David M. Barse

Director

Mr. Barse has served on the board of directors of Covanta Holding Corporation since 1996 and is chairman of the Finance Committee and a member of the Compensation Committee. He previously served as president and chief operating officer (COO) from July 1996 until July 24, 2002 for Danielson Holding Corporation.

Since 1998, Mr. Barse has served as president of Third Avenue Management LLC, an investment adviser to mutual funds and separate accounts and where he also became its chief executive officer (CEO) in 2003. Prior to that, he was executive vice president and COO of Third Avenue Trust and its predecessor, Third Avenue Value Fund, Inc. In 2001, Mr. Barse became trustee of Third Avenue Trust and Third Avenue Variable Series Trust.

Since 1995, Mr. Barse has served as president of M.J. Whitman, LLC, a full service broker-dealer, where is has also served as COO since 1999. He joined the predecessor of M.J. Whitman LLC and Third Avenue in December 1991 as general counsel. Mr. Barse also presently serves as a director of Manifold Capital Corporation (formerly, American Capital Access Holdings), a privately held financial insurance company.