Re Purchase of Own Securities

Atlantis Japan Growth Fund Ld
16 October 2001



         NOT FOR RELEASE INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN


                                                          16th October, 2001

                         Atlantis Japan Growth Fund Limited

               Re: Proposal for the Company to renew its authority
                         to repurchase its shares on-market

The Board of Directors of Atlantis Japan Growth Fund announces that it intends, 
subject to shareholders' approval, to seek to renew its authority for the Fund 
to repurchase in the market up to 14.99 per cent of its issued shares.

Enquiries:

Peter Irving
Director
Atlantis Japan Growth Fund Limited
Tel:  [phone]

Julian Carey
Company Secretary
Management International (Guernsey) Limited
Tel:  [phone]