Longleaf Partners Funds are pleased to make excerpts from our May 13, 2008 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 the Longleaf Partners Funds. Before investing, please call 1-800-445-9469 or read the Prospectus carefully for a discussion of investment objectives, management fees, expenses and risks. Past Performance is not predictive of future performance, fund prices fluctuate, 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
Introduction Mason Hawkins (3 minutes)	Windows Media Audio
Overview of the Funds Lee Harper (7 Minutes)	Windows Media Audio	- or -  Slide Presentation
Outlook for the Funds Mason Hawkins (7 Minutes)	Windows Media Audio	- or -  Slide Presentation
Overview of Investments and Research Staley Cates (13 Minutes)	Windows Media Audio
Comments on hedging currency risk in the International Fund. Mason Hawkins (3 Minutes)	Windows Media Audio
Comments on Chesapeake Energy. Mason Hawkins, Staley Cates (1 Minute)	Windows Media Audio
Comments on Employee investments in the Longleaf Funds. Mason Hawkins, Julie Douglas (1 Minute)	Windows Media Audio
Comments on UBS and Allied Irish Bank. Mason Hawkins, Staley Cates (6 Minutes)	Windows Media Audio
Comments on omissions for the past year. Mason Hawkins, Staley Cates (4 Minutes)	Windows Media Audio
Comments on evaluation of business and systemic risk. Mason Hawkins, Staley Cates (4 Minutes)	Windows Media Audio
Comments on technology investing. Mason Hawkins, Staley Cates (7 Minutes)	Windows Media Audio
Comments on breakdown of employee investments in the Funds. Mason Hawkins (1 Minutes)	Windows Media Audio
Comments on changes to the investment team. Staley Cates (1 Minutes)	Windows Media Audio
Comments on the economy's effect on the market. Mason Hawkins, Staley Cates (4 Minutes)	Windows Media Audio
Comments on future investments in Israel and surrounding areas. Mason Hawkins (1 Minutes)	Windows Media Audio
Comments on renewable energy. Mason Hawkins, Staley Cates (3 Minutes)	Windows Media Audio
Comments on Level 3. Mason Hawkins, Staley Cates (6 Minutes)	Windows Media Audio
Any concerns about unlocking shareholder value in Japan? Andrew McDermott (3 Minutes)	Windows Media Audio
What products and management at GM are you excited about? Mason Hawkins, Staley Cates (2 Minutes)	Windows Media Audio