Mr. David M. Barse is the chief executive officer of Third Avenue Management LLC. Shortly after the inception of the Third Avenue Value Fund in 1991, Mr. Barse joined Mr. Whitman in 1991. He is the chief executive officer of M.J. Whitman LLC, a full-service broker-dealer affiliated with Third Avenue. It is under Mr. Barse's strategic business development that Third Avenue has grown assets under management and has expanded its offerings to include separate accounts, sub-advised portfolios and alternative investment vehicles. Earlier, Mr. Barse practiced bankruptcy and corporate law. He received a J.D. from Brooklyn Law School and a B.A. from George Washington University.  He has set up a scholarship in the Brooklyn Law School in memory of his father, the late Lawrence P. Barse, to help an upper class student who has demonstrated academic excellence in the areas of securities or bankruptcy law, and has shown exceptional promise in business or law.

Known for assisting in the management of special situation/activist investments, Mr. David M. Barse sits on the Board of Covanta Holding Corporation and American Capital Access. Serving since 1996 as a director at Covanta Holding Corporation, Fairfield, New Jersey, Mr. Barse has been chairman of the Compensation Committee. He served as president and chief operating officer of the firm from July 1996 until July 2002. Since early 1998, Mr. Barse has served as president and, since June 2003, chief executive officer of Third Avenue, an investment adviser to mutual funds and separate accounts.

From April 1995 until February 1998, Mr. Barse served in the capacity of the executive vice president and chief operating officer of Third Avenue Trust and its predecessor, Third Avenue Value Fund, Inc. (along with its predecessor, "Third Avenue Trust"), before taking over as president in May 1998 and chief executive officer in September 2003. In 2001, Mr. Barse became trustee of both the Third Avenue Trust and Third Avenue Variable Series Trust.

Since June 1995, Mr. David M. Barse has been the president and, since July 1999, chief executive officer of M.J. Whitman, LLC and its predecessor, a full service broker-dealer. In December 1991, Mr. Barse joined the predecessor of M.J. Whitman LLC and Third Avenue as general counsel. Mr. Barse at present also serves as a director of American Capital Access Holdings, a privately held financial insurance company. He is now 45 years old and looking forward to an even better future.