Holding(s) in Company

Atlantis Japan Growth Fund Ld
26 March 2004


                              COMPANY ANNOUNCEMENT

For immediate release
                                                                 26th March 2004


                       Atlantis Japan Growth Fund Limited

                 Re: Section 198 Companies Act 1985 as amended


The Board of Directors of Atlantis Japan Growth Fund Limited announce that
pursuant to Section 198 Companies Act 1985:


Interested Person:              British Empire Securities and General Trust Plc

Number of Shares Sold:          35,000 on 19 March 2004


The Company's total holding in Atlantis Japan Growth Fund Limited is now below
3% of the issued share capital.


Enquiries:

Tamsin Hooton
Management International (Guernsey) Limited
+ 44 (0) 1481 707088


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