Cookie Policy

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Legal Information

Legal Statement

Your use of our website and email services (such as the receipt via email of fact sheets, periodic reports and/or price and performance information) is subject to your acceptance of and compliance with our terms of use. By using our website or email services, you agree and accept all of our terms of use.

General Information for Investors

Past performance shown on the Orbis funds described or disclosed on this website (collectively, the “Funds”) is not a reliable indicator of future results. Values may fall as well as rise and you may get back less than you originally invested. It is therefore important that you understand the risks involved before investing. The Funds share prices fluctuate and are not guaranteed. When making an investment in the Funds, an investor’s capital is at risk.

The information contained on our website is being made available for the benefit of the present Members or Shareholders of the Funds and such other persons authorised by the Funds to receive such information, provided that such Members and other persons are not prohibited under the applicable laws of their citizenship, domicile or residence from receiving such information. No other persons are authorised by the Funds to receive such information.

The Funds are sold by prospectus or other forms of disclosure statements specified by applicable law only. Each Fund’s prospectus/disclosure statement contains important information which you should read carefully before investing.

The information contained on our website is not intended to constitute an offer of any securities to any person, and is not intended for distribution to anyone in any jurisdiction where such distribution is not authorised or to any person to whom it is unlawful to make such distribution. Persons in receipt of the information contained herein are therefore required to inform themselves about and observe such restrictions.

References to specific securities should not be construed as investment advice.

The distribution of the information contained on our website and the offering of shares in the Funds is restricted in certain jurisdictions. Except as noted below, no action has been taken to permit either the distribution of this information or the offering of any of the shares of the Funds in any jurisdiction where action would be required for such purpose.

Specific Information for Australia

Fund shares/units are not being offered, directly or indirectly to the public in Australia through our website. The offer to invest in an Orbis Fund is made through the current disclosure document for the relevant Fund. Disclosure documents for the Australian registered Orbis Funds are issued by Equity Trustees Limited ABN 46 004 031 298, AFSL No. 240975 (“EQT”), as the relevant Fund’s responsible entity or trustee. Australian resident investors should contact Orbis’ distributor in Australia, Orbis Investment Advisory Pty Ltd, AFSL No. 237862 (“Orbis Australia”), at for further information regarding the Funds.

Where you are invested in an Australian registered Orbis Fund, any personal information collected through your use of Online Services is collected by EQT and Orbis Australia, and their delegates such as OneVue Fund Services Pty Ltd for the purposes of maintaining the register of unitholders, facilitating distribution payments and other unitholder communications or servicing required or permitted by the Corporations Act 2001 or other applicable legislation. Your personal information may be disclosed to external service companies such as print or mail service providers, to Orbis Australia and its related bodies corporate or to the custodian of the Fund, or as otherwise required or permitted by law. If you would like details of the personal information held by us, or if you would like to correct information that is inaccurate, incorrect or out of date, please contact us. Orbis Australia’s privacy policy is available from

Specific Information for Botswana

While certain collective investment undertakings have been approved to market their units to the public in Botswana, by the Regulatory Authority of Botswana, none of these collective investment undertakings are supervised or licensed in Botswana. Information about the domicile and regulator for each collective investment undertaking can be found in that collective investment undertaking’s prospectus.

Specific Information for Canada

Eligible Canadian resident investors should contact Orbis Investment Advisory (Canada) Limited, which is registered as an exempt market dealer in each of Canada’s provinces. Orbis Investment Advisory (Canada) Limited can be contacted at In order to be eligible, a Canadian resident must qualify to participate in a distribution that is exempt under Canadian National Instrument 45-106 from Canada’s prospectus requirements (e.g., “accredited investors” and those others meeting the “minimum amount investment” threshold). Additionally, residents in Ontario, Quebec and Newfoundland and Labrador must qualify as “permitted clients” under Canadian National Instrument 31-103.

Specific Information for the European Economic Area

Each sub-fund of Orbis SICAV, a UCITS IV compliant Luxembourg fund, is admitted for public marketing in Luxembourg and the United Kingdom. In addition, Orbis SICAV Emerging Market Equity Fund, Orbis SICAV Global Equity Fund, Orbis SICAV Global Balanced Fund and Orbis SICAV Japan Equity Fund are admitted for public marketing in Ireland, the Netherlands, Norway and Sweden. The Orbis Funds that are not Orbis SICAV funds are alternative investment funds that are neither admitted for public marketing anywhere in the European Economic Area (EEA) nor marketed in the EEA for purposes of the Alternative Investment Fund Managers Directive. As a result, persons located in any EEA member state will only be permitted to subscribe for shares in the Funds that are admitted for public marketing in that member state or, with respect to any other Fund, whether or not a sub-fund of Orbis SICAV, under certain circumstances as determined by, and in compliance with, applicable law.

Except in regard to the Orbis SICAV, a recognised scheme in the United Kingdom available to all UK resident investors, the information on this website is directed to professional clients (as defined in the Financial Conduct Authority (FCA) Handbook). Our website is not designed, intended nor may be used as a financial promotion to any person in the UK other than such persons. None of the Funds are regulated by the FCA although the Orbis SICAV has been recognized by the FCA. The protections provided by the UK regulatory system, including recourse to the UK Financial Services Compensation Scheme, do not extend to investments in the Funds. Our website should not be accessed from the United Kingdom by any person other than these types of persons.

The EU Online Dispute Resolution platform ( is available to those Shareholders of the Orbis SICAV who are natural persons residing in a member state of the European Union and who use the Online Services (as defined below).

Specific Information for Hong Kong

The Funds’ prospectuses have not been registered by the Registrar of Companies in Hong Kong. The Funds are collective investment schemes as defined in the Securities and Futures Ordinance of Hong Kong (the “Ordinance”) but have not been authorised by the Securities and Futures Commission pursuant to the Ordinance. Accordingly, interests in the Funds may only be offered or sold in Hong Kong to persons who are “professional investors” as defined in the Ordinance and any rules made under the Ordinance or in circumstances which are permitted under the Companies Ordinance of Hong Kong and the Ordinance.

Specific Information for New Zealand

Fund shares/units are not being offered, directly or indirectly to the public in New Zealand through our website. The offer to invest in an Orbis Fund is made through the current disclosure document for the relevant Fund. Disclosure documents for the Australian registered Orbis Funds are issued by Equity Trustees Limited ABN 46 004 031 298, AFSL No. 240975 ("EQT"), as the relevant Fund’s responsible entity or trustee. New Zealand resident investors should contact Orbis’ distributor in Australia, Orbis Investment Advisory Pty Ltd, AFSL No. 237862, at for further information regarding the Funds.

Specific Information for South Africa

Orbis Global Equity Fund, Orbis Optimal SA Fund (Euro and US$ classes), Orbis SICAV Emerging Market Equity Fund, Orbis SICAV Global Balanced Fund and Orbis SICAV Japan Equity Fund (Yen and Euro classes) have been approved in terms of section 65 of the Collective Investment Schemes Control Act, 2002 by the South African Registrar of Collective Investment Schemes. South African residents interested in receiving a prospectus or other information on these funds (including a schedule of fees and charges and maximum commissions) should contact the authorised representative for those funds, Allan Gray Unit Trust Management (RF) Proprietary Limited at

Collective Investment Schemes (CIS) are generally medium to long-term investments. The value of an investment in a Fund may go down as well as up, and past performance is not a reliable indicator of future results. No Fund’s manager(s) provide(s) any guarantee with respect to capital or any Fund’s returns. CIS are traded at ruling prices and can engage in borrowing and scrip lending. Commission and incentives may be paid by investors to third parties and, if so, would be included in the overall costs. The Funds are priced weekly. A Fund may be closed to new investments at any time in order to be managed in accordance with its mandate. The Funds invest in foreign securities. Depending on their markets, trading in those securities may carry risks relating to, among others, macroeconomic and political circumstances, constraints on liquidity or the repatriation of funds, foreign exchange rate fluctuations, taxation and trade settlement.

Specific Information for the United States

Neither the shares in the Funds nor the Funds themselves have been registered under any United States securities legislation and are only offered through transactions that do not violate such legislation and do not require the registration of the Funds or the shares of the Funds in the United States of America or in any of its territories or possessions.

Terms of Use

Our website and email services are made available to you for your personal use only. The Funds and their agents and relevant licensors (collectively “Orbis”) will provide you, as amended from time to time, with access to our website and email services. Our terms of use in effect from time to time constitute the agreement between Orbis and you relating to the access to our website and email services. If you are provided with usernames and passwords, then you are solely responsible for protecting those usernames and passwords from disclosure to third parties and are not permitted to avoid the use of required encryption technologies. You must provide current, accurate identification, contact, and other information that may be required as part of the registration process and/or continued use of our website and/or email services. You will be liable for all losses that occur if your usernames or passwords are used to access services whether or not you authorized such use. You agree to discontinue use of our website and/or email services, if requested, for any security reasons cited by Orbis.

The information provided in any email sent by Orbis is provided to the recipient only and for the information purposes of the recipient only. Such information is not intended for, may not, without the express consent of Orbis, be distributed to, and may not be relied upon by, any other party, including without limitation, any advisory or other client of the recipient. Orbis reserves the right to refuse service to anyone at any time without notice for any reason. You agree that you are responsible for your own communications and for any consequences thereof.

You agree that you will use our website in compliance with all applicable local, state, national, and international laws, rules and regulations, including any laws regarding the transmission of technical data exported from your country of residence. You shall not, shall not agree to, and shall not authorize or encourage any third party to: (i) use our website to upload, transmit or otherwise distribute any content that is unlawful, defamatory, harassing, abusive, fraudulent, obscene, contains viruses, or is otherwise objectionable as reasonably determined by Orbis; (ii) upload, transmit or otherwise distribute content that infringes upon another party’s intellectual property rights or other proprietary, contractual or fiduciary rights or obligations; (iii) prevent others from using our website; or (iv) use our website for any fraudulent or inappropriate purpose. Violation of any of the foregoing may result in immediate termination of access to our website and/or email services, and may subject you to other legal consequences. Orbis reserves the right to investigate your use of our website in order to determine whether a violation of our terms of use has occurred or to comply with any applicable law, regulation, legal process or governmental request.


The website’s purpose is only to provide general information or factual information about Orbis or regarding a current investment with Orbis. The content on the Orbis website is not intended to provide legal, tax or investment advice. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation.

Changes are periodically made to the information on our website or the content provided through email services and these changes will be incorporated from time to time in our website. Orbis expressly reserves the right, in its sole and absolute discretion, to alter or amend any information or content on our website without notice.

The information and content contained on our website or received through email services is relevant as of the dates expressly stated therein and no implication is being made that there has been no change in such information subsequent to such dates. The information is subject to change without notice.

Our website may now, or hereafter from time to time contain certain statements or information with respect to the projection of revenues, income, earnings per share, capital expenditures, dividends, capital structure, or other financial items; or the plans, objectives and/or projections of Orbis for future operations; or future economic performance. Orbis wishes to caution you that such projections are only predictions and that actual events or results may differ materially. Orbis is an active manager and any statement that relates to a specific issuer should not be treated as a representation that Orbis is pursuing any particular trading strategy. In particular, where the website or the content received through email services provides commentary on securities, financial instruments, indices, financial products or indicators, or economic conditions, it is done in the context of investment decisions for the Funds. The website content does not constitute a recommendation to buy, sell or hold any shares or other securities in the companies mentioned in it (“relevant securities”) nor does it constitute financial advice, and it has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Orbis and its employees are subject to certain restrictions on dealing in relevant securities ahead of the dissemination of this commentary.

The Orbis Funds are speculative and involve a high degree of risk. The Funds’ performance may be volatile. An investor could lose all or a substantial amount of its investment. The Funds’ manager has total trading authority over the Funds and the use of a single adviser applying generally similar trading programs could mean lack of diversification and consequently higher risk. For some Orbis Funds, there is no secondary market for interests in the Fund, and none is expected to develop. There are restrictions on transferring interests in the Funds. The Funds’ fees and expenses may offset the Funds’ trading profits.

Allocations are subject to change at any time.


We use cookies and similar tools on our website to improve its performance and enhance your user experience. Website cookies help recognise your device the next time you visit our website. We also use email cookies in some of our emails to help us understand how you interact with our emails and to improve our future email communications. Cookies are small text files which are stored on your computer when you first visit a site or page or when you open an email. The cookie will help our website to recognise your device the next time you visit. We use the term “cookies” in this policy to refer to all files that collect information in these ways.

Depending on how your email account is set up (for example, if your computer is configured to automatically display images or if you have added us to your email address book) cookies may be set at the same time as you download, open or read an email from us. If you would prefer that cookies are not set in this way, you should change the relevant settings (for example by disabling the automatic displaying of images and removing us from your address book).

We use third party cookies from Google Analytics. For Google Analytics Advertiser Features, we have implemented Google Display Network Impression Reporting, DoubleClick Platform integrations and Google Analytics Demographics and Interest Reporting. We use Google Analytics cookies in the following ways:

These cookies are used to distinguish users and sessions, new sessions/visits, when sessions end and how traffic reached our site.
Google Analytics is a web analytics service provided by Google Inc. (“Google”) that generates statistics about our website’s traffic and traffic sources by tracking visitors to the website. The information about use of the website generated by the cookie (including your IP address), is transmitted to a Google server in the USA and saved there. Google will use this information in order to provide an analysis of all visitors’ use of the website and to help us compile reports on various relevant measures and activities (for example, conversion analysis, referral analysis and evaluation of search/ pay-per-click activities). The information generated is also used by Orbis to verify the reports and track and analyse the pages of the website you visit.
We will not upload any data that allows Google to personally identify an individual, such as names, email addresses, or any similar data. Google will not associate your IP address with any other data held by Google; however, we may connect the data we provide to, or receive from, Google with other data we have about you.
These cookies are set by browsers to protect users against known intrusive sites.

More information on “How Google uses data” can be found here:

Information concerning the terms and conditions of use and data privacy can be found here: or

Google Analytics analyses data from AdWords and the DoubleClick-cookie for statistical purposes. If you don’t want this you can disable this function via the Ads Preferences Manager (

In addition to the cookies from Google Analytics, we use the following other types of cookies:

1. Authentication Cookie — This cookie is set on your computer when you log into our website. It is used to confirm that you are logged in. This cookie will remain on your computer until you log off the site or your logged-in session times out.

2. Profile Cookie — This cookie is used to keep track of who you are on our website. For example, if you navigate to our website and enter your Investor Type status, we store this information in our database and then store a unique ID in the profile cookie on your computer. This cookie will only remain on your computer if you have clicked the “Remember Me” option. This cookie is also used to track some of your actions on our website.

3. Request Verification Token — This cookie is used to ensure that the request you submitted to our website actually originated from our website, which increases the security on our website. This cookie will not remain on your computer after you have left our site.

4. Session Cookie — This cookie is used to associate the user with a specific session on the server. The session is used to store some of your information for short periods while you are using our website.

5. Web beacons — This is a tiny, invisible image placed within an email that tell us whether you have opened an email, how frequently you have opened it, the device and browser used, your IP address and how you interacted with the email. It also helps us to display emails in the best format for your device.

6. Link tracking — Our emails may contain hyperlinks, each of which has a unique tag. When you click on one of these links the click will be logged and you will be redirected to the relevant page on our website. This helps us to understand who has clicked through from an email to visit our webpage and we may use this to tailor future messages to you.

How to block the use of cookies

You can prevent Google’s collection and use of data (cookies and IP address) by downloading and installing the Google Analytics Opt-Out browser plug-in available here:

If you would like to disable cookies from our website, you can adjust your browser settings to do so, however, you may find that our website ceases to work. You can learn more about cookies at

If you do not wish to accept cookies from any one of our emails you can adjust your browser settings to restrict or reject cookies. In some instances cookies in an email may be automatically accepted. Please refer to the instructions for your email browser or device for more information on the circumstances when cookies may be automatically accepted.


The Orbis website, content provided through email services and the information contained therein are made available to you “as is” and “as available” and Orbis does not warrant that any defects or inaccuracies will be corrected. Orbis expressly disclaims all implied warranties, including, without limitation, warranties of merchantability, title, fitness for a particular purpose, non-infringement, compatibility, security and accuracy. Any warranty implied by law is hereby excluded except to the extent such exclusion would be unlawful. Orbis disclaims all responsibility and liability for the availability, timeliness, security or reliability of our website, email services and the information contained therein. Orbis will not be responsible or liable for the exercise or non-exercise of its rights under these terms of use.

Without limiting the generality of the foregoing: (i) Orbis does not warrant that our website, the content provided through email services or information contained therein will be error-free or will meet any particular criteria of accuracy, completeness or reliability of information, performance or quality; and (ii) while Orbis has taken reasonable measures to ensure the integrity of our website, the content provided through email services and the information contained therein, no warranty, whether express or implied is given that any files, downloads or applications available via our website are free of viruses, trojans, bombs, time-locks or any other data or code that has the ability to corrupt or affect the operation of your system.

Your use of our website and the information contained therein is entirely at your own risk. You assume full responsibility and risk of loss for the investment decisions, results obtained, regulatory reports and statements produced using our website and the information contained therein, including your account information. Neither Orbis, its affiliated companies, holding companies, subsidiaries or subsidiaries of its holding companies, or their shareholders, agents, consultants or employees will be liable for any damages whatsoever relating to the use of our website or the information contained therein, including, without limitation any direct, indirect, special, incidental, consequential or punitive damages, whether in an action arising out of contract, statute, delict or otherwise.


Orbis Investment Management Limited and Orbis Investment Management (B.V.I.) Limited are licensed to conduct investment business by the Bermuda Monetary Authority.

Links to Third Party Sites

External links may be provided for your convenience, but they are beyond the control of Orbis and no representation or endorsement is made as to their content. Use of or reliance on any external links provided is at your own risk. Orbis takes no responsibility for third party content, nor does Orbis have any obligation to monitor such third party content. Orbis reserves the right at all times to remove or refuse to distribute any content on our website.


You may not assign any of your rights or obligations under our terms of use without our prior written consent, which Orbis may withhold in its absolute and sole discretion. Any purported assignment without such consent shall be null and void. Nothing in these terms of use shall be deemed to confer any third party rights or benefits.

If any provision in these terms of use is invalid or unenforceable under applicable law, the remaining provisions will continue in full force and effect.

These terms of use, your rights and obligations, and all actions contemplated by these terms of use (and any non-contractual obligations arising out of or in connection with them), shall be governed by the laws of Bermuda, as if these terms of use were a contract wholly entered into and wholly performed within Bermuda.

Modification of Terms of Use

Orbis reserves the right to suspend, terminate or modify our website, email services or these terms of use at any time without notice. Orbis will notify users of any change in these terms of use by online postings. The changes will also appear in this document, which you can access at any time by selecting the "Legal Information" hyperlink displayed on our website. If you use our website after the changed terms of use have been posted, you will have accepted the changed terms of use.

Online Services

The terms of use under this heading Online Services apply to any user of Online Services. “Online Services” means viewing account information via the website, submitting transaction instructions via the website, making changes to static data (such as email or registered address) via the website and any other services that Orbis may offer from time to time with respect to your account on the website.

You agree that you are an Authorised User. “Authorised User” means a Member or Shareholder in a Fund and each person that has been authorised by way of an Orbis Fund Change of Contact Details Form or Orbis Funds Online Services Form to access that Member’s or Shareholder’s account, including the authority to view the related account information, submit transaction instructions or make changes to the Members or Shareholder’s static data (such as the email or registered address associated with that account); and

You agree to comply with remote access operating standards and procedures and with username or other password control requirements and other security procedures as may be issued from time to time by Orbis for Online Services. You are solely responsible for maintaining the confidentiality and use of any personal identification numbers, account numbers and other personal or security information required to make use of Online Services, and you are also responsible for all statements made and acts or omissions that occur through any communications initiated through the use of such personal information. Any individual that possesses the information required to pass through all security measures will be presumed to be an Authorised User.

The posting of a Member's or Shareholder's account information on our website will involve the transmission and storage of personal or security data including account numbers and personal identification numbers. For more information please see the Orbis Privacy Policy. You agree to notify Orbis immediately if you have reason to believe that others may have gained unauthorised access to any personal identification number or other personal data.

You agree that all personal information provided to us for your use of Online Services (including your address, telephone number and email address) is complete and true and the telephone number and email address at which you may be reached to discuss any order request submitted to us via our website is valid and current. You also agree to advise us promptly of any changes in your personal information.

The Funds’ transfer agents are the initial source of most of the account information provided on our website. Other information is developed by Orbis. Due to the source of and subsequent input process applied to the account information provided on our website and the inherent hazards of electronic distribution, there may be periods when account information is inaccessible, or when delays, omissions or inaccuracies occur in the account information provided on our website.

You agree to use your account information only in connection with the proper purposes of our Terms of Use. You will not: (i) permit any third party to use our website to access an Orbis account; (ii) sell, rent, license or otherwise use any account information on our website in the operation of a service bureau or for any purpose other than as expressly authorised; (iii) use any account information on our website for any other fund, trust or other investment vehicle without the prior written consent of Orbis; or (iv) allow or cause any information transmitted from Orbis’ databases, including data from third party sources, available through use of our website, to be published, redistributed or retransmitted.

Authorised Users (depending on the access level for which they have been authorised) may view a Member’s or Shareholder’s account information, submit transaction instructions and make changes to the static data (such as my email or registered address) associated with an account. These services exist to facilitate investment in the Funds. Instructions regarding the purchase or redemption of Fund shares may be submitted online via the website. Instructions submitted over the telephone, chat, post, or by email will not be acted upon. You understand and agree that transactions (including subscriptions, redemptions and switches between Funds) made through the Orbis website will be governed by, and must be in accordance with, the terms of use of this website, any additional terms specified with respect to that instruction, the current prospectus, articles of incorporation, memorandum and articles of association and/or bye-laws of the Fund(s) in which you are transacting. All of these documents are available, free of charge, upon request from the Orbis Service Team. You will be asked to confirm that you have had the opportunity to receive, read and understand these documents. By accepting these terms of use, you authorise us to act on any instruction which purports, and which we believe in good faith, to come from you or to have been given on behalf of your account without further enquiry as to the genuineness, authority or identity of the person giving or purporting to give such instructions. We reserve the right, in our complete discretion, to refuse to accept any instruction submitted through the website and we do not represent or warrant that it will be possible to execute your instructions. If we refuse an instruction, we shall not be obliged to give a reason but we shall promptly notify you accordingly and we shall not be liable for any loss resulting, directly or indirectly, from such refusal. Once you have submitted an instruction via the website, we offer no guarantee that it will be possible to amend or rescind such instruction. When you submit an instruction to us through the website, we will follow your specific instruction. By acting on such instructions we will satisfy our obligation to take all reasonable steps to obtain the best possible result for you in relation to that instruction. Upon completion of any transaction in respect of the Funds, we will send a confirmation to you.

Ownership & Copyright

Our website and its content are owned by Orbis or its licensors. Copyright in all information, material and logos (hereinafter referred to generally as "material") made available through our website or email services is protected by both national and international intellectual property laws. Accordingly, any unauthorised copying, reproduction, retransmission, distribution, dissemination, sale, publication, broadcast or other circulation, or exploitation of this material will constitute an infringement of such protection. The copyright in all material vesting in Orbis published on our website or provided through email services shall continue to vest in Orbis.

Without derogating from the foregoing, Orbis hereby authorises you to view, copy, download to a local drive, print and distribute the content of our website, or any part thereof, provided that: (i) such content is used for your information purposes only; (ii) such content is used for non-commercial purposes and you are expressly prohibited from incorporating any material of Orbis proprietary material from our website or provided through email services in any other work, publication or website either of your own or belonging to any third party; and (iii) any reproduction of Orbis proprietary material from our website or portion thereof must include this notice in its entirety.

The trademarks, logos and service marks displayed on our website are registered and unregistered trademarks of their owners. Nothing contained on our website or in the content provided through email services should be construed as granting any licence or right to use any trademark without the written permission of the owner thereof. No right, title or interest in any proprietary material contained in our website is granted to you hereunder.

Personal Information

We are committed to protecting the security of your personal information. We use a variety of security technologies and procedures to protect your non-public personal information. Even though we have taken significant steps to ensure that your personal information is not misused, you should know that we cannot fully eliminate security risks associated with personal information.


FTSE World Index and FTSE/JSE Africa All Share Index data source is FTSE International Limited (“FTSE”) ©FTSE 2014. FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

TOPIX Total Return Index: Tokyo Stock Exchange. TOPIX hedged into US$ and euro are calculated by Orbis using an industry-standard methodology using the TOPIX Total Return Index which is in yen. No further distribution of the TOPIX data is permitted.

MSCI TR: MSCI Inc. “MSCI” is a trademark of MSCI Inc. and is used by Orbis Investment Management Limited under licence. The MSCI information (1) may not be redistributed or used as a component of a financial product or index; (2) does not constitute investment advice; and (3) is provided on an “as is” basis with each of its users assuming the risk of his/her use. MSCI and related parties expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. None of those parties shall have any liability for any damages (whether direct or otherwise).

S&P 500 Total Return Index (“S&P 500 Index”): Standard & Poor’s (S&P) (and its affiliates, as applicable) © 2015. None of S&P, its affiliates or their third-party information providers guarantee the accuracy, adequacy, completeness or availability of any information or is responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. In no event shall any such party be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with others’ use of S&P content.

Average Fund data source is Morningstar Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Benchmarks and indexes are shown for illustrative purposes only, may not be available for direct investment, are unmanaged, assume reinvestment of income, and have limitations when used for comparison purposes because they may have volatility, credit, or other material characteristics (such as number and types of securities) that are different from the Funds.

Standard for Electronic Transactions

Orbis Investment Management Limited (together with one or more of its affiliates) is obliged to comply with Bermuda’s Standard for Electronic Transactions.

Transmission of Information

Your attention is drawn to the fact that information transmitted via the Internet, including without limitation email, is susceptible to monitoring and interception. Orbis disclaims any liability for the interception or monitoring of, or access to, such information by any person.

Orbis requests that no unsolicited confidential or proprietary information be sent to Orbis. Any such unsolicited information or material sent to Orbis will be deemed not to be confidential, unless otherwise agreed in writing by Orbis.

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