Steve Johnson Third Avenue Senior Managing Director

May 8, 2009, New York, NY – Third Avenue Management LLC, an investment adviser to private and institutional clients, announced today that Steven Johnson has joined the firm as a Senior Managing Director. Mr. Johnson will be responsible for leading Third Avenue’s sales effort, with a focus on developing Third Avenue’s institutional client base.

“Steve Johnson has a long and distinguished history of working with the institutional investment community,” said David Barse, President and Chief Executive Officer of Third Avenue Management LLC. “Under Steve’s leadership, we expect to better serve our clients and enhance our relationships with institutional investors. Steve will leverage off of our existing sales team and look to build out our effort to aggressively grow Third Avenue’s client base domestically and internationally.”

Mr. Johnson has over 25 years of experience working with institutional investors and asset management firms. Most recently, he was a partner at Grail Partners, where he was responsible for the identification and targeting of capital providers, fundraising, and investor relations for two private equity funds. Previously, he served in various roles predominantly focused on Institutional Business Development at Schroder Investment Management, Marathon, Martin Currie Inc., and Neuberger & Berman. Mr. Johnson holds a B.A. in History and an M.B.A. from the University of Virginia.

Commenting on his new position, Mr. Johnson stated, “I admire Third Avenue’s value-oriented investment process and believe that the firm’s outstanding track record, stable and deep bench of investment professionals, and risk management controls are especially appealing to institutional investors now more than ever. I am particularly excited to join the firm at this point in time, given that Third Avenue’s expertise in distressed investing makes it uniquely positioned to take advantage of the unprecedented opportunities in the current market environment.”

About Third Avenue Management

ue Management LLC is a New York-based investment advisory firm that offers its services to private and institutional clients. Third Avenue adheres to a disciplined bottom-up value investment strategy to identify investment opportunities in undervalued securities of companies with high quality assets, understandable businesses and strong management teams that have the potential to create value over the long term. Third Avenue Management has approximately $12 billion in assets under management and offers value-oriented strategies through mutual funds, UCITS, separate accounts and alternative investment vehicles.