Michael Winer

MICHAEL WINER has served as the Co-Manager of Third Avenue Real Estate
Value Fund since its inception in September, 1998. Since 1994, he has
been a Managing Director of M. J. Whitman Senior Debt Corporation and a
senior real estate analyst for M. J. Whitman, Inc. From 1991 to 1994,
Mr. Winer held senior-level positions with two financial institutions,
where he directed the workout, collection and liquidation of distressed
real estate loan and asset portfolios. From 1986 to 1991, he was the
Chief Financial Officer, Director and co-owner of a southern California
real estate development firm specializing in the development,
construction and management of commercial properties. Prior to that, Mr.
Winer served as controller and financial officer for two large Southern
California real estate development firms. He has also been a CPA and
senior auditor with Touche Ross & Company. Mr. Winer holds a Bachelor of
Science degree in Accounting from San Diego State University.