ORBIS HOLDINGS LTD

Orbis Holdings LTD acts as the holding company for Orbis Funds. The company can trace its history back to 1989 when Allan B. Gray, who currently acts as the chairman of the company, decided to create an investment manager based on the principles of fundamental, long term, and contrarian thinking. Orbis Holdings currently conducts business in numerous locations on a global scale with over 400 people located in 9 countries. Its personnel are located in London, Vancouver, Hamilton, Sydney, San Francisco, Hong Kong, Tokyo, Lausanne, and Luxembourg, in order of decreasing personnel, and represent over 35 nationalities and speak over 15 languages. The company also shares a close business relationship with the Allan Gray Proprietary Limited company based out of South Africa. The company seeks to “invest in shares of companies that trade at a significant discount to our assessment of the intrinsic value of the business with an adequate margin of safety,” utilizing fundamental data to judge a company’s profitability and valuation over time. Orbis invests with a three to five year investment focus, continually reassessing its investments to make sure that it would not be caught unaware of obstacles such as the technology bubble in 2000. The company looks for companies that seem to be worse than average in the eyes of many market participants, trying to locate these companies with high potential through research so that it can produce high performances over time. The company currently has a market valuation of $12.5 billion and invests most heavily in the information technology sector, which alone makes up almost half of its total asset allocation, and also invests in the consumer discretionary, health care, energy, materials utilities and telecommunications, and finance sectors, among others, in order of decreasing allocation. Orbis currently offers its Equity, Global Equity, SIVAC Japan Equity, SICAV Asia Equity, and Orbis SICAV Global Balanced funds, among others.