Interim Management Statement

Atlantis Japan Growth Fund Ld
29 February 2008





ATLANTIS JAPAN GROWTH FUND LIMITED
INTERIM MANAGEMENT STATEMENT (UNAUDITED)
For the period 31 October 07 to 31 January 08


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
                        Jan-08    Oct-07
Net Asset Value (US$)    16.3      20.4
Mid Share Price (US$)    14.6      18.5
Premium/Discount (%)     -10.4     -9.3
Fund Size (US$m)         333.1     415.9

                      3 months   1 year    3 years   5 years
Net Asset Value         -19.9     -31.4     -18.5     98.1
return (%)
Mid Share Price         -20.8     -40.1     -28.0     106.1
return (%)


Source: Bloomberg, in US$ as at 31 January 08

For the period under review, the Fund's NAV was down 19.9%. This compares with a
decrease of 9.8% for the large cap-dominated Topix index, -12.0% for the Tokyo
Second Market, -25.0% for the MOTHERS market and -23.4% for the Osaka Hercules
Market. Since inception, the Fund is up 64.3%, well ahead of the Topix, down
21.6% and the Tokyo Second Market Index, up 29.2% over the same time frame.


At the end of the period under review, the Fund had Y7.5 billion in borrowings
and about Y1,019 million in cash, which means the gearing is around 18.3% on a
net basis. Although total borrowings have remained unchanged, the Fund's gearing
has increased due to the fact that the market has declined pulling down the NAV
even further. However, the cash position has increased which has helped cushion
the gearing. Normally high gearing helps the performance when the market is
rising and vice versa. During the last year, when the market has been falling,
the gearing has been increasing and has had a negative impact on both
performance and NAV.
________________________________________

Source: Atlantis
All figures in US$ as at 31 January 08


The Fund has no foreign exchange hedges at this time and none are currently
planned. At the end of the quarter, the yen ended at Y106.19 compared with
Y115.205 at the end of October, a gain of 7.8%. A strong yen has a positive
impact on the dollar NAV of the Fund and vice versa.



TOP TEN HOLDINGS
Company                  % of net
                          assets
Nissha Printing            3.1
Toyota Tsusho              2.5
Yusen Air & Sea            2.4
Stanley Electric           2.1
Maxvalu Tokai              1.9
Fuji Pharma                1.9
Ajis                       1.8
Welcia Kanto               1.8
Nippon Hotel Fund          1.7
Fukuoka REIT               1.7
Total                      20.8



ASSETS AND GEARING
                         Jan-08        Oct-07
Total Net Assets          333.1         415.9
(US$m)
Cash (US$m)                9.5           3.5
Borrowings (US$m)         70.6          65.1



BREAKDOWN BY MARKET
Market                No of Holdings
TSE1                        83
TSE2                        28
JASDAQ                      55
Other                       59
Total                      225



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


________________________________________

Source: Atlantis
All figures in US$ as at 31 January 08



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