MAS IMPOSES COMPOSITION AMOUNT OF $4,750 ON THIRD AVENUE MANAGEMENT LLC FOR LATE NOTIFICATION TO THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ["SGX-ST"] OF CHANGES IN SUBSTANTIAL SHAREHOLDINGS

1       On 11 June 2009 and 26 January 2010, Third Avenue Management LLC ["Third Avenue"] paid a composition amount of $2,000 and $2,750, respectively for contravening section 137 of the Securities and Futures Act ["SFA"] which requires substantial shareholders of listed companies to notify the securities exchange of a change in shareholdings.

2       Third Avenue was late in notifying SGX-ST of its deemed shareholding changes in WBL Corporation Limited ["WBL"] which took place on 3 March 2007 and 27 May 2009. Third Avenue was also late in notifying WBL of its deemed shareholding changes. As a result, WBL was unable to disseminate the information to the market as required under Rule 704(3) of the SGX Listing Manual.

3       Third Avenue had previously accepted an offer of composition made by the Authority in 2005 for a contravention of section 137 of the SFA.

Substantial shareholders are required to notify the securities exchange of changes in their shareholdings in a timely manner. This is necessary for the proper functioning of a fair, efficient and transparent market.