Final Results

Atlantis Japan Growth Fund Ld
7 September 2000



THE BOARD OF DIRECTORS OF THE ATLANTIS JAPAN GROWTH FUND LIMITED
ANNOUNCE AUDITED RESULTS FOR THE YEAR ENDED 30 APRIL 2000:

                                               2000           1999
                                               USD            USD

TOTAL NET ASSETS                              297,052,695   196,139,363

INTEREST INCOME / TURNOVER                      3,341,433     1,555,433

NET INVESTMENT INCOME                          (2,337,130)   (1,092,534)

DIVIDEND PAID                                      N/A         N/A

DIVIDEND PROPOSED                                  N/A         N/A

NET ASSET VALUE PER ORDINARY SHARE                             14.859.80

DILUTED NET ASSET VALUE PER ORDINARY SHARE         14.04        9.84

EARNINGS PER ORDINARY SHARE                       (0.117)      (0.055)



                     ATLANTIS JAPAN GROWTH FUND LIMITED
                              CHAIRMAN'S STATEMENT
                     FOR THE YEAR ENDED 30TH APRIL 2000

Successful investment in the Japanese stock market has continued to pose a
substantial challenge over the past year.  The upward trend in the Japanese
stock market, which began in the final quarter of 1998, continued for the first
part of last year against the background of slow and gradual economic recovery. 
However, since the beginning of this year, returns have been stable at best as
concerns have grown regarding the sustainability of economic growth and share
price appreciation.  Your Company again made substantial gains during the year
ending in April, both in absolute terms and relative to the index, as result of
active stock selection.
                    
Although first quarter statistics were encouraging, economic recovery in Japan
remains very fragile with much still dependent on the revival of consumer
confidence.  The stock market has shown volatility characteristic of markets
worldwide in such areas as telecommunications, media and technology following an
exceptional period of share price appreciation, whilst more traditional areas of
business have been largely ignored.

SHARE PRICE DISCOUNT

Despite the appreciation in the Net Asset Value of the Company, it is of
considerable concern to the Board that the discount of the Company's share price
to its Net Asset Value has widened.  This is due, in part, to a general weakness
in price amongst closed-ended funds together with the current unpopularity of
investing in Japan.  The Board continually monitors this situation and will take
action if, and when, this seems appropriate.

OUTLOOK

Following two years of substantial gains in the Japanese stock market, the year
2000 is expected to be a more challenging period for investors.  We hope for a
continuation of the recovery in the economy although this remains extremely
vulnerable to outside factors including higher interest rates in the United
States or a sharp correction in share prices on Wall Street.

Despite these concerns, the Manager is still finding exceedingly good value and
investment opportunities in Japan.  We expect that, over the medium to longer
term, these companies will deliver superior performance.

May I take this opportunity to remind holders of the Company's warrants that the
final opportunity to convert the warrants into shares at a price of $10.00 will
be on 30th April 2001.

William Brown
Chairman
28th June 2000