Change in Custodian

Atlantis Japan Growth Fund Ld
12 April 2005



                          Stock Exchange Announcement



For immediate release                                            12 April 2005

                    ATLANTIS JAPAN GROWTH FUND LIMITED (the 'Fund')

                            Re: Change of Custodian



The Board of Directors of the Fund (the 'Board') wish to announce that with
effect from 11th April 2005 HSBC Custody Services (Guernsey) Limited ('HCSGL' or
the 'Custodian') has been appointed as the new Custodian of the Fund replacing
Bank of Bermuda (Guernsey) Limited ('BOBGL'). This change is as a result of the
take over by HSBC Holdings Plc of Bank of Bermuda Limited.

Accordingly a Novation Agreement dated 11th April 2005 (the 'Novation
Agreement') has been entered into by the Fund, BOBGL and HCSGL. The change in
Custodian has not resulted in a change of parent company and the terms and
conditions of the original Custodian Agreement are not affected following the
novation. All of the assets of the Fund will be held by HCSGL.

The Custodian was incorporated with limited liability in Guernsey, on 25th
August 1992 and has its registered office at Arnold House, St Julian's Avenue,
St Peter Port, Guernsey, GY1 3NF. A wholly owned subsidiary of HSBC Holdings
Plc, the Custodian has an authorised and issued share capital of £4,000,000 all
of which is fully paid. The Custodian is licensed by the Guernsey Financial
Services Commission under the Protection of Investors (Bailiwick of Guernsey)
Law 1987 to carry on the business of custodian to Collective Investment Schemes.
The Custodian's principal business activity is acting as trustee and custodian
of collective investment schemes.

HSBC Holdings Plc, a public company incorporated in England, had consolidated
gross assets of approximately US$1,277 billion as at 31st December 2004.

As at 31st March 2005, HCSGL have no assets under custody, however on the
effective date of change of the Custodian all the assets under custody of BOBGL,
being approximately US$8 billion as at 31st March 2005, will be transferred over
to HCSGL.


Enquiries:

HSBC Securities Services (Guernsey) Limited                     Ms Kate Stallard

                                                         Phone: [phone]






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