The Longleaf Partners Funds are pleased to make excerpts from our May 7, 2009 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 Windows Media Player to listen to the Windows Media Audio portions. Click on the icon below to download the software.

We have also made the transcript available online as an Adobe Acrobat document. The link to the transcript is above the audio portion. If you do not have the Adobe Acrobat Reader, you may download it by clicking on the icon below.

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.

Annual Presentation Transcript

Amplifications and Corrections

Subject and Speaker
Overview of the Funds Lee Harper (9 Minutes)	Windows Media Audio	- or -  Slide Presentation
Outlook for the Funds Mason Hawkins (21 Minutes)	Windows Media Audio	- or -  Slide Presentation
Overview of Investments and Research Staley Cates (16 Minutes)	Windows Media Audio
Comments on Sun Microsystems Mason Hawkins, Jason Dunn (4 Minutes)	Windows Media Audio
Comments on shareholder activism Mason Hawkins (3 Minutes)	Windows Media Audio
Have your criteria used in evaluating companies changed? Mason Hawkins, Staley Cates (5 Minutes)	Windows Media Audio
Comments on the restructuring at General Motors Mason Hawkins, Staley Cates (2 Minutes)	Windows Media Audio
Comments on the impact of government policies on your investment philosophy Mason Hawkins, Staley Cates (3 Minutes)	Windows Media Audio
What are the attributes of a good investment? Mason Hawkins, Staley Cates (2 Minutes)	Windows Media Audio
Comments on today's market verses markets of the past. Mason Hawkins (3 Minutes)	Windows Media Audio
Comments on investments in technology Mason Hawkins, Staley Cates (6 Minutes)	Windows Media Audio
Comments on Yum Brands Mason Hawkins, Staley Cates (3 Minutes)	Windows Media Audio