<SEC-DOCUMENT>0001140361-17-000988.txt : 20170106
<SEC-HEADER>0001140361-17-000988.hdr.sgml : 20170106
<ACCEPTANCE-DATETIME>20170106163539
ACCESSION NUMBER:		0001140361-17-000988
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170106
DATE AS OF CHANGE:		20170106
GROUP MEMBERS:		MICHAEL T. TOKARZ
GROUP MEMBERS:		TOKARZ GROUP ADVISERS, LLC

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUUS TOTAL RETURN, INC.
		CENTRAL INDEX KEY:			0000878932
		IRS NUMBER:				760345915
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-44023
		FILM NUMBER:		17514656

	BUSINESS ADDRESS:	
		STREET 1:		EIGHT GREENWAY PLAZA
		STREET 2:		SUITE 930
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
		BUSINESS PHONE:		7135290900

	MAIL ADDRESS:	
		STREET 1:		EIGHT GREENWAY PLAZA
		STREET 2:		SUITE 930
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUUS II INC
		DATE OF NAME CHANGE:	19970422

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MVC CAPITAL, INC.
		CENTRAL INDEX KEY:			0001099941
		IRS NUMBER:				943346760
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		RIVERVIEW AT PURCHASE
		STREET 2:		287 BOWMAN AVENUE, 3RD FLOOR
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		914-701-0310

	MAIL ADDRESS:	
		STREET 1:		RIVERVIEW AT PURCHASE
		STREET 2:		287 BOWMAN AVENUE, 3RD FLOOR
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEVC DRAPER FISHER JURVETSON FUND I INC
		DATE OF NAME CHANGE:	19991207

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEVC DRAPER FISHER JURVETSON FUND I INC
		DATE OF NAME CHANGE:	19991207
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>formsc13da.htm
<DESCRIPTION>MVC CAPITAL, INC SC 13DA NO 3 1-6-2017 (EQUUS TOTAL RETURN, INC)
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Summit Financial Printing, LLC
    Document created using EDGARfilings PROfile 4.2.0.0
    Copyright 1995 - 2017 Summit Financial Printing, LLC.  All rights reserved.-->
</head>
<body style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" bgcolor="#ffffff" text="#000000">
<div>
<hr style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff; HEIGHT: 10px; COLOR: #ffffff; MARGIN-LEFT: auto; BORDER-TOP: black 4px solid; MARGIN-RIGHT: auto; BORDER-RIGHT: medium none" align="center">
</div>

<div>
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">UNITED STATES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Washington, D.C. 20549</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left">
<hr style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; BORDER-TOP: medium none; MARGIN-RIGHT: auto; BORDER-RIGHT: medium none" align="center" noshade="noshade">
<br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 18pt; FONT-WEIGHT: bold">SCHEDULE 13D</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Under the Securities Exchange Act of 1934</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Amendment No. 3)*</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left">
<hr style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; BORDER-TOP: medium none; MARGIN-RIGHT: auto; BORDER-RIGHT: medium none" align="center" noshade="noshade">
<br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 24pt; FONT-WEIGHT: bold">EQUUS TOTAL RETURN, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Name of Issuer)</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Stock, par value $0.001</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Title of Class of Securities)</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">29476610</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(CUSIP Number)</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center">
<hr style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; BORDER-TOP: medium none; MARGIN-RIGHT: auto; BORDER-RIGHT: medium none" align="center" noshade="noshade">
<font style="FONT-WEIGHT: bold">Michael T. Tokarz, Chairman</font></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MVC Capital, Inc.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">287 Bowman Avenue, 2nd Floor</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Purchase, New York 10577</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">914-701-0310</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">With a Copy to:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">George Silfen</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Kramer Levin Naftalis &amp; Frankel LLP</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1177 Avenue of the Americas</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">New York, New York 10036</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(212) 715-9522</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(212)-715-8422 (fax)</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" id="zba3edb61b21e481dae6d18954646dabe" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 100%; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; FONT-WEIGHT: bold">(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">January 6, 2017</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Date of Event Which Requires Filing of this Statement)</div>
</div>

<div>&#160;</div>

<div>
<hr style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; BORDER-TOP: medium none; MARGIN-RIGHT: auto; BORDER-RIGHT: medium none" align="center" noshade="noshade">
<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because &#167; 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g) check the following box&#160; &#9744;.</div>

<div style="TEXT-ALIGN: left"><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note:</font> Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See &#167; 240.13d-7(b) for other parties to whom copies are to be sent.</div>

<div>
<div>&#160;</div>

<div>
<hr style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; BORDER-TOP: medium none; MARGIN-RIGHT: auto; BORDER-RIGHT: medium none" align="center" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" id="z8960abc950c44903b3a2a20e86195f15" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">*</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The information required on the remainder of this cover page shall not be deemed to be &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>filed</u></font>&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>Act</u></font>&#8221;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">
<hr style="BORDER-BOTTOM: black 4px solid; TEXT-ALIGN: center; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff; HEIGHT: 10px; COLOR: #ffffff; MARGIN-LEFT: auto; BORDER-TOP: black 1px solid; MARGIN-RIGHT: auto; BORDER-RIGHT: medium none" align="center">
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">This amendment No. 3 to Schedule 13D (&#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amendment No. 3</font>&#8221;) is filed with respect to Equus Total Return, Inc. (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Issuer</font>&#8221;) jointly by MVC Capital, Inc., The Tokarz Group Advisers, LLC and Mr. Michael Tokarz (collectively referred to herein as the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Reporting Persons</font>&#8221;) pursuant to their joint filing agreement, which was filed with the with the Securities and Exchange Commission (the &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SEC</font>&#8221;) as Exhibit 1 to the Schedule 13D filed with the SEC on May 27, 2014 and is incorporated herein by reference.</div>

<div style="TEXT-ALIGN: left"><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">This Amendment No. 3 amends and supplements the statements on the Schedule 13D, Amendment No. 1 and Amendment No. 2 to the Schedule 13D filed with the SEC on May 27, 2014, June 5, 2014 and June 12, 2014, respectively, on behalf of the Reporting Persons (together, &#8220;<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Schedule 13D</font>&#8221;).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Except as provided herein, this Amendment No. 3 does not modify any of the information previously reported on Schedule 13D. Capitalized terms used but not defined herein have the meanings assigned to them in Schedule 13D.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" id="zc946c71ec3a74bf1b769f98f1f2f6e5f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Item 4.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Purpose of Transaction</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following at the end thereof:</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0.75pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.75pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0.75pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.75pt">On January 6, 2017, MVC Capital, Inc. executed a written consent approving the Issuer&#8217;s cessation as a business development company (&#8220;BDC&#8221;) under the Investment Company Act of 1940 and authorized the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) to cause the Company&#8217;s withdrawal of its election to be classified as a BDC, each effective as of a date designated by the Board and the Company&#8217;s Chief Executive Officer, but in no event later than July 31, 2017. Such actions will become effective twenty days after mailing of an information statement to shareholders of the Company in accordance with the requirements of the Securities Exchange Act of 1934.</div>

<div>&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">CUSIP No. 29476610</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SIGNATURES</div>

<div style="TEXT-ALIGN: center"><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">After reasonable inquiry and to the best knowledge and belief of the undersigned, the undersigned certifies that the information set forth in this statement with respect to the undersigned is true, complete and correct.</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" id="ze1cc94232583430b9d4bd008beef40c5" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 49.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Date: January 6, 2017</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">MVC CAPITAL, INC.</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">/s/ Michael Tokarz</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Name:</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Michael Tokarz</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Title:</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Chairman and Portfolio Manager</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" id="z86b44980c9f64aff9f91cbe5c98a741b" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 49.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">THE TOKARZ GROUP ADVISERS, LLC</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">/s/ Michael Tokarz</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Name:</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Michael Tokarz</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Title:</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Manager</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" id="z52089f931a94400480a5ef1ac9e8c41b" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 49.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">MICHAEL T. TOKARZ</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">/s/ Michael Tokarz</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<div>&#160;</div>

<div>
<hr style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; BORDER-TOP: medium none; MARGIN-RIGHT: auto; BORDER-RIGHT: medium none" align="center" noshade="noshade">
</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
