Southeastern Asset Management, investment adviser to the Longleaf Partners Funds, is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. It was founded in 1975 and is an independent, employee owned company. The investment advisory firm includes eight portfolio managers/analysts whose business is to align its interests with those of shareholders and prevent conflicts of interest. Its Code of Ethics requires all employees to limit their investments in equities to Longleaf Partners Funds, unless granted clearance by a compliance committee. 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 the largest owners across the three Longleaf Funds.