¹ Refers to a share class of the Third Avenue Real Estate Value Fund (UCITS), a sub-fund of Third Avenue Capital p.l.c., and is not available to US investors. Third Avenue Capital p.l.c. provides UCITS Funds for non-US investors, and does not offer any products or services to US investors. Third Avenue Management LLC serves as investment manager to Third Avenue Capital p.l.c.

² 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 at http://excellence.thomsonreuters.com

³ Refers to Third Avenue Real Estate Value Fund (“TAREX”), a mutual fund available to U.S. investors only.

IMPORTANT INFORMATION

For US Investors: 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.

For Non-US Investors: The information above does not constitute an offer, solicitation or invitation to buy the Fund’s shares in any jurisdiction. Potential eligible investors should contact their financial advisor, or the Fund’s Administrator, BNY Mellon Investment Services (International) Ltd., at +353 5391 49880 or thirdavenue@bnymellon.com for more information, including a prospectus and simplified prospectus. Potential eligible investors should read the prospectus, simplified prospectus and relevant supplement carefully, considering the investment objectives, risks, charges, and expenses of the investment company, before making any investment decision or sending money. The prospectus, simplified prospectus and supplements contain this and other important information about the Fund. Additional information regarding Third Avenue Capital p.l.c. is also available at www.thirdavenuecapitalplc.com