26 April 2016                                 

                          ATLANTIS JAPAN GROWTH FUND LIMITED                       

                             Up-dated PIRC Recommendation                          

    Atlantis Japan Growth Fund Limited (the "Company") notes that Pensions &
    Investment Research Consultants Ltd (PIRC), the independent shareholder
    advisory group, has updated its report following the publication of LIM's
    letter to Shareholders on 19 April 2016.  In its up-dated report:

    ·                PIRC notes the Company has "effective discount control
    mechanisms in place";

    ·                PIRC is supportive of the lead fund manager change; and

    ·                PIRC continues to recommend that Shareholders vote against
    LIM's Resolution.

    As announced on 20 April 2016 and 21 April 2016 respectively, Glass, Lewis &
    Co., LLC (Glass Lewis) and Institutional Shareholder Services, Inc. (ISS), two
    other independent shareholder advisory groups, have also recommended that
    Shareholders vote against LIM's Resolution.

    The Board also notes LIM's market update on 25 April 2016 and makes the
    following points:

    ·                The Company focuses on small and mid-cap stocks, but its
    investment policy permits it to invest in any Japanese stocks, irrespective of
    size.  Accordingly, the Company's benchmark is TOPIX, and not the MSCI Japan
    SMC Index. As LIM stated in its letter to Shareholders, Atlantis Japan has
    tracked TOPIX over 1 and 3 years and beaten it over 5 years.

    ·                Recognising there to be room for improvement in the Company's
    more recent performance, the Board had previously announced a transition
    towards a change of lead fund manager.  That was before LIM requisitioned the
    EGM - the requisition simply resulted in the Board bringing forward the date
    for completing the transition and the appointment of Taeko Setaishi as lead
    fund manager with effect from 1 May 2016. 

    ·                LIM has described Ms. Setaishi's existing open-ended fund as
    having delivered "excellent results".  Ms Setaishi intends to take advantage of
    the Company's closed-end structure with the objective of providing superior
    investment returns, relative to her open-ended fund, over the longer term. 
    According to PIRC, "the appointment of the new lead fund manager is considered
    appropriate".

    ·                The Board has been pro-active in tackling the issues of a high
    discount, low liquidity and a shrinking in size - in particular, introducing:

    -            the redemption facility and the discount control mechanism to
    increase liquidity and maintain an average single digit discount - according to
    PIRC, the Company "appears to have effective discount control mechanisms in
    place as, since March 2013, the Shares have traded at an average discount of
    8.0%", which is narrower than the average discount for its peer group of 9.5%;
    and

    -            the embedded subscriptions right mechanism as a means for growing
    the Company (an increase in Share price of just c.3% by 30 September 2016 is
    expected to lead to a 20% increase in the size of the Company, with similar
    opportunities to increase the Company's size in each of the next 3 years).

    ·                The Board provides the breadth of expertise required to run
    the Company effectively and is being refreshed.  Noel Lamb, Chairman, was
    appointed to the Board in 2011 and became chairman in 2014.  Philip Ehrmann was
    appointed to the Board in 2013.  Andrew Martin Smith, who has been a director
    for 13 years, is retiring at this year's AGM and the Company is using a highly
    regarded specialist in non-executive director searches to assist it in the
    process of appointing his successor.

    The Board unanimously recommends that Shareholders VOTE AGAINST LIM'S
    RESOLUTION at the extraordinary general meeting of the Company to be held on 3
    May 2016.

    Shareholders are reminded that the latest time and date for receipt of
    completed Forms of Proxy and CREST electronic proxy instructions for use at EGM
    is 2.30 p.m. on Sunday, 1 May 2016 (the "Voting Deadline"). 

    Investors who hold their Shares through a non-discretionary broker, manager or
    other adviser, or via an execution-only platform, should ensure that they
    submit their voting instructions to their broker, manager or other adviser, or
    platform, at least several days in advance of the Voting Deadline so that their
    votes can be cast on the resolution to be proposed at the EGM.

    Noel Lamb, Chairman of Atlantis Japan Growth Fund, said: "On behalf of the
    Board I'd like to reiterate our recommendation that Shareholders vote against
    LIM's Resolution on 3 May as it is not in the best interests of Shareholders as
    a whole.

    "We have already taken action to manage the Company's discount.  In 2013, we
    introduced the discount control mechanism, which has helped limit the Company's
    discount to an average of 8.0%, notably narrower than the average discount for
    its peer group of 9.5%.

    "In October 2014, we received strong* shareholder support for the introduction
    of the embedded subscription right mechanism, which provides a platform for us
    to grow the Company over time.  

    "The Board is confident that, with the change of the lead fund manager, the
    discount control mechanism in place and the continuation vote in 2019, these
    measures will enable us to further narrow the Share price discount and
    ultimately grow the Company."

    *89.2% of votes cast on the relevant resolution were in favour.

    Enquiries

    Sue Inglis        Cantor Fitzgerald Europe                   T: +44 (0) 20 7894 8016   
                                                                                           
    James Alexander   Aravis Partners                            T: +44 (0) 20 7036 8172   
                                                                                           
    David Masters /   Lansons                                    T: +44 (0) 7825 427514    
    Henrietta Guthrie                                            T: +44 (0) 20 7294 3612   
                                                                                           
    Cara De La Mare   Northern Trust International Fund          T: +44 (0) 1481 745 498   
                      Administration Services (Guernsey) Limited Email: cd109@ntrs.com     

    Notes

    A circular explaining the Board's reasons for recommending Shareholders to VOTE
    AGAINST LIM'S RESOLUTION and containing the notice convening the extraordinary
    general meeting of the Company, which will be at the offices of Stephenson
    Harwood LLP, 1 Finsbury Circus, London EC2M 7SH (commencing at 2.30 p.m.), was
    posted to Shareholders on 7 April 2016.  Copies of that circular are available
    at www.atlantisjapangrowthfund.com and at www.morningstar.co.uk/uk/nsm.  Words
    and expressions defined in that circular have the same meanings when used in
    this announcement.