Company Press Release

Third Avenue Management Appoints Thomas Gandolfo Chief Risk Officer

July 21, 2011, New York, NY –Third Avenue Management LLC announced today that it has appointed Thomas Gandolfo to serve as the firm's Chief Risk Officer. Mr. Gandolfo, who is a member of Third Avenue's investment team and Risk Management Committee, will assume the newly-created role effective August 1, 2011.

Mr. Gandolfo will be responsible for overseeing the firm's investment and enterprise risk management processes by identifying, analyzing and monitoring risk, and enforcing the policies and controls over portfolio management and other operational functions within the firm. He will be based in the firm's New York City headquarters and will report to David Barse, President and Chief Executive Officer.

David Barse stated, "Since the firm's founding more than two decades ago, Third Avenue has embraced a risk-conscious culture. While we have always focused on guarding against investment risk, the world post 2008 has become riskier and more strictly regulated. I established the role of Chief Risk Officer to formalize and enhance our existing risk assessment and mitigation processes." \Mr. Barse added, "I am proud to name Tom Gandolfo Chief Risk Officer, as Tom's professional expertise and experience in our industry, as well as his thorough understanding of all aspects of Third Avenue’s businesses and investment portfolios, ideally position him to succeed in this role. I know that Tom will serve our firm and our investors well."

Mr. Gandolfo joined Third Avenue in July 2008. Prior to Third Avenue, Mr. Gandolfo was Managing Director of the Capital Markets and Structured Credit Group at Ambac Financial Group. Previously, he served as Chief Financial Officer of Ambac and led all aspects of the company's capital management and financial reporting. Earlier in his career, Mr. Gandolfo was a senior audit manager at PriceWaterhouseCoopers, where he audited and consulted for some of the firm's largest multinational clients.

Mr. Gandolfo holds a B.A. in Accounting with honors from Bentley College and is a Certified Public Accountant.

About Third Avenue Management

Third Avenue 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 offers value-oriented strategies through mutual funds, UCITS, separate accounts and alternative investment vehicles.