Benefits of investing in the Orbis Global Equity Fund - Retail Class

Invest differently - Orbis' contrarian investment approach

The Orbis investment approach covers three main principles - Fundamental, Long-term and Contrarian:

• Fundamental - To determine a company's true value, Orbis analyses its entire history and scrutinise its business fundamentals.

• Long-term - Orbis' research does not focus on trying to forecast the next share price. Rather Orbis adopts a long- term horizon when buying and holding shares for the Fund. This may see some fluctuations or volatility and it may be some years before a share's fundamental or intrinsic value is realised, but Orbis considers it pays to be patient.

• Contrarian - Orbis' goal is to find value others miss, often in unpopular or overlooked businesses ignored by the market. Orbis is not contrarian for the sake of it but rather concentrates its research on companies whose prospect appear to be most underestimated by the investment community.

Benchmark-unaware and high conviction

Orbis will buy significant positions in securities that it believes may offer outstanding value even if these securities are not in the Benchmark.

Refundable performance fees and capped payments to Orbis

Orbis receives a fixed (base) investment management fee and performance fees.

When the Fund beats the Benchmark, 25% of the outperformance is paid into a reserve. When the Benchmark beats the Fund (i.e. the Fund underperforms), refunds are issued at the same 25% rate from the reserve. If the reserve is nil, no refund is available but Orbis will notionally track the underperformance and such losses will need to be recovered by the Fund's outperformance before any performance fee can be paid to Orbis.

In this way, Orbis does not immediately collect performance fees when the Fund performs well. Instead, Orbis receives payment from the reserve only where the reserve has positive value, and this amount is capped at 2.5% (per year) of the Class' net asset value. Once paid to Orbis, these amounts are no longer refundable. See section 4 of the Information Booklet for more information.

Risk level

High

Investor suitability

Intended for those looking for a contrarian investment style exposure to global equities, and who take a long-term view with investing and can endure performance fluctuations.

About the Fund

The Fund is designed to remain fully invested in global equities. It aims to earn higher returns than world stockmarkets without greater risk of loss. The benchmark is the MSCI World Index with net dividends reinvested, expressed in Australian dollars ("MSCI World Index). Currency exposure is managed separately to equity exposure.

The way we invest

• Focus on individual companies, not timing market trends

• Invest confidently in unpopular or ignored areas

• Look at long-term potential not short-term performance

• Our Fund deviates significantly from the benchmark

Built differently for your benefit

• If our Fund doesn't beat the benchmark, we refund your performance fees

• Our people invest their money with you on the same terms, so your success is theirs too

• No outside owners so no pressure for our instant gains before your long-term results

• We reward stockpickers on performance, not politics. Only outperformers invest for you

How we invest your money

The Fund invests primarily in securities of companies listed on stock exchanges around the world and some exposure to cash and cash equivalents. The Fund also uses foreign exchange contracts to manage foreign exchange risk.

Asset allocation

The Fund's assets are typically invested within the following asset allocation ranges.

• Securities: 90%-100%

• Cash: 0%-10%

Orbis will implement the above asset allocation according to certain investment restrictions. These restrictions are measured at the Fund, not Class, level. Orbis is allowed to make an investment which is not consistent with such restrictions if Equity Trustees and Orbis agree that the investment is not a material departure from these restrictions.