Interim Management Statement

Atlantis Japan Growth Fund Ld
14 September 2007


14th September 2007


ATLANTIS JAPAN GROWTH FUND LIMITED
INTERIM MANAGEMENT STATEMENT (UNAUDITED)

For the period 30.04.07 - 31.07.07

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, Osaka and Sapporo and the Japanese
over-the-counter market. The above include the Ambitious market (Sapporo),
Mothers (Tokyo), Centrex (Nagoya), Hercules (Osaka) 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

Atlantis Fund Management (Guernsey) Limited is the Investment Manager of the
Company.  Atlantis Investment Management Limited acts as Investment Manager as
its Investment Adviser. Atlantis Investment Research Corporation, established in
Tokyo, through Edwin Merner, advises the Investment Adviser on the day-to-day
conduct of the Company's investment business.

PERFORMANCE

At 31 July 2007
                              31/07/07    30/04/07    3 Months     1 Year    3 Years    5 Years    10 Years
Net Asset Value                $22.19      $22.84       -2.8%      -9.5%      17.8%      121.0%     184.9%
Mid Share Price                $20.25      $24.31      -16.7%      -19.9%      7.1%      125.0%     163.6%
Premium/Discount                -8.7%       6.4%
Fund Size*                     453.5m      466.8m
Source: Bloomberg, in US$

For the period under review, the Fund's NAV was down 2.8%.  This compares with
an increase of 0.7% for the large cap-dominated Topix index, an increase of 2.8%
for the Tokyo Second Market, -6.1% for the MOTHERS Market and a loss of 9.9% for
the Osaka Hercules Market. Since inception, the Fund is still up 123.7%, well
ahead of the Topix, down 11.3% over the same time frame, and the Tokyo Second
Market Index, up 62.0%.

At the end of the period under review, the manager borrowed an additional Y1
billion ($8.4 million), which increased total borrowings to Y7.5 billion ($62.9
million). The Fund is around 11.8% geared on a net basis and cash stands at
2.11%. Note the gearing will increase as the recently borrowed money is
invested.

The Fund has no foreign exchange hedges at this time and none are currently
planned. At the end of the quarter, the yen rallied against the US$, ending the
quarter at Y119.125 compared with Y119.575  at the end of April, a gain of
0.37%. A strong yen has a positive impact on the dollar NAV of the Fund and vice
versa.

________________________________________

Source: Atlantis

All figures in US$




Top Ten Holdings at 31 July 2007

Company                            % of net
                                     assets
TOYOTA TSUSHO                          2.55
YUSEN AIR & SEA                        2.06
AREALINK CO                            1.77
SUMITOMO TST & BANK                    1.75
MAXVALU TOKAI CO                       1.67
FUKUOKA REIT INV                       1.41
ART CORP                               1.32
SUMITOMO RUBBER I                      1.30
SAKAI MOVING SERVICE                   1.28
NIPPON HOTEL FUND                      1.27
Total                                 16.38

Source: Atlantis


                                              31/07/2007  30/04/2007
                                                        $m
Assets and Gearing
                             Total Net Assets
                             Cash                 9.5        1.0
                             Borrowings          62.9        54.4
Source: Atlantis, in US$





Breakdown by Market


Market       No of holdings

TSE1              100
TSE2               33
JASDAQ             58
OTHER              64
TOTAL             255
Source:
Atlantis



Fund Detail


No. shares outstanding: 20,435,627

Changes to share capital - there are no changes



Prices available from:


Bloomberg - AJG LN

Lipper - 60000517

ISIN - GB0000623560

SEDOL - 0062356 (UK)

SEDOL - 0063230 (Guernsey)

Financial Times - FT Managed Funds Services


                      This information is provided by RNS
            The company news service from the London Stock Exchange    

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