Interim Management Statement

ATLANTIS JAPAN GROWTH FUND LIMITED
INTERIM MANAGEMENT STATEMENT (UNAUDITED)
For the period to 29 August 2014

INVESTMENT OBJECTIVE AND POLICIES

The Company aims to achieve long term capital growth through investment wholly
or mainly in listed Japanese equities. The Investment Manager follows a
stock-driven investment approach. The Company's portfolio is invested in
companies quoted on the Tokyo Stock Exchange, the regional stock markets of
Fukuoka, Nagoya, Sapporo and the Japanese over-the-counter market. The above
include the Ambitious market (Sapporo), Mothers (Tokyo), Centrex (Nagoya),
JASDAQ (Tokyo) and Q Board (Fukuoka). Investment may also be made in companies
listed elsewhere but controlled from Japan or with a material exposure to the
Japanese economy. The Company may also invest in securities which are neither
listed nor traded on the Japanese over-the-counter market provided that
immediately after any such investment is made the Company does not have more
than 10 per cent of its Net Asset Value so invested. The Company may borrow
money with a view to enhancing the capital returns. The Company may hedge its
exposure to Japanese yen.

INVESTMENT MANAGER AND INVESTMENT ADVISER

Tiburon Partners LLP is the Investment Manager of the Company. Atlantis
Investment Research Corporation, established in Tokyo, acts as its Investment
Adviser who through Edwin Merner supported by Taeko Setaishi, advises the
Investment Manager on the day-to-day conduct of the Company's investment
business.

PERFORMANCE

                               Feb 14     Aug 14  
                                                  
Net Asset Value (GBP)          1.2297     1.3033  
                                                  
Mid Share Price (GBP)          1.195      1.191   
                                                  
Premium/Discount (%)           -2.82      -8.60   
                                                  
Fund Size (US$m)                 95         95    

                             6 months   1 year    3 years    5 years   10 years
                                                                               
Net Asset Value return         5.1       20.7       52.9       68.5      15.4  
(US$, %)                                                                       
                                                                               
Mid Share Price return         -0.3       5.7       49.8       90.8      19.0  
(GBP, %)                                                                       

__________________________________________________________

Source for NAV and Fund size: Tiburon Partners LLP, Northern Trust
Source for share price and exchange rates: Bloomberg

For the period under review, the Fund's NAV was up 5.1%. This compares with an
increase of 4.5% for the Topix TR index. Since inception, the Fund is up 118.1%
well ahead of the Topix TR, which is down 0.6% (all figures in US dollar
terms).

At the end of the period under review, the Fund had JPY1.25 billion in
borrowings and about JPY112 million in cash, which means the leverage is around
11.3% on a net basis.

The Fund has no foreign exchange hedges at this time and none are currently
planned. The yen ended the period at JPY103.825 against the US dollar compared
with JPY101.745 at the end of February 2014, weakening by 2.0%. A stronger yen
has a positive impact on the dollar NAV of the Fund and vice versa.

________________________________________

Source for AJGF NAV: Tiburon Partners LLP, Northern Trust
Source for Topix TR Index and exchange rates: Bloomberg


TOP TEN HOLDINGS

Company                        % of net assets 
                                               
Nihon M&A Center                     3.7       
                                               
Hito Communications                  3.6       
                                               
Kito Corporation                     3.6       
                                               
Tokio Marine Holdings                3.3       
                                               
Ai Holdings                          3.1       
                                               
TDK Corp                             3.0       
                                               
Aeon Delight                         3.0       
                                               
Sakai Moving Service                 2.8       
                                               
Kokusai                              2.8       
                                               
Moresco                              2.7       
                                               
Total                                31.6      


ASSETS AND GEARING

                          Feb 14      Aug 14   
                                               
Total Assets (US$m)        95.1        95.0    
                                               
Cash (US$m)                 1.6         1.4    
                                               
Borrowings (US$m)          12.9        12.0    


BREAKDOWN BY MARKET

Market         % of Holdings 
                             
TSE1                90.0     
                             
Jasdaq              11.3     
                             
TSE2                6.6      
                             
Mothers             2.4      
                             
NGY1                0.6      
                             
Jasdaq Growth       0.5      
                             
NGY2                0.1      
                             
Total              111.6     

FUND DETAIL
No. shares outstanding: 43,894,158

Changes to share capital - the number of shares reduced following a redemption point.

PRICES AVAILABLE FROM:
Bloomberg: AJG LN
Lipper: 60000517
ISIN: GG00B61ND550
SEDOL: B61ND55

____________________________________

Source: Tiburon Partners LLP, Northern Trust
All figures in US$ as at 29 August 2014

Tiburon Partners LLP is authorised and regulated by the Financial Conduct Authority