ORBIS GLOBAL CAUTIOUS

The Fund seeks to apply a cautious balance between investment returns and risk of loss using a diversified global portfolio. To meet this objective, the Fund is targeting outperformance of the returns of its Benchmark, 70% JP Morgan Global Government Bond Index hedged into Sterling and 30% MSCI World Index. This Benchmark combines indices which measure the performance of bonds issued by governments around the world and some of the largest companies listed on world stock exchanges. In pursuing its investment objective, the Fund will invest primarily in shares of publicly listed companies and fixed income instruments. These may be located anywhere in the world, in any industry and issued by governments, corporate entities, partnerships, business trusts or other issuers.