Listing of ORBIS Global Equity Fund | Bermuda Stock Exchange

01 July 1996

The Bermuda Stock Exchange (The BSX) is pleased to announce that the $840 million Orbis Global Equity Fund has been listed on The BSX, joining Orbis Optimal ($940 million) and Orbis Leveraged ($411 million). All three Orbis funds were launched on 1 January 1990. Since then they have achieved annualised net returns in US dollars of 14.2%, 15.1% and 19.5%, respectively. Thanks to these returns and their risk management, all three funds have been awarded the top rating of AAA by Fund Research Ltd. Only four other international equity funds, out of more than 300 considered, have this rating. The funds are managed by the Hamilton-based Orbis Investment Management Limited, whose personnel of 13 includes 10 Bermudians. Orbis also advises two limited partnerships, based on Orbis Optimal and Orbis Leveraged, which serve US investors.

President of the funds Mr. Alan Gilbertson stated that "We are pleased to have listed the Orbis Global Equity Fund on The BSX as this reaffirms our support of the Exchange and our commitment to Bermuda". Mr William Woods, CEO of the Bermuda Stock Exchange, said "We are extremely happy to welcome the Orbis Global Equity Fund to listing alongside the two other Orbis funds. The listing confirms The BSX's status as a leading market for listing international investment funds and brings the total number of listed funds to 59".

The listing of the Orbis Global Equity Fund was sponsored by Bermuda International Securities Limited, a member of The BSX.

For further information about the Orbis funds please contact Mr. Geoffrey Gardner or Mr. Alan Gilbertson at 296-3000.

For further information about The BSX please contact Mr. William Woods at 292-7212

1 July 1996

The BSX

For Immediate Release:

News Release

Listing of ORBIS Global Equity Fund

The Bermuda Stock Exchange (The BSX) is pleased to announce that the $840 million Orbis Global Equity Fund has been listed on The BSX, joining Orbis Optimal ($940 million) and Orbis Leveraged ($411 million). All three Orbis funds were launched on 1 January 1990. Since then they have achieved annualised net returns in US dollars of 14.2%, 15.1% and 19.5%, respectively. Thanks to these returns and their risk management, all three funds have been awarded the top rating of AAA by Fund Research Ltd. Only four other international equity funds, out of more than 300 considered, have this rating. The funds are managed by Orbis Investment Management Limited, which is based in Hamilton, Bermuda. Orbis also advises two limited partnerships, based on Orbis Optimal and Orbis Leveraged, which serve US investors.

The listing of the Orbis Global Equity Fund was sponsored by Bermuda International Securities Limited, a member of The BSX.

Further information on the Orbis funds, including prices, can be obtained from the Bloomberg system under the tickers ORBGLEF , ORBOPEF and ORBLVEF for Orbis Global, Orbis Optimal and Orbis Leveraged respectively, or by calling Mr. Geoffrey Gardner at 1(441) 296-3000. For further information about The BSX contact Mr. W. William A. Woods at 1(441) 292-7212.