Purchase of Own Securities

Atlantis Japan Growth Fund Ld
24 August 2000

Re: 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 intends,
subject to shareholders' and warrant holders' approval, to seek authority for
the Fund to repurchase in the market up to 14.99 per cent of its issued shares.

A further announcement will be made shortly, when a circular to shareholders and
warrant holders, explaining the proposals in detail, is despatched.

Enquiries:

William Brown
Chairman
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]