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Longleaf Partners Funds' Governing Principles

Contributed by mm | August 19, 2005 11:56 AM PST





Every value investor will appreciate these principles.

From Longleaf Partners:

- We will treat your investment in Longleaf as if it were our own.
- We will remain significant investors with you in Longleaf.
- We will invest for the long term, while always striving to maximize returns and minimize business, financial, purchasing power, regulatory and market risks.
- We will choose our equity investments based on their discounts from our appraisals of their corporate intrinsic value, their financial strength, their management, their competitive position, and our assessment of their future earnings potential.
- We will concentrate our assets in our best ideas.
- We will not impose loads, holding periods, exit fees or 12b-1 charges on our investment partners.
- We will consider closing the Funds to new investors if closing would benefit existing shareholders.
- We will discourage short-term speculators and market timers from joining us, the long-term investors in Longleaf.
- We will continue our efforts to enhance shareholder services.
- We will communicate with our investment partners as candidly as possible.
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