on 20,435,627 (2001 - 20,435,627) ordinary shares and a Net Asset Value of
$197,131,898 (2001 - $220,634,969)

                       AUDITED STATEMENT OF TOTAL RETURN
                      (incorporating the Revenue Account)

                        For the year ended 30 April 2002
                      (Expressed in United States Dollars)

                                                                        Revenue            Capital                Total
                                                                              $                  $                    $

Realised loss on sales of investments                                         -       (43,696,883)         (43,696,883)

Unrealised appreciation of investments                                        -         22,706,368           22,706,368

Exchange loss                                                          (25,741)          (720,949)            (746,690)

Investment income                                                     2,629,320                  -            2,629,320

Bond interest                                                             4,578                  -                4,578

Deposit interest                                                         75,083                  -               75,083

                                                                      2,683,240       (21,711,464)         (19,028,224)

Investment management fee                                             3,043,801                  -            3,043,801

Administration fees                                                     226,305                  -              226,305

Custodian fees                                                          233,523                  -              233,523

Directors' fees and expenses                                            120,161                  -              120,161

Registrar and transfer agent fees                                        25,096                  -               25,096

Interest expense and bank charges                                       303,880                  -              303,880

Insurance fees                                                           30,411                  -               30,411

Audit fee                                                                17,527                  -               17,527

Printing and advertising fees                                            38,043                  -               38,043

Legal and professional fees                                              32,344                  -               32,344

Listing fees                                                              4,506                  -                4,506

Miscellaneous expenses                                                    8,274                  -                8,274

                                                                      4,083,871                  -            4,083,871

DEFICIT ON ORDINARY
ACTIVITIES BEFORE TAX                                               (1,400,631)       (21,711,464)         (23,112,095)

Tax on ordinary activities                                            (390,976)                  -            (390,976)

DEFICIT ATTRIBUTABLE TO
EQUITY SHAREHOLDERS                                                 (1,791,607)       (21,711,464)         (23,503,071)

DEFICIT PER
ORDINARY SHARE :                                                       $(0.088)           $(1.062)             $(1.150)


Based on the weighted average of 20,435,627 Ordinary Shares and the deficit
Attributable to Equity Shareholders noted above


                       AUDITED STATEMENT OF TOTAL RETURN
                      (incorporating the Revenue Account)

                        For the year ended 30 April 2001
                      (Expressed in United States Dollars)

                                                                          Revenue            Capital               Total
                                                                                $                  $                   $

Realised loss on sales of investments                                           -        (1,987,754)         (1,987,754)

Unrealised depreciation of investments                                          -       (78,708,558)        (78,708,558)

Realised gain on expiry of warrants                                             -          9,777,206           9,777,206

Exchange (loss)/gain                                                     (92,524)          2,228,363           2,135,839

Investment income                                                       3,227,188                  -           3,227,188

Bond interest                                                              50,792                  -              50,792

Deposit interest                                                           48,729                  -              48,729

                                                                        3,234,185       (68,690,743)        (65,456,558)

Investment management fee                                               3,811,935                  -           3,811,935

Administration fees                                                       232,526                  -             232,526

Custodian fees                                                            279,297                  -             279,297

Directors' fees and expenses                                               82,035                  -              82,035

Registrar and transfer agent fees                                          29,705                  -              29,705

Interest expense and bank charges                                         348,078                  -             348,078

Insurance                                                                  23,076                  -              23,076

Audit fee                                                                  15,881                  -              15,881

Printing and advertising                                                   54,393                  -              54,393

Legal and professional                                                     79,509                  -              79,509

Listing fees                                                              (3,759)                  -             (3,759)

Miscellaneous expenses                                                      4,059                  -               4,059

                                                                        4,956,735                  -           4,956,735

DEFICIT ON ORDINARY
ACTIVITIES BEFORE TAX                                                 (1,722,550)       (68,690,743)        (70,413,293)

Tax on ordinary activities                                              (491,697)                  -           (491,697)

DEFICIT ATTRIBUTABLE TO
EQUITY SHAREHOLDERS                                                   (2,214,247)       (68,690,743)        (70,904,990)

DEFICIT RETURN PER
ORDINARY SHARE :                                                         $(0.111)           $(3.431)            $(3.542)

Based on the weighted average of 20,016,822 Ordinary Shares and the Deficit
Attributable to Equity Shareholders noted above


                        AUDITED STATEMENT OF CASH FLOWS

                        For the year ended 30 April 2002
                      (Expressed in United States Dollars)

                                                                        2002                                   2001
                                                              $                   $                   $                $

OPERATING ACTIVITIES

Net cash outflow from operating                                         (1,369,761)                          (1,478,398)
activities

SERVICING OF FINANCE

Interest paid                                                             (317,726)                            (293,145)

FINANCIAL INVESTMENT

Purchase of investments                           (178,194,886)                           (195,364,398)

Sale of investments                                 170,247,476                             191,369,814

Forward currency contracts                                    -                               (168,637)

Net cash outflow from investing
activities                                                              (7,947,410)                          (4,163,221)

FINANCING

Subscription of shares on conversion
of warrents                                           4,174,230                                  90,240

Drawdown of loans                                             -                              13,808,340

Net cash inflow from financing                                            4,174,230                           13,898,580

(Decrease)/Increase in cash                                             (5,460,667)                            7,963,816

RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET DEBT

(Decrease)/increase in cash as above                                    (5,460,667)                            7,963,816

Cash flow on loans                                                                -                         (13,808,340)

Change in net debt                                                      (5,460,667)                          (5,844,524)

Exchange movements                                                        (720,949)                            1,593,620

Movement in net debt in the year                                        (6,181,616)                          (4,250,904)

Net debt at 1st May                                                    (15,636,508)                         (11,385,604)

Net debt at 30th April                                                $(21,818,124)                        $(15,636,508)


                       ATLANTIS JAPAN GROWTH FUND LIMITED

                              CHAIRMAN'S STATEMENT

                       FOR THE YEAR ENDED 30TH APRIL 2002


The period under review covers the first year of Prime Minister Koizumi in
office. Whilst expectations were high for rapid reform of the Japanese economy
following his election, events have proved otherwise and it has been another
year of weak economic growth. Despite assurances from the Government that all is
being done to improve the situation, consumer and investor confidence remains
very low. The hope now is that much of the bad news has already been reflected
in share prices, investors both in Japan and overseas are deeply underweight in
equities and any sign of improvement may be welcomed by the stock market.


In another difficult year for investment, your Company has outperformed the main
Japanese stock price indices. Following a dip in the stock market in early
February, it is gratifying to see the market stage a modest recovery.

SHARE PRICE DISCOUNT

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


                       ATLANTIS JAPAN GROWTH FUND LIMITED

                        CHAIRMAN'S STATEMENT (continued)

                       FOR THE YEAR ENDED 30TH APRIL 2002


OUTLOOK

I think we are all disappointed that the pace of reform in Japan continues at a
snail's pace. Monetary policy has been eased considerably and yet this has not
fed through to increased consumer demand. Japan is mired in a deflationary
spiral which has already proved difficult to break. All of this is well known as
hardly a day going past without another report of Japan's malaise appearing in
the financial publications.

So much for the macro environment. At the company level, the Investment Manager
continues to find companies representing excellent fundamental value. Many of
these are small or medium sized companies. These are mostly in sectors
representing 'New Japan' rather than the old smokestack type of industries for
which Japan was world famous. Basic commodities such as steel and chemicals,
shipbuilding and others are now being reduced significantly in response to
fierce competition from other parts of Asia, especially China. For others, the
growth of China is being seen as an opportunity for expansion as production is
moved offshore to take advantage of the largest potential consumer market in the
world combined with some of the lowest labour costs.

I would urge investors in the Company to remain patient. It has been a very
frustrating couple of years but we may now be on the threshold of an improvement
in both the Japanese economy and stock market. The difficulty is when precisely
these will come. Your Company is well positioned to benefit when this happens.

On a personal note I would mention that I have now passed the age of seventy and
, consequently, I have indicated to the Board that I shall not put myself
forward for re-election at the next Annual General Meeting. I would like to take
this opportunity to thank all the shareholders for their patience during the
challenging years since the Company was established.

William Brown

Chairman

June 2002



                       ATLANTIS JAPAN GROWTH FUND LIMITED

                          INVESTMENT MANAGER'S REPORT

                       FOR THE YEAR ENDED 30TH APRIL 2002

PERFORMANCE

For the year ended 30th April 2002 the Company's Net Asset Value declined by
10.7% in dollar terms with net assets per share standing at $9.65 at the end of
the period. In dollar terms the Tokyo First Market index (Topix) was down 23.9%
and the Tokyo Second Market was lower by 17.7%. The portfolio was unfortunately
down but did manage to beat both the First and Second Market indexes.

At the end of April 2002 the Company had no foreign exchange hedges or foreign
exchange contracts. During the period under review the dollar strengthened
against the yen from Y123.5 to Y128.4, a gain of almost 4%. The stronger dollar/
weaker yen of course had a negative impact on the value of the portfolio in
dollar terms.

As of the end of April 2002, borrowings totalled Y3 billion equal to about 11.8%
of the Net Asset Value of the Company. Cash stood at around Y198 million
equivalent to about 1% of net assets.

                                MARKET COMMENTS

In the spring of 2001, Mr. Junichiro Koizumi became Prime Minister of Japan and
there were high expectations that he would be able to push through a series of
reforms which would, over the longer term, help boost the economy and help
revitalize Japan. However as the months passed little was achieved and the
economy moved lower with most major indicators pointing toward a weakening
economy. Industrial production, use of industrial electricity, capital
investments, consumer spending, and exports all slowed and moved into negative
territory. Unemployment increased, corporate earnings moved sharply lower, and
investor confidence reached a very low level.

Despite the Government's easy money policy, the level of bankruptcies remained
at a high level and stock prices moved lower with aggressive selling appearing
in January and February. However by March there was a rally which continued into
April and helped lift stock prices during the last few months of the period
under review. The Nikkei index, perhaps the most well known barometer of
Japanese stock prices, slumped to as low as 9,420.85 in early February, well
below the support line of 10,000, but at the end of the month stood at
10,587.83, a gain of about 12.4 % above the monthly low. By the end of April the
Nikkei stood at 11,492.54, up 22% from the February low but still down 17.5%
from the end of April 2001, note all figures in yen.


                       ATLANTIS JAPAN GROWTH FUND LIMITED

                    INVESTMENT MANAGER'S REPORT (continued)

                       FOR THE YEAR ENDED 30TH APRIL 2002

The recent market strength was helped by a general feeling that the economy has
now bottomed out. This is supported by recent production and inventory data,
expected higher earnings for the current fiscal year ending next March, the
recent recovery in exports, and the stable yen. Buying by overseas investors and
buy back programs by many local companies have also had a good impact on market
sentiment.

However many uncertainties continue to hang over the market including the on
going banking crisis, far from resolved, the rising national budget deficit,
continuing deflation, and political uncertainty.

Despite the above problems, the market outlook and economic outlook have
improved in recent months which has been reflected in higher stock prices.

                                  THE COMPANY

The portfolio now comprises 193 issues, including one convertible bond which
accounts for under 0.5% of the Net Asset Value. On a net basis, as previously
mentioned, the portfolio is about 11% leveraged which reflects the Fund
Manager's confidence in finding attractive issues and a strong conviction that
the market is likely to move higher in coming months and years.

The Manager plans no hedges or currency swaps at this time but will keep an open
mind using such strategies if deemed necessary in the future.

At present the portfolio is heavily weighted in the following sectors: retail,
service, health care, and real estate. Underweight areas include financials,
iron and steel, utilities, shipping, constructions, and several other sectors.
In recent months our exposure to high technology stocks has been slowly rising.

The Manager places stress on expected long term growth and value and also is
investing in some recovery situations. There have been many new listings during
the last few years and the number of choices has increased which should provide
many new investment opportunities for the Company.

Since emphasis is placed on value and growth, a high portion of the portfolio is
invested in smaller and medium sized issues at this time. Since many of the
companies in the portfolio are small, the Manager usually limits exposure to any
one stock which partly accounts for the high number of issues.

Ed Merner

Atlantis Fund Management (Guernsey) Limited

June 2002


                      This information is provided by RNS
            The company news service from the London Stock Exchange