Do the Funds fall within the scope of the European Union Savings Directive?
Our assessment is that all of the Orbis Funds are effectively exempt from the European Union Savings Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments. This means that payments from the Orbis Funds, including dividends and redemption proceeds, to residents of the European Union should not be subject to having tax withheld by paying agents under the Directive.
