Net Asset Value(s)

Atlantis Japan Growth Fund Ld
04 August 2005

Subject: Atlantis Japan Growth Fund

Herewith the latest prices for the above company:-

                                        Valuation Date 29 July, 2005

UNDILUTED Net Asset Value                            $437,403,666.98
UNDILUTED Shares in Issue                             20,435,627.000
UNDILUTED Price per Share                                     $21.40     

DILUTED Net Asset Value                              $437,403,666.98
DILUTED Shares in Issue                               20,435,627.000
DILUTED Price per Share                                       $21.40     



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