Longleaf Partners Funds are pleased to make excerpts from our May 2, 2006 Annual Presentation available to all shareholders online via Windows Media Player. These recorded sessions will allow those shareholders not able to attend the meeting to hear the comments and views of the Portfolio Managers.

We have broken the meeting into sections so that you may choose which aspects you want to listen to. We hope you enjoy the audio sessions, which we believe help our shareholders better understand their investments in the Longleaf Partners Funds.

You will need a a Windows Media Player to listen to the Windows Media Audio portions. Click on the icon below to download the software.

Current monthly performance can be found by clicking here. Fund returns and those of the S&P 500, Russell 2000 and MS EAFE Index are shown with dividends and distributions reinvested, but do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than the performance quoted. These indices are unmanaged and not hedged for foreign currency risk. Southeastern uses foreign currency hedging as part of its investment strategy to reduce currency risk for Longleaf Partners International. Before investing, please call 1-800-445-9469 or read the Prospectus carefully for a discussion of management fees, expenses and risks. Past Performance is not predictive of future performance and the value of an investment at redemption may be more or less than the purchase price. Longleaf Partners Funds are not for offer or sale outside the United States.

Subject and Speaker
Overview of the Longleaf Funds Lee Harper (7 minutes)	Windows Media Audio	- or -  Slide Presentation
Review History of Japanese Investments Andrew McDermott (8 Minutes)	Windows Media Audio	- or -  Slide Presentation
Overview of Investments and Research Staley Cates (12 Minutes)	Windows Media Audio