Third Avenue Special

Situations Fund

Fund Investment Objectives

Third Avenue Special Situations Fund seeks to preserve capital and achieve superior absolute annual returns over the life of the Fund by seeking distressed opportunities and utilizing a deep value approach to identify other event driven special situations that meet our "Value with a Catalyst" investment strategy. Special situations may arise as a result of distressed, restructuring, neglect, controversy, turnarounds and capital structure arbitrage opportunities. The Fund has a flexible mandate, allowing it to invest long and short in the equity or debt of both public and private companies, in the U.S. and overseas, without regard for market capitalization.