Third Avenue Value Fund Buys Koninklijke Boskalis Westminster NV, Borr Drilling, Petroleum Geo-Services ASA, Sells PNC Financial Services Group Inc, Johnson Controls International PLC, Amgen Inc

• New Purchases: BOKA, BDRILL, PGS, ORIG, ARCO, GCC, NEX, ATRS, CFEB, STBP3,
• Added Positions: TDW, HCC, BMW, IFP, FCE.A, CS, 01113, 00001, LEN.B, LUN,
• Reduced Positions: BAM.A, WY, CVCO, FP,
• Sold Out: PNC, JCI, AMGN, RS, MAS, EOG,

For the details of Martin Whitman's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Martin+Whitman

1. CK Hutchison Holdings Ltd (00001) - 4,854,458 shares, 5.77% of the total portfolio. Shares added by 20.00%
2. Weyerhaeuser Co (WY) - 1,560,737 shares, 5.77% of the total portfolio. Shares reduced by 10.91%
3. Total SA (FP) - 817,293 shares, 5.16% of the total portfolio. Shares reduced by 5.31%
4. Tidewater Inc (TDW) - 1,497,179 shares, 5.15% of the total portfolio. Shares added by 49.74%
5. Bank of New York Mellon Corp (BK) - 867,523 shares, 4.75% of the total portfolio.

Third Avenue Value Fund initiated holding in Koninklijke Boskalis Westminster NV. The purchase prices were between $23.21 and $32.19, with an estimated average price of $26.94. The stock is now traded at around $25.00. The impact to a portfolio due to this purchase was 3.24%. The holding were 1,087,930 shares as of 2018-04-30.

Third Avenue Value Fund initiated holding in Borr Drilling Ltd. The purchase prices were between $32 and $38.6, with an estimated average price of $35.3. The stock is now traded at around $37.40. The impact to a portfolio due to this purchase was 2.49%. The holding were 5,401,246 shares as of 2018-04-30.

Third Avenue Value Fund initiated holding in Petroleum Geo-Services ASA. The purchase prices were between $20.56 and $34.66, with an estimated average price of $25.62. The stock is now traded at around $36.62. The impact to a portfolio due to this purchase was 2.1%. The holding were 4,846,358 shares as of 2018-04-30.

Third Avenue Value Fund initiated holding in Ocean Rig UDW Inc. The purchase prices were between $23.48 and $27.4, with an estimated average price of $25.32. The stock is now traded at around $29.33. The impact to a portfolio due to this purchase was 1.86%. The holding were 763,542 shares as of 2018-04-30.

Third Avenue Value Fund initiated holding in Arcos Dorados Holdings Inc. The purchase prices were between $8.75 and $10.25, with an estimated average price of $9.44. The stock is now traded at around $7.15. The impact to a portfolio due to this purchase was 0.89%. The holding were 971,150 shares as of 2018-04-30.

Third Avenue Value Fund initiated holding in Grupo Cementos de Chihuahua SAB de CV. The purchase prices were between $97.17 and $108.85, with an estimated average price of $101.61. The stock is now traded at around $125.48. The impact to a portfolio due to this purchase was 0.48%. The holding were 816,900 shares as of 2018-04-30.

Third Avenue Value Fund added to a holding in Tidewater Inc by 49.74%. The purchase prices were between $24.4 and $35.06, with an estimated average price of $28.24. The stock is now traded at around $30.41. The impact to a portfolio due to this purchase was 1.71%. The holding were 1,497,179 shares as of 2018-04-30.

Third Avenue Value Fund added to a holding in Warrior Met Coal Inc by 164.13%. The purchase prices were between $22.44 and $33.39, with an estimated average price of $28.18. The stock is now traded at around $27.54. The impact to a portfolio due to this purchase was 1.67%. The holding were 1,147,004 shares as of 2018-04-30.

Third Avenue Value Fund added to a holding in Bayerische Motoren Werke AG by 129.91%. The purchase prices were between $83.49 and $92.47, with an estimated average price of $87.79. The stock is now traded at around $80.66. The impact to a portfolio due to this purchase was 1.46%. The holding were 232,155 shares as of 2018-04-30.

Third Avenue Value Fund added to a holding in Interfor Corp by 98.14%. The purchase prices were between $22.58 and $25.6, with an estimated average price of $24.07. The stock is now traded at around $24.70. The impact to a portfolio due to this purchase was 1.41%. The holding were 1,516,011 shares as of 2018-04-30.

Third Avenue Value Fund added to a holding in Forest City Realty Trust Inc by 90.73%. The purchase prices were between $19.76 and $23.47, with an estimated average price of $21.07. The stock is now traded at around $23.25. The impact to a portfolio due to this purchase was 1.28%. The holding were 1,337,509 shares as of 2018-04-30.

Third Avenue Value Fund added to a holding in Capstone Mining Corp by 252.85%. The purchase prices were between $1.12 and $1.48, with an estimated average price of $1.31. The stock is now traded at around $1.01. The impact to a portfolio due to this purchase was 1.12%. The holding were 17,756,306 shares as of 2018-04-30.

Third Avenue Value Fund sold out a holding in PNC Financial Services Group Inc. The sale prices were between $140.86 and $162.45, with an estimated average price of $153.53.

Third Avenue Value Fund sold out a holding in Johnson Controls International PLC. The sale prices were between $33.26 and $39.81, with an estimated average price of $36.15.

Third Avenue Value Fund sold out a holding in Amgen Inc. The sale prices were between $166.05 and $191.1, with an estimated average price of $178.8.

Third Avenue Value Fund sold out a holding in Reliance Steel & Aluminum Co. The sale prices were between $80.96 and $94.57, with an estimated average price of $88.33.

Third Avenue Value Fund sold out a holding in Masco Corp. The sale prices were between $36.16 and $44.66, with an estimated average price of $41.11.

Third Avenue Value Fund sold out a holding in EOG Resources Inc. The sale prices were between $98.47 and $118.17, with an estimated average price of $106.66.