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2007 Distribution Information

Record date: December 18,2007
Ex-dividend and payment date: December 19, 2007

Fund Ordinary Income Per Share Short-Term Capital Gains Per Share - Treated as Ordinary Income Long-Term Capital Gains Per Share Total Distribution Per Share Reinvested NAV
Third Avenue Value Fund (TAVFX) $1.63 $0.00 $0.46 $2.09 $59.90
Third Avenue Small-Cap Value Fund (TASCX) $0.23 $0.23 $2.26 $2.72 $22.99
Third Avenue Real Estate Value Fund (TAREX) $0.47 $0.17 $3.21 $3.85 $27.33
Third Avenue International Value Fund (TAVIX) $0.78 $0.00 $3.06 $3.84 $18.27


Third Avenue Trust - Five Year Distribution History

Third Avenue Value Fund

Record Date Ex-Date Payable Date Distribution Per Share Reinvestment NAV
Income LT Gain ST Gain* Total
12/22/2008 12/23/2008 12/23/2008 $0.19 - - $0.19 $31.50
12/18/2007 12/19/2007 12/19/2007 $1.63 $0.46 - $2.09 $59.90
12/19/2006 12/20/2006 12/20/2006 $3.24 $0.09 $0.01 $3.34 $58.99
12/21/2005 12/22/2005 12/22/2005 $1.61 $3.88 - $5.49 $55.13
12/27/2004 12/28/2004 12/28/2004 $0.78 - - $0.78 $51.63

Third Avenue Small-Cap Fund

Record Date Ex-Date Payable Date Distribution Per Share Reinvestment NAV
Income LT Gain ST Gain* Total
12/22/2008 12/23/2008 12/23/2008 $0.12 $0.53 - $0.65 $13.67
12/18/2007 12/19/2007 12/19/2007 $0.23 $2.26 $0.23 $2.72 $22.99
12/19/2006 12/20/2006 12/20/2006 $0.43 $0.87 $0.12 $1.42 $25.86
12/21/2005 12/22/2005 12/22/2005 $0.31 $0.23 $0.09 $0.63 $24.62
12/27/2004 12/28/2004 12/28/2004 $0.09 $0.07 $0.01 $0.17 $22.57

Third Avenue Real Estate Value Fund

Record Date Ex-Date Payable Date Distribution Per Share Reinvestment NAV
Income LT Gain ST Gain* Total
12/22/2008 12/13/2008 12/23/2008 $0.43 - - $0.43 $14.36
12/18/2007 12/19/2007 12/19/2007 $0.47 $3.21 $0.17 $3.85 $27.33
12/19/2006 12/20/2006 12/20/2006 $0.81 $2.65 $0.06 $3.52 $34.13
12/21/2005 12/22/2005 12/22/2005 $0.41 $0.80 $0.27 $1.48 $29.33
12/27/2004 12/28/2004 12/28/2004 $0.19 $0.21 $0.04 $0.44 $26.90

Third Avenue International Value Fund

Record Date Ex-Date Payable Date Distribution Per Share Reinvestment NAV
Income LT Gain ST Gain* Total
12/22/2008 12/23/2008 12/23/2008 $0.03 $0.14 - $0.17 $11.08
12/18/2007 12/19/2007 12/19/2007 $0.78 $3.06 - $3.84 $18.27
12/19/2006 12/20/2006 12/20/2006 $1.08 $1.58 $0.16 $2.82 $21.78
12/21/2005 12/22/2005 12/22/2005 $0.46 $0.10 - $0.56 $20.95
12/27/2004 12/28/2004 12/28/2004 $0.22 - - $0.22 $18.25

*Distributions of short-term capital gain ("ST Gain") are generally taxed as ordinary income.

The information provided above does not represent final tax information and therefore, should not be used in completing your income tax returns. These amounts are for informational purposes only. For tax return preparation, please use your Form 1099-DIV.

Mutual funds periodically distribute profits they earn to investors. By law, if a fund has net gains from the sale of securities, or if it earns dividends and interest from securities, it must pass substantially all of those earnings to its shareholders or it will be subject to corporate income taxes and excise taxes. These taxes would, in effect, reduce investors' total return.

It is the responsibility of any person or persons in possession of this material to inform themselves of and to take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments.

Please refer to the Prospectus and SAI for more detailed information regarding performance and disclosures. Neither Third Avenue Management LLC, nor the Third Avenue Funds provide tax or legal advice. Please consult with your attorney, accountant, and/or tax professional for advice concerning your particular situation.