Holding(s) in Company

Atlantis Japan Growth Fund Ld
31 March 2004





                              COMPANY ANNOUNCEMENT



For immediate release                                           31st 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:               Asset Value Investors Limited

Number of Shares Sold:           150,000 ordinary shares on 29th March 2004

Registered Name:                 Nortrust Nominees

                                 Chase Nominees

Resultant Holding:               1,306,486

Percentage of Share Capital:     6.39%

Enquiries:

Tamsin Hooton

Management International (Guernsey) Limited

+ 44 (0) 1481 707088


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