Exercise of Warrants

Atlantis Japan Growth Fund Ld
11 July 2000


                       ATLANTIS JAPAN GROWTH FUND LIMITED
                            RE: EXERCISE OF WARRANTS


The Board of Directors of Atlantis Japan Growth Fund Limited wish to announce
that with effect from 30 April 2000 the following warrants were exercised:

8,439 warrants were converted to shares at a ratio of 1 share for 1 warrant at
an exercise price of $10 per share.

Following the exercise of these warrants the following securities remain
outstanding:

Ordinary Shares :        20,017,619
Warrants:                 3,981,267

There will be one further chance for warrant holders to exercise their warrants
on 30 April, 2001.

Enquiries:

Management International (Guernsey) Limited     Julian Carey
                                                Phone [phone]