Third Avenue Real Estate Value Fund Wins “Best Global Real Estate Fund” at 2016 US Lipper Awards

Third Consecutive Year That TAREX Has Been Recognized by Lipper for Superior Performance in the Global Real Estate Category

NEW YORK–(BUSINESS WIRE)–Third Avenue Management LLC announced today that the Third Avenue Real Estate Value Fund (“TAREX”) has been named the “Best Global Real Estate Fund” at the 2016 Lipper Fund Awards. This award recognizes TAREX as the top performer among 33 funds in Lipper’s Global Real Estate category based on five-year risk-adjusted performance for the period ending November 30, 2015.

“Winning a highly coveted Lipper award for the third year in a row reinforces our view that Third Avenue’s unique and time-tested approach to investing in global real estate securities can add tremendous value for our clients”

“We are very pleased to once again be recognized by Lipper as a leading strategy in the Global Real Estate category,” said Jason Wolf, Co-lead Portfolio Manager of the Third Avenue Real Estate Value Fund. “This award reflects the steadfast commitment that Third Avenue’s Real Estate team has to delivering superior long-term results to our investors.”

This year marks the third consecutive year that Lipper has honored the Real Estate Value Fund for performance in the Global Real Estate category. Lipper Fund Awards honor mutual funds that have excelled in delivering consistently stronger performance than their peers.

“Winning a highly coveted Lipper award for the third year in a row reinforces our view that Third Avenue’s unique and time-tested approach to investing in global real estate securities can add tremendous value for our clients,” said Ryan Dobratz, Co-Lead Portfolio Manager. “And our team remains focused on generating the long-term performance that Lipper recognizes in such a prestigious award.”

The Third Avenue Real Estate Value strategy seeks long-term capital appreciation by investing in a diversified portfolio of global real estate securities. The differentiated approach focuses on the securities of well-capitalized real estate and real estate related companies that the managers believe are deeply discounted relative to perceived net asset values and with significant potential for value creation and total return. The strategy was launched in 1998 and is led by the experienced team of Ryan Dobratz, Michael Winer, and Jason Wolf.

Third Avenue Real Estate Value Fund

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 in order 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 fund, separate accounts and alternative products.

About The Lipper Fund Awards

Lipper designates award-winning funds in most individual classifications for the three-, five- and 10-year periods and fund family awards covering three years. Lipper Fund Awards are based on Lipper’s Consistent Return calculation. Lipper scores for Consistent Return reflect funds’ historical risk-adjusted returns relative to funds in the same Lipper classification and include each fund’s expenses and reinvested distributions, but exclude sales charges. Consistent Return values are calculated with all eligible share classes for each eligible classification. The highest Lipper Leader for Consistent Return value within each eligible classification determines the fund classification winner over three, five or 10 years. Lipper, a Thomson Reuters company, is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time. For a detailed explanation of the process, please review the Lipper Fund Awards methodology document athttp://excellence.thomsonreuters.com

Past performance is no guarantee of future results. This fund may not be suitable for all investors. Please read the fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses, and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at Thirdave.com. The referenced fund is offered in multiple share classes. Please read the prospectus for information on fees, expenses and holding periods that may apply to each class.

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Foreign markets can be more volatile than U.S. markets due to increased risks of adverse issuer, political, market or economic developments, all of which are magnified in emerging markets. These risks are particularly significant for funds that focus on a single country or region.

Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.

Third Avenue Real Estate Value Fund  – IMPORTANT INFORMATION

The information above does not constitute an offer to sell or a solicitation of an offer to purchase any securities. Third Avenue Funds are offered by prospectus only. The prospectus contains important information, including investment objectives, risks, advisory fees and expenses. Please read the prospectus carefully before investing in the Funds. Investment return and principal value fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

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