Once-off special distribution for the Allan Gray-Orbis funds

Allan Gray has announced a one-off special distribution for existing clients in Allan Gray Orbis Funds.

According to Faizil Jakoet, Head of Retail Client Services at Allan Gray, due to enhancements made to investment management systems (the system used to administer portfolios), the company will pay a once-off special distribution for the period ending 30 June 2010 to all investors in the following funds:

* Allan Gray-Orbis Global Equity Feeder Fund

* Allan Gray-Orbis Global Fund of Funds

* Allan Gray-Orbis Global Optimal Fund of Funds

What is a once-off special distribution?: This is an early payment of part of your total income distribution for a particular period. The effect of this is that your total income distribution will, instead of being paid as a single payment, be paid over two payments, i.e. a once-off special distribution and a normal income distribution.

Example: Your fund is scheduled to pay a normal income distribution on 31 December 2010, however as a result of the once-off special distribution, you will receive two distribution payments for this period, * A once-off special distribution for the period ending 30 June 2010 and a normal income distribution for the period ending 31 December 2010

Tax liability: Your income tax liability will not be affected as the once-off special distribution takes place in the same tax year as the normal income distribution payment.