0000930413-11-004491 Sample Contracts

OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • June 23rd, 2011 • Third Avenue Trust • Delaware

THIS OPERATING EXPENSES LIMITATION AGREEMENT (this “Agreement”) is made as of March 1, 2011, by and between Third Avenue Trust (the “Trust”), on behalf of its series listed on Schedule A (each, the “Fund”), and Third Avenue Management LLC, the Funds’ investment adviser (the “Adviser”).

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