Final Results

ATLANTIS JAPAN GROWTH FUND LIMITED
6 October 1999

PRELIMINARY ANNOUNCEMENT

THE BOARD OF DIRECTORS OF THE ATLANTIS JAPAN GROWTH FUND LIMITED ANNOUNCE
RESULTS FOR THE YEAR ENDED 30TH APRIL, 1999:

                                        1999                1998
                                        US$                 US$

TOTAL NET ASSETS                        196,139,363         90,760,138

DIVIDEND AND INTEREST INCOME              1,555,199          1,675,636

DIVIDEND PROPOSED                               N/A                N/A

NET ASSET VALUE PER ORDINARY SHARE             9.80               4.53

EARNINGS PER ORDINARY SHARE                   0.055              0.060

DIVIDEND PER ORDINARY SHARE                     N/A                N/A


CHAIRMAN'S STATEMENT:
FOR THE YEAR ENDED 30TH APRIL 1999

Following the disappointing performance of the Japanese stock market over the
past two years, it was gratifying to see the start of a recovery from the autumn
of 1998.  This upturn was particularly sharp amongst some of the small and
medium sized companies' share prices, which had suffered so badly towards the
end of 1997.  The Atlantis Japan Growth Fund, with its heavy concentration in
such companies, was a major beneficiary of this recovery during its fiscal 1998
(the year to 30th April 1999) and has significantly outperformed all Japanese
indices in this time period.

The announcement in June 1999 of better than expected macro economic figures for
the January to March 1999 quarter substantially raised the consensus expectation
for economic recovery.  This newfound optimism has in turn provided the basis
for further upward momentum in the Japanese equity markets.  It is hoped that
this growing confidence will now provide a major source of support in the event
of short-term disappointments.

SHARE PRICE DISCOUNT

During the course of the year, your Board seriously examined ways in which the
discount on the shares to the Net Asset Value could be narrowed.  Earlier this
year, I wrote to you concerning repurchase of shares and extending the life of
the warrants as two issues under consideration.  As you know, we decided that it
would not be in the best interests of shareholders to do either.  However, we
promise to keep the situation under review.  In addition, we have been working
with analysts in the Investment Trust sector to raise the profile of the Fund in
order to reduce the discount and this has met with some success.  We were
confident that the prospects of an upturn in the Japanese stock market and the
investment strategy of the Investment Manager would deliver value to
shareholders.  I am pleased to report that this has, indeed, been the case.

OUTLOOK
This year has progressed well so far and the Net Asset Value is now well over
the issue price of $10.  The Board remains of the opinion that there are still
attractive investment opportunities in Japan particularly amongst some of the
small and medium sized companies.  However, markets seldom rise in a straight
line and there will inevitably be periods of consolidation.  Market volatility
notwithstanding, the Atlantis Japan Growth Fund is consistently focussed on
value and growth in its stock selection, which will continue to provide the
basis for superior performance over the long term.

William Brown
Chairman
30th June 1999