Orbis and Allan Gray Funds Advise of Certain Changes

HAMILTON, BERMUDA: 6 January 2016 – In filings with the Bermuda Stock Exchange, the Orbis and Allan Gray Groups of companies announced that:

1.       a majority interest in Orbis Holdings Limited has been transferred to Orbis Allan Gray Limited, a Bermuda company wholly-owned by Allan & Gill Gray Foundation.  Orbis Holdings Limited is the holder of the Founders’ shares of the Bermuda-domiciled Orbis Funds listed below and is the parent company of the managers, Orbis Investment Management Limited and Orbis Investment Management (B.V.I.) Limited, and the investment adviser, Orbis Investment Advisory (Hong Kong) Limited.  Orbis Holdings Limited has also become the indirect parent company of the manager, Orbis Investment Management (Luxembourg) S.A., together with the investment advisers, Orbis Investment Advisory Limited, Orbis Portfolio Management (Europe) LLP and Orbis Gestion SA; and

2.       Allan Gray International Proprietary Limited, the manager and holder of the Founders’ shares of the Bermuda-domiciled Allan Gray Funds listed below, and Allan Gray Proprietary Limited, the investment adviser to these Allan Gray Funds, have also become indirect wholly-owned subsidiaries of Orbis Allan Gray Limited.

Orbis further announced that Allan W.B. Gray has retired from the board of directors of each of the Orbis Funds listed above.

Company Contact:

Orbis Investment Management Limited

Att: Hugh Gillespie

Tel: + 441 296 3000

Allan Gray International Proprietary Limited

Att: Tamryn Lamb

Tel: + 27 21 415 2300