To align our interests with those of shareholders and prevent conflicts of interest, our Code of Ethics requires all employees
to limit their investments in publicly traded equities to Longleaf Partners Funds, unless granted clearance by a compliance committee. All
employees must report their securities transactions quarterly. Boards of Trustees review the administration of the Code of Ethics
annually, and receive reports of any violations. The Independent Trustees of the Funds must obtain clearance before making
personal securities investments to avoid conflicts of interest, and must invest in the Longleaf Funds an amount at least equal
to their Trustees' fees.
The employees and affiliates of Southeastern are collectively among the largest owners across the three Longleaf Funds.
