16 March 2006

Dear Orbis Members,

Our goal at Orbis is simple - to deliver superior long-term wealth creation on your behalf and, of equal importance, to earn your trust and confidence that we can continue to deliver for you in the future. We believe this goal is best served by temporarily closing the Orbis Funds to new clients, while remaining open to existing clients only, effective immediately. For more details, please refer to the attached notice.

Due to your enthusiastic support, Orbis has experienced extraordinary growth in the last few years, both in terms of the number of Members and their invested assets. Our investment process can, and was designed to, cope with substantially larger assets under management than we have at present.

However, meeting your needs is more than just about delivering superior investment returns. If left unchecked, growth at recent rates will challenge our ability to expand the non-investment side of our services in a sustainable manner while continuing to meet, and hopefully exceed, your expectations.

Our primary responsibility is to ensure that we meet your needs and achieve the goal that we have set ourselves on your behalf. We view this task as a marathon not a sprint. Rather than resting on our laurels, this proactive action will allow us to use the time freed up from the decline in new client activity to ensure that our processes, IT systems and the depth and breadth of our non-investment team stay well ahead of the demand for our services. Doing so will position Orbis where we want it to be in terms of our overall service to you, our valued clients.

While our decision will undoubtedly cause inconvenience to those who would like to invest with Orbis, we are convinced this action will contribute to maintaining the high standards of service we demand of ourselves for existing and future Members.

Yours sincerely,

William B. Gray

Notice To All Current And Prospective Orbis Investors