Orbis Investment Management US LP

Item 5: Fees and Compensation

Compensation for advisory services

Not applicable. This Brochure is delivered only to qualified purchasers as defined in Section 2(a)(51)(A) of the Investment Company
Act of 1940.

Payment of fees

The Orbis Group deducts fees directly from the assets of the Orbis U.S. Opportunities Fund. Orbis receives a portion of those fees
monthly.

Orbis is entitled to a payment each month from Orbis Investment Management Limited for the advisory services it provides.

Other fees and expenses

Investors in the Orbis U.S. Opportunities Fund indirectly incur costs associated with the administration of the Fund, including fees for
custody and administration. Investors in the Orbis U.S. Opportunities Fund also indirectly incur brokerage and other transaction costs.
Orbis and the Orbis Group do not receive these fees, as these fees are paid by the Fund to the external parties that provides these
services.

Orbis’ Brokerage Practices are discussed in detail beginning on page 12 of this Brochure.

Pre-payment of fees

Not applicable. Clients do not pay fees in advance.

Sale compensation

Not applicable. Orbis and its employees do not accept compensation for the sale of securities or other investment products.

Item 7: Types of Clients
See Advisory Business on page 3 for a description of the clients to whom Orbis provides investment advice. The minimum investment
amount for the Orbis U.S. Opportunities Fund is set forth in the Fund’s offering document. The Orbis U.S. Opportunities Fund is a
“3(c)(7) fund” restricted to investors who are qualified purchasers or otherwise eligible under Section 3(c)(7) of the Investment
Company Act of 1940, as amended.