Re Directorate

Atlantis Japan Growth Fund Ld
25 October 2000



                   RE: APPOINTMENT OF DIRECTOR

The Directors wish to announce that with effect from 17 October, 2000 Mr. Peter
Pearson retired as a Director and Mr Eric Boyle was appointed a Director of the
Company in his place.  Mr. Pearson retired in order to pursue other business
interests.

Mr. Boyle FSI, a British national, aged 46 joined stockbrokers R. Nivison & Co.
and became a member of the London Stock Exchange in 1981.  He was appointed a
Director of NCL Investments Ltd in 1995, having jointly established its
institutional department in 1989.  In addition, the Company advises that there
are no matters under paragraph 6F 2(b) to (g) of the Listing Rules to be
disclosed in relation to Mr. Boyle.

Enquiries:

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