Orbis Funds – Market Announcement

Hamilton, Bermuda – 02 October, 2014 – In a filing with the Bermuda Stock Exchange (“BSX”), Orbis announced changes to certain Orbis Funds. The filing stated:

“In a filing with the Bermuda Stock Exchange (“BSX”), Orbis announced that the Board of Directors of each of Orbis Institutional SPC Limited (now named Orbis Institutional Funds Limited), Orbis Global Equity Fund Limited, Orbis Japan Equity (US$) Fund Limited, Orbis Optimal (US$) Fund Limited, Orbis Optimal Overlay Funds Limited, Orbis Leveraged (US$) Fund Limited, Orbis Leveraged Overlay Funds Limited (collectively, the “Orbis Bermuda Funds”) and Orbis SICAV (together  with the Orbis Bermuda Funds, the “Orbis Funds”) had approved the following relevant changes:

1.            where applicable, the Bye-Laws of each of the Orbis Bermuda Funds were amended on 30 September 2014 to provide for certain administrative changes, including the appointment of an auditor from outside Bermuda;

2.            the appointment on 1 October 2014, by each of the Orbis Bermuda Funds of Ernst & Young LLP (based in Toronto, Canada) as its auditor.  Ernst & Young Ltd., the Bermuda-based member of the global Ernst & Young organization had previously been the auditor of each of the Orbis Bermuda Funds; 

3.            the continuation of Orbis Institutional SPC Limited as an exempted company, registered as a mutual fund segregated accounts company and authorised as a standard investment fund under the laws of Bermuda on 1 October 2014 and its discontinuance as a segregated portfolio company under the laws of the British Virgin Islands.  Upon continuation, constitutional documents governed by Bermuda law were adopted, the registered address changed to Orbis House, 25 Front Street, Hamilton, HM11, Bermuda and immediately thereafter, the name changed to Orbis Institutional Funds Limited;

4.            the renaming of the existing Refundable Reserve Fee Share Classes on 1 October 2014 and then from 3 October 2013 (and where applicable), the introduction of new Refundable Reserve Fee share classes in Orbis Institutional Global Equity Fund, Orbis Institutional Optimal (US$) Fund, Orbis Institutional Optimal (€) Fund, Orbis Institutional Optimal (A$) Fund and Orbis Select  (each a sub-fund of Orbis Institutional Funds Limited), together with Orbis SICAV Global Equity Fund, Orbis SICAV Asia ex-Japan Equity Fund and Orbis SICAV Japan Equity Fund.  Details of these changes are set out in the prospectus of each of these Orbis Funds; and

5.            the conversion on 3 October 2014 of Orbis Institutional Global Equity Fund, a sub-fund of Orbis Institutional Funds Limited, from being a feeder fund into Orbis Global Equity Fund Limited to holding the portfolio securities directly, whereupon new investment and borrowing powers shall become effective.  These powers are substantially similar to those of Orbis Global Equity Fund Limited (with certain modifications) and are summarised in the prospectus of Orbis Institutional Global Equity Fund”

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Bermuda contact:

Orbis Investment Management Limited

Attn: Mr Hugh Gillespie

Tel: (441) 296-3000