Orbis Investment Management Limited

Excellence in Asset Management Conference

London, 29th January 2002

Geoffrey Gardner

Director of Fund Management

2

Locations

Bermuda - Primary office

24 staffPortfolio ManagementNorth American ResearchTrading

London - Advisory office

25 staff Global Research Risk Modeling Information Technology

Cape Town - Allan Gray Limited

75 staffLargest independent retirement fund asset manager in South AfricaMarket leading 27 year track recordAdvisor to Orbis Africa Equity Fund

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Philosophy

Common sense.

We believe the share prices of such companies will eventually appreciate to reflect the intrinsic business value. The timing of the price move is uncertain, but we are prepared to be patient and invest in the company with a three to five year investment horizon.

If executed in a disciplined and consistent manner such an investment philosophy offers the potential for superior returns and reduced risk of loss.

We are business analysts who seek to invest in shares of companies that trade at significant discount to our assessment of the intrinsic value of the business.

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Human Behaviour

Safety in numbers?

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Style Summary

• Contrarian• We often find ourselves buying shares that few others like and selling them

when they are popular.

• Value-oriented• We are not 'value' managers in the sense of buying only stocks with low

price/earnings ratios or avoiding companies with high growth. We focus on intrinsic value and hold shares selling at low prices relative to their intrinsic value.

• Focused• Each of our equity funds typically contains no more than 50 primary positions

at any one time.

• Long term• Intrinsic value often takes time to be recognised by the broader market. We

therefore do our research with at least a four-year time horizon and our funds tend to buy and hold.

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Knowing how to do something and doing it are two different things

 Casey Stengel

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Orbis Global Equity Fund

Net of fees in US$ from inception 31 December 1989 to 31 December 2001.

789

10

15

20

25

303540

50

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

Val

ue (

US

$)

Orbis Global World Index Avg Global Equity Fund

Returns Orbis Avg Global TotalAnnualised, net of fees Global Equity Fund Ranking FundsSince inception (1 Jan 1990) 14.5 5.6 1 63Latest 10 years 15.1 6.4 1 93Latest 5 years 15.5 2.7 2 215Latest 3 years 17.7 (1.9) 6 352Latest year 18.2 (17.9) 3 546Not annualised, net of feesSince inception (1 Jan 1990) 409.1 91.5 1 63Calendar year 2001 18.2 (17.9) 3 546Quarter to date 15.6 10.9 80 603

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All Equity Fund Returns (%)

Net of fees to 31 December 2001. Avg Fund data source: Standard & Poors’ Micropal. World Index: FTSE World Index total return.

Fund From Last 10 Last 5 Last 3 Last 1Currency Inception Inception years years years year

Equity Funds

Orbis Global Equity Fund US$ 1 Jan 90 14.5 15.1 15.5 17.7 18.2

FTSE World Index US$ 6.8 8.3 5.9 (2.1) (16.1)Average Global Equity Fund US$ 5.6 6.4 2.7 (1.9) (17.9)Ranking 1/63 1/93 2/215 6/352 3/546

Orbis Japan Equity (Yen) Fund Yen 1 Jan 98 13.6 10.2 (3.0)

TOPIX Total Return Index Yen (2.4) (1.0) (18.9)Average J apan Equity Fund Yen (0.8) 2.3 (18.2)Ranking 5/130 10/150 8/224

Orbis Japan Equity (US$) Fund US$ 12 Jun 98 12.7 15.5 1.2

TOPIX Index, hedged into US$ US$ 2.0 4.7 (16.0)

Orbis Africa Equity (Rand) Fund Rand 1 Jul 98 44.6 48.6 40.3

J SE All Share Index Rand 16.2 27.6 29.1

Annualised

Orbis Investment Management Limited