shares in Orbis Japan Equity (Yen) Fund and 100 million shares of Orbis Japan Equity (US$) Fund.

Both funds are open end mutual funds incorporated in the British Virgin Islands, the yen fund in December 1997, the US dollar in May this year.

The yen fund concentrates on Japanese equities and is fully exposed to the Japanese yen. The US dollar fund will invest in the yen fund and will usually be fully hedge into US dollars. The funds are managed by Orbis Investment Management (B.V.I) Ltd. while Orbis Investment Management Ltd. of Bermuda and Orbis Investment Advisory Ltd. of the U.K. provide advice and research on Japanese investments to the manager. Orbis already has three funds listed on the exchange.