Legal Statement

Read these terms and conditions carefully. By using any part of this Website, you agree to be bound by the terms of this Legal Statement. If you do not agree to be bound by such terms and conditions, you may not use this website.

The information contained in this Website is being made available for the benefit of the present shareholders or unit holders of the Orbis Funds identified on this website (the "Funds") and such other persons expressly authorised by the Funds to receive such information, provided that such shareholders or unit holders of the Funds are not prohibited under the applicable laws of their citizenship, domicile or residence from receiving such information. No other persons are authorised by the Funds to receive such information.

Orbis Holdings and its affiliates ("Orbis") reserve the right to suspend, terminate or modify the Website or these terms and conditions at any time without notice. Orbis will notify users of any change in these Terms and Conditions by online postings. The changes will also appear in this document, which you can access at any time selecting the "Legal" hyperlink displayed on this site. If you use the Website after the changed Terms and Conditions have been posted, you accept the changed Terms and Conditions.

You agree that you will use the Website in compliance with all applicable local, state, national, and international laws, rules and regulations, including any laws regarding the transmission of technical data exported from your country of residence. You shall not, shall not agree to, and shall not authorize or encourage any third party to: (a) use the Website to upload, transmit or otherwise distribute any content that is unlawful, defamatory, harassing, abusive, fraudulent, obscene, contains viruses, or is otherwise objectionable as reasonably determined by Orbis; (b) upload, transmit or otherwise distribute content that infringes upon another party's intellectual property rights or other proprietary, contractual or fiduciary rights or obligations; (c) prevent others from using the Website; or (d) use the Website for any fraudulent or inappropriate purpose. Violation of any of the foregoing may subject you to other legal consequences. Orbis reserves the right, but shall have no obligation, to investigate your use of the Website in order to determine whether a violation of these terms and conditions has occurred or to comply with any applicable law, regulation, legal process or governmental request.

The Website is made available to you for your personal use only. The Website is only intended to provide general information regarding Orbis and its products and services and it is not intended to provide exhaustive treatment of any subject dealt with. The information has been prepared without considering your objectives, financial situation or needs. The information in this Website including, without limitation, all research, opinions or other content is therefore not intended nor does it constitute financial, accounting, tax, legal, investment, consulting or other professional advice or services. Before making any decision or taking any action which might affect your personal finances or business you should consult your own professional advisors. The Website could include technical, typographical or other inaccuracies and you are urged to contact Orbis to confirm all information contained therein prior to placing reliance thereon. Changes are periodically made to the information herein and these changes will be incorporated in new editions of the Website. Orbis expressly reserves the right, in its sole and absolute discretion, to alter or amend any criteria or information set out in the Website without notice. The Website may now, or hereafter from time to time contain certain statements or information respect to: (a) the projection of revenues, income, earnings per share, capital expenditures, dividends, capital structure, or other financial items; or (b) the plans, objectives and/or projections of Orbis for future operations, including those relating to the services of Orbis; or (c) future economic performance. Orbis wishes to caution you that such projections are only predictions and actual events or results may differ materially. Orbis is an active manager and any statement that relates to a specific issuer should not be treated as a representation that Orbis is pursuing any particular trading strategy. Orbis may be buying or selling any securities discussed.

Personal information which is obtained from those accessing this Website will be handled by Orbis Australia in accordance with the Orbis Australia Privacy Policy and by other members of the Orbis Group in accordance with the Orbis Group Privacy Policy. Fund shares or units are not being offered, directly or indirectly to any "member of the public in New Zealand" other than an "eligible person" as those terms are defined in the Securities Act 1978 (New Zealand).

The distribution of the information contained on this Website and the offering of shares or units in the Funds is restricted in certain jurisdictions. Except as noted below, no action has been taken to permit either the distribution of this information or the offering of any of the shares or units of the Funds in any jurisdiction where action authorization would be required for such purpose. In particular, neither the shares nor units in the Funds nor the Funds themselves have been registered under any United States securities legislation. The information posted on this Website is not intended and in no circumstances should it be regarded as an offer or sale of the Funds in the United States or to U.S. persons. Any offer and sale of Fund shares or units made in the United States will be made only in full compliance with US Securities laws and pursuant to an exemption from registration.

In the United Kingdom, with the exception of the Orbis SICAV, which is a recognised scheme under section 264 of the Financial Services and Markets Act 2000 (FSMA), the Orbis Funds are unregulated collective investment schemes for UK purposes, the promotion of which in the UK are restricted by sections 21 and 238 of the FSMA. The protections provided by the UK regulatory system, including recourse to the UK Financial Services Compensation Scheme, do not extend to investments in the Orbis Funds. This Website is not designed, intended nor may it be used as a financial promotion to any person in the UK other than those to whom it may be communicated under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 and the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001.

The information contained in this Website is not intended to constitute an offer of any securities to any person, and is not intended for distribution to anyone in any jurisdiction where such distribution is not authorised or to any person to whom it is unlawful to make such distribution. Persons in receipt of the information contained herein are therefore required to inform themselves about and observe such restrictions.

The Funds are sold by prospectus, Product Disclosure Statement ("PDS") or information memorandum only. Each Fund's prospectus, PDS or information memorandum contains important information which you should read carefully before investing.

The offer to invest in the Orbis MIS-Orbis/SM Australia Equity Fund will be made in a PDS. Anyone wishing to invest will need to complete an application form in the PDS. The PDS is issued by Equity Trustees Limited ABN 46 004 031 298, Australian financial services licence 240975. The PDS should be considered before deciding whether to acquire or hold units and can be accessed from this Website.

The information contained in this Website is relevant as of the dates expressly stated herein and no implication is being made that there has been no change in such information subsequent to such dates. The information is subject to change without notice and the Funds and their investment managers, advisors and affiliates will not be liable for any changes which may result in the information presented herein being inaccurate. Your use of this Website is subject to any other notices and disclaimers contained on this site or, if you link to any other Orbis website, such notices and disclaimers as are contained on the linked site.

External links to third party sites may be provided for your convenience, but they are beyond the control of Orbis and no representation or endorsement is made as to their content. Use of or reliance on any external links provided is at your own risk. Orbis takes no responsibility for third party content (including, without limitation, any viruses or other disabling features), nor does Orbis have any obligation to monitor such third party content. Orbis reserves the right at all times to remove or refuse to distribute any content on the Website such as content which violates the terms of these Terms and Conditions. Orbis also reserves the right to access, read, preserve, and disclose any information as it reasonably believes is necessary to (a) satisfy any applicable law, regulation, legal process or governmental request, (b) enforce these Terms and Conditions, including investigation of potential violations hereof, (c) detect, prevent, or otherwise address fraud, security or technical issues (including, without limitation, the filtering of spam), (d) respond to user support requests, or (e) protect the rights, property or safety of Orbis, its users and the public. Orbis will not be responsible or liable for the exercise or non-exercise of its rights under these Terms and Conditions.

Copyright, trademarks, database rights, patents and all similar rights in this Website and the information contained in it are owned by Orbis Holdings Limited, its affiliates and/or relevant third party content providers. Copyright in all information, material and logos (hereinafter referred to generally as "material") made available through the Website is protected by both national and international intellectual property laws. Accordingly, any unauthorised copying, reproduction, retransmission, distribution, dissemination, sale, publication, broadcast or other circulation, or exploitation this material will constitute an infringement of such protection. The copyright in all material vesting in Orbis published on the Website shall continue to vest in Orbis. Without derogating from the aforegoing, Orbis hereby authorises you to view, copy, download to a local drive, print and distribute the content of the Website, or any part thereof, provided that: (a) such content is used for information purposes only; (b) such content is used for non-commercial purposes. You are expressly prohibited from incorporating any material of Orbis' proprietary material from the Website in any other work, publication or website either of your own or belonging to any third party; and any reproduction of Orbis proprietary material from the Website or portion thereof must include this notice in its entirety. The information may not otherwise be reproduced, distributed or transmitted to any other person or incorporated in any way in to another database, document or other material. Any copy of materials which you make from the site must retain all this and all other relevant copyright or other proprietary notices and disclaimers. Nothing contained on this Website should be construed as granting any licence or right to use any trademark without the written permission of the owner of the trademark. No right, title or interest in any proprietary material contained in the Website is granted to you hereunder.

The trademarks, logos and service marks displayed on the Website are registered and unregistered trademarks of their owners. Nothing contained on the Website should be construed as granting any licence or right to use any trademark without the written permission of the owner thereof.

ASX 300 is is the trademark of ASX Operations Pty Limited ("ASXO"); "S&P ASX300^TM" exists pursuant to an arrangement between ASXO and Standard and Poor's (S&P^TM). S&P^TM is a trade mark of Standard & Poor's, a division of The McGraw-Hill Companies, Inc.

Disclaimer of Liability

The Funds and their investment managers, advisors, affiliates and their respective directors, officers, employees and agents are not liable or responsible in any way for any damages (direct, indirect, special, economic, or consequential) or other loss or harm suffered by any one in respect of the use of this Website or any of its content.

To the maximum extent permitted by law, this Website and its content are provided to you "as is" and "as available" without warranty or condition of any kind, either expressed or implied. We exclude all representations and warranties to the fullest extent permissible under applicable law. Orbis disclaims all responsibility and liability for the availability, timeliness, security or reliability of the Website and the information contained therein. Orbis also reserves the right to modify, suspend or discontinue the Website with or without notice at any time and without any liability to you. Without limiting the generality of the aforegoing Orbis does not warrant that the Website or information contained therein will be error-free or will meet any particular criteria of accuracy, completeness or reliability of information, performance or quality. Orbis expressly disclaims all implied warranties, including, without limitation, warranties of merchantability, title, fitness for a particular purpose, non-infringement, compatibility, security and accuracy.

Your use of the Website and the information contained therein is entirely at your own risk and you assume full responsibility and risk of loss resulting from the use thereof. Neither Orbis, its affiliated companies, holding company, subsidiaries or subsidiaries of its holding company, or their shareholders, agents, consultants or employees will be liable for any damages whatsoever relating to the use of the Website or the information contained therein, including, without limitation any direct, indirect, special, incidental, consequential or punitive damages, whether in an action arising out of contract, statute, delict or otherwise.

While Orbis has taken reasonable measures to ensure the integrity of the Website and its content, no warranty, whether express or implied is given that any files, downloads or applications available via the Website are free of viruses, trojans, bombs, time-locks or any other data or code which has the ability to corrupt or affect the operation of your system. You must ensure that you adequately protect yourself and any of your equipment, software and data by taking appropriate steps such as using up-to-date anti virus and firewall software.

You agree to hold harmless and indemnify Orbis, and its subsidiaries, affiliates, officers, agents, and employees from and against any third party claim arising from or in any way related to your use of the Website, including any liability or expense arising from all claims, losses, damages (actual and consequential), suits, judgments, litigation costs and attorneys' fees, of every kind and nature. In such a case, Orbis will provide you with written notice of such claim, suit or action. If any provision in these terms and conditions is invalid or unenforceable under applicable law, the remaining provisions will continue in full force and effect.

Nothing in this Agreement shall be deemed to confer any third party rights or benefits.

These terms and conditions are in addition to, and not in substitution of, any other present or future agreement between you and Orbis. If there is a conflict between these terms and conditions and any other agreement, this agreement shall govern. In all other respects the terms of any other agreement shall also apply to these terms and conditions.