<SEC-DOCUMENT>0001171520-19-000002.txt : 20190103
<SEC-HEADER>0001171520-19-000002.hdr.sgml : 20190103
<ACCEPTANCE-DATETIME>20190102211046
ACCESSION NUMBER:		0001171520-19-000002
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190103
DATE AS OF CHANGE:		20190102
GROUP MEMBERS:		DANIEL ZEFF
GROUP MEMBERS:		ZEFF CAPITAL LP
GROUP MEMBERS:		ZEFF HOLDING COMPANY, LLC

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HIGHWAY HOLDINGS LTD
		CENTRAL INDEX KEY:			0001026785
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS FABRICATED METAL PRODUCTS [3490]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-50008
		FILM NUMBER:		19503471

	BUSINESS ADDRESS:	
		STREET 1:		LEVEL 18 LANDMARK N 39 LUNG SUM AVE
		STREET 2:		STE 1801
		CITY:			SHEUNG SHUI
		STATE:			K3
		ZIP:			00000
		BUSINESS PHONE:		011-86-755-2813-6056

	MAIL ADDRESS:	
		STREET 1:		LEVEL 18 LANDMARK N 39 LUNG SUM AVE
		STREET 2:		STE 1801
		CITY:			SHEUNG SHUI
		STATE:			K3
		ZIP:			999999999

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Zeff Capital, LP
		CENTRAL INDEX KEY:			0001559603
		IRS NUMBER:				271439128
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1109

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		885 SIXTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10001
		BUSINESS PHONE:		415-847-6808

	MAIL ADDRESS:	
		STREET 1:		885 SIXTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10001
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>eps8298.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0in"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0in"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0in"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 14pt Times New Roman,serif; margin: 12pt 0 0; text-align: center; text-indent: 0in"><B>SCHEDULE 13G</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 9.35pt 0 0; text-align: center; text-indent: 0in"><B>Under the Securities
Exchange Act of 1934</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 9pt 0 0; text-align: center; text-indent: 0in"><B>(Amendment No. 2)*</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font: 11pt Times New Roman,serif; text-align: center; text-indent: 0in"><B>Highway Holdings Limited</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; font: 11pt Times New Roman,serif; text-align: center; text-indent: 0in">(Name of Issuer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 5pt 0 0 12pt; text-align: center; text-indent: -12pt"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman Bold,serif; margin: 0 0 0 12pt; text-align: center; text-indent: -12pt"><B>Common Stock</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman,serif; text-align: center; text-indent: 0in">(Title of Class of Securities)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Courier New; margin: 0; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>G4481U106</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman,serif; text-align: center; text-indent: 0in">(CUSIP Number)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman,serif; text-align: center; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman,serif; text-align: center; text-indent: 0in"><B>December 26, 2018</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman,serif; text-align: center; text-indent: 0in">(Date of Event which Requires Filing of this Statement)</TD></TR>
</TABLE>
<P STYLE="font: 11.5pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 0in">Check the appropriate box to designate the rule
pursuant to which this Schedule is filed:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 9pt 0 0; text-indent: 0in">&#9744;<FONT STYLE="font-size: 11.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule
13d-1(b)</FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 9pt 0 0; text-indent: 0in"><FONT STYLE="font-size: 11.5pt">&#9745;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule
13d-1(c)</FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 9pt 0 0; text-indent: 0in">&#9744;<FONT STYLE="font-size: 11.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule
13d-1(d)</FONT></P>

<P STYLE="font: 11.5pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 0in">*The remainder of this cover page shall be filled
out for a reporting person&rsquo;s initial filing on this form with respect to the subject class of securities, and for any subsequent
amendment containing information which would alter the disclosures provided in a prior cover page.</P>

<P STYLE="font: 11.5pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 0in">The information required in the remainder of
this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section&nbsp;18 of the Securities Exchange Act
of 1934 (&ldquo;Act&rdquo;) 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).</P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman,serif; text-indent: 0in">CUSIP No. <FONT STYLE="text-transform: uppercase">G4481U106</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 6pt; text-indent: 0.5in">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Names
        of Reporting Persons: Zeff Capital, LP</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: dotted">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 6pt 0.75in; text-indent: -0.25in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
        the Appropriate Box if a Member of a Group</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 6pt 1in; text-indent: -0.25in">(a) &#9744;</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 6pt 1in; text-indent: -0.25in">(b) &#9744;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: -0.25in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEC
        Use Only</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: -0.25in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizenship
        or Place of Organization: Delaware</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P></TD></TR>
<TR>
    <TD ROWSPAN="4" STYLE="vertical-align: top; width: 14%; font: 11pt Times New Roman,serif; text-indent: 0in">Number of Shares Beneficially Owned by Each Reporting Person With:</TD>
    <TD STYLE="width: 86%; border-bottom: Black 1pt solid; font: 11pt Times New Roman,serif; padding-left: 21pt; text-align: justify; text-indent: -21pt">5.&#9;Sole Voting Power: 0</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman,serif; padding-left: 21pt; text-align: justify; text-indent: -21pt">6. &#9;Shared Voting Power: 389,568</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman,serif; padding-left: 21pt; text-align: justify; text-indent: -21pt">7. &#9;Sole Dispositive Power: 0</TD></TR>
<TR>
    <TD STYLE="font: 11pt Times New Roman,serif; padding-left: 21pt; text-align: justify; text-indent: -21pt">8. &#9;Shared Dispositive Power: 389,568</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate
        Amount Beneficially Owned by Each Reporting Person: 389,568</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 3pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">10. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
        if the Aggregate Amount in Row (9) Excludes Certain Shares: &#9744;</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">Not applicable.</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percent
        of Class Represented by Amount in Row (9): <FONT STYLE="text-transform: uppercase">10.2</FONT>%<FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><SUP>[1]</SUP></FONT></P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 3pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; font: 11pt Times New Roman,serif; padding-left: 0.75in; text-indent: -0.25in">12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type of Reporting Person: PN</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman,serif; padding-left: 0.75in; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 0in"><FONT STYLE="font: 8pt Times New Roman,serif"><SUP>[1]
</SUP></FONT>Based on 3,801,874 shares of Common Stock issued and outstanding as of March 31, 2018, as reported in the Form 20-F
filed by Highway Holdings Limited on July 9, 2018.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman,serif; text-indent: 0in">CUSIP No. <FONT STYLE="text-transform: uppercase">G4481U106</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 6pt; text-indent: 0.5in">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Names
        of Reporting Persons: Zeff Holding Company, LLC</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: dotted">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 6pt 0.75in; text-indent: -0.25in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
        the Appropriate Box if a Member of a Group</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 6pt 1in; text-indent: -0.25in">(a) &#9744;</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 6pt 1in; text-indent: -0.25in">(b) &#9744;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: -0.25in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEC
        Use Only</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: -0.25in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizenship
        or Place of Organization: Delaware</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P></TD></TR>
<TR>
    <TD ROWSPAN="4" STYLE="vertical-align: top; width: 14%; font: 11pt Times New Roman,serif; text-indent: 0in">Number of Shares Beneficially Owned by Each Reporting Person With:</TD>
    <TD STYLE="width: 86%; border-bottom: Black 1pt solid; font: 11pt Times New Roman,serif; padding-left: 21pt; text-align: justify; text-indent: -21pt">5.&#9;Sole Voting Power: 0</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman,serif; padding-left: 21pt; text-align: justify; text-indent: -21pt">6. &#9;Shared Voting Power: 389,568</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman,serif; padding-left: 21pt; text-align: justify; text-indent: -21pt">7. &#9;Sole Dispositive Power: 0</TD></TR>
<TR>
    <TD STYLE="font: 11pt Times New Roman,serif; padding-left: 21pt; text-align: justify; text-indent: -21pt">8. &#9;Shared Dispositive Power: 389,568</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate
        Amount Beneficially Owned by Each Reporting Person: 389,568</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 3pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">10. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
        if the Aggregate Amount in Row (9) Excludes Certain Shares: &#9744;</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">Not applicable.</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percent
        of Class Represented by Amount in Row (9): <FONT STYLE="text-transform: uppercase">10.2</FONT>%<FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><SUP>[2]</SUP></FONT></P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 3pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; font: 11pt Times New Roman,serif; padding-left: 0.75in; text-indent: -0.25in">12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type of Reporting Person: OO</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman,serif; padding-left: 0.75in; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 0in"><B></B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 0in"><FONT STYLE="font-size: 8pt"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 0in"><FONT STYLE="font-size: 8pt"><SUP>[2]</SUP></FONT>
Based on 3,801,874 shares of Common Stock issued and outstanding as of March 31, 2018, as reported in the Form 20-F filed by Highway
Holdings Limited on July 9, 2018.</P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-indent: 0in"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman,serif; text-indent: 0in">CUSIP No. <FONT STYLE="text-transform: uppercase">G4481U106</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 6pt; text-indent: 0.5in">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Names
        of Reporting Persons: Daniel Zeff</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: dotted">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 6pt 0.75in; text-indent: -0.25in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
        the Appropriate Box if a Member of a Group</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 6pt 1in; text-indent: -0.25in">(a) &#9744;</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 6pt 1in; text-indent: -0.25in">(b) &#9744;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: -0.25in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEC
        Use Only</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: -0.25in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizenship
        or Place of Organization: United States of America</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P></TD></TR>
<TR>
    <TD ROWSPAN="4" STYLE="vertical-align: top; width: 14%; font: 11pt Times New Roman,serif; text-indent: 0in">Number of Shares Beneficially Owned by Each Reporting Person With:</TD>
    <TD STYLE="width: 86%; border-bottom: Black 1pt solid; font: 11pt Times New Roman,serif; padding-left: 21pt; text-align: justify; text-indent: -21pt">5.&#9;Sole Voting Power: 0</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman,serif; padding-left: 21pt; text-align: justify; text-indent: -21pt">6. &#9;Shared Voting Power: 389,568</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman,serif; padding-left: 21pt; text-align: justify; text-indent: -21pt">7. &#9;Sole Dispositive Power: 0</TD></TR>
<TR>
    <TD STYLE="font: 11pt Times New Roman,serif; padding-left: 21pt; text-align: justify; text-indent: -21pt">8. &#9;Shared Dispositive Power: 389,568</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate
        Amount Beneficially Owned by Each Reporting Person: 389,568</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 3pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">10. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
        if the Aggregate Amount in Row (9) Excludes Certain Shares: &#9744;</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">Not applicable.</P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percent
        of Class Represented by Amount in Row (9): <FONT STYLE="text-transform: uppercase">10.2</FONT>%<FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><SUP>[3]</SUP></FONT></P>
        <P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 3pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; font: 11pt Times New Roman,serif; padding-left: 0.75in; text-indent: -0.25in">12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type of Reporting Person: IN</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman,serif; padding-left: 0.75in; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 0in"><FONT STYLE="font-size: 8pt"><SUP></SUP></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 0in"><FONT STYLE="font-size: 8pt"><SUP>[3]</SUP></FONT>
Based on 3,801,874 shares of Common Stock issued and outstanding as of March 31, 2018, as reported in the Form 20-F filed by Highway
Holdings Limited on July 9, 2018.</P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 0in"><B>Item 1.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27.7pt">(a)</TD><TD STYLE="text-align: justify"><U>Name of Issuer</U>:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 58.5pt; text-indent: -4.5pt">Highway Holdings Limited</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 54.7pt; text-align: justify; text-indent: -27.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 27.75pt">(b)</TD><TD STYLE="text-align: justify"><U>Address of Issuer&rsquo;s Principal Executive Offices</U>:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 58.5pt; text-indent: -4.5pt">Suite 1801, Level 18, Landmark North 39
Lung Sum Avenue Sheung Shui</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 58.5pt; text-indent: -4.5pt">New Territories, Hong Kong</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 2.</B></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 27.35pt">(a)</TD><TD STYLE="text-align: justify"><U>Name of Person Filing</U>:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 58.5pt; text-indent: -4.5pt">Zeff Capital, LP</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in">Zeff Holding Company, LLC</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in">Daniel Zeff</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 27.35pt">(b)</TD><TD STYLE="text-align: justify"><U>Address of Principal Business Office or, if none, Residence</U>:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 54.7pt; text-align: justify; text-indent: -0.7pt">The address of the
principal place of business and principal office of each of the Reporting Persons is:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 54.7pt; text-align: justify; text-indent: -0.7pt">885 Avenue of the Americas,
New York, NY 10001</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 54.7pt; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 27.35pt">(c)</TD><TD STYLE="text-align: justify"><U>Citizenship</U>:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 58.5pt; text-indent: -4.5pt">Zeff Capital, LP and Zeff Holding Company,
LLC are organized under the laws of the State of Delaware. Daniel Zeff is a United States citizen.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 54.7pt; text-align: justify; text-indent: -27.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 27.35pt">(d)</TD><TD STYLE="text-align: justify"><U>Title of Class of Securities</U>:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 58.5pt; text-indent: -4.5pt">Common Stock, par value $0.01</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 54.7pt; text-align: justify; text-indent: -27.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 27.35pt">(e)</TD><TD STYLE="text-align: justify"><U>CUSIP Number</U>:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 4.5pt"><FONT STYLE="text-transform: uppercase">G4481U106</FONT></TD><TD></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 54.7pt; text-align: justify; text-indent: -27.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 3.</B></TD><TD STYLE="text-align: justify"><B>If this statement is filed pursuant to &sect;&sect;240.13d-1(b) or 240.13d-2(b) or (c), check
whether the person filing is&nbsp;a: </B>Not applicable.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0 45pt; text-indent: 0pt">(a) &#9744; Broker or dealer registered under section
15 of the Act (15 U.S.C. 78o);</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0 45pt; text-indent: 0pt">(b) &#9744; Bank as defined in section 3(a)(6)
of the Act (15 U.S.C. 78c);</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0 45pt; text-indent: 0pt">(c) &#9744; Insurance company as defined in section
3(a)(19) of the Act (15 U.S.C. 78c);</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0 45pt; text-indent: 0pt">(d) &#9744; Investment company registered under
section 8 of the Investment Company Act of 1940 (15 U.S.C80a&ndash;8);</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0 45pt; text-indent: 0pt">(e) &#9744; An investment adviser in accordance
with &sect;240.13d&ndash;1(b)(1)(ii)(E);</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0 45pt; text-indent: 0pt">(f) &#9744; An employee benefit plan or endowment
fund in accordance with &sect;240.13d&ndash;1(b)(1)(ii)(F);</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0 45pt; text-indent: 0pt">(g) &#9744; A parent holding company or control
person in accordance with &sect;240.13d&ndash;1(b)(1)(ii)(G);</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0 45pt; text-indent: 0pt">(h) &#9744; A savings associations as defined in
Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0 45pt; text-indent: 0pt">(i) &#9744; A church plan that is excluded from
the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a&ndash;3);</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0 45pt; text-indent: 0pt">(j) &#9744; A non-U.S. institution in accordance
with &sect;240.13d&ndash;1(b)(1)(ii)(J);</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0 45pt; text-indent: 0pt">(k) &#9744; Group, in accordance with &sect;240.13d&ndash;1(b)(1)(ii)(K).
If filing as a non-U.S. institution in accordance with &sect;240.13d&ndash;1(b)(1)(ii)(J), please specify the type of institution:
____</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 4.</B></TD><TD STYLE="text-align: justify"><B>Ownership</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-indent: 0in">Zeff Capital, LP</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Amount beneficially owned: 389,568</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Percent of class: <FONT STYLE="text-transform: uppercase">10.2</FONT>%</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Number of shares as to which the person has:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>Sole power to vote or to direct the vote: 0</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>Shared power to vote or to direct the vote: 389,568</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>Sole power to dispose or to direct the disposition of: 0</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>Shared power to dispose or to direct the disposition of : 389,568</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-indent: 0in">Zeff Holding Company, LLC</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Amount beneficially owned: 389,568</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Percent of class: <FONT STYLE="text-transform: uppercase">10.2%</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Number of shares as to which the person has:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>Sole power to vote or to direct the vote: 0</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>Shared power to vote or to direct the vote: 389,568</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>Sole power to dispose or to direct the disposition of: 0</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>Shared power to dispose or to direct the disposition of: 389,568</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-indent: 0in">Daniel Zeff</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Amount beneficially owned: 389,568</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Percent of class: <FONT STYLE="text-transform: uppercase">10.2%</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Number of shares as to which the person has:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>Sole power to vote or to direct the vote: 0</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>Shared power to vote or to direct the vote: 389,568</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>Sole power to dispose or to direct the disposition of: 0</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>Shared power to dispose or to direct the disposition of : 389,568</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 0.75in; text-indent: 0in"></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 5.</B></TD><TD STYLE="text-align: justify"><B>Ownership of Five Percent or Less of a Class</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0in">If this statement is being
filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent
of the class of securities, check the following.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify; text-indent: 0in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 6.</B></TD><TD STYLE="text-align: justify"><B>Ownership of More than Five Percent on Behalf of Another Person</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 9pt 0 0; text-align: justify; text-indent: 0in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 7.</B></TD><TD STYLE="text-align: justify"><B>Identification and Classification of the Subsidiary Which Acquired the Security Being Reported
on By the Parent Holding Company or Control Person</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 9pt 0 0; text-align: justify; text-indent: 0in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 8.</B></TD><TD STYLE="text-align: justify"><B>Identification and Classification of Members of the Group</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 9pt 0 0; text-align: justify; text-indent: 0in">Please see Exhibit A, Joint
Filing Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 9.</B></TD><TD STYLE="text-align: justify"><B>Notice of Dissolution of Group</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 9pt 0 0; text-align: justify; text-indent: 0in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 10.</B></TD><TD STYLE="text-align: justify"><B>Certification</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 9pt 0 0; text-align: justify">Not applicable.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt; text-align: center"><B>SIGNATURE</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 27.35pt">After reasonable inquiry and to the best of
my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 0in">Date: January <FONT STYLE="text-transform: uppercase">2</FONT>,
2019</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0 3.25in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">ZEFF CAPITAL, L.P.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">By: Zeff Holding Company, LLC, as<BR>
general partner</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">By:&nbsp;<U>/s/ Daniel Zeff</U><BR>
Name: Daniel Zeff<BR>
Title: Manager</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">ZEFF HOLDING COMPANY, LLC</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">By:&nbsp;<U>/s/ Daniel Zeff</U><BR>
Name: Daniel Zeff<BR>
Title: Manager</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0"><U>/s/ Daniel Zeff</U><BR>
Daniel Zeff</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0in"><B>Exhibit A</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 3.5in; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0in"><B><U>Joint Filing Agreement</U></B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 27pt">In accordance with Rule 13d-1(k)(1)
promulgated under the Securities Exchange Act of 1934, as amended, each of the undersigned hereby agrees that the statement on
Schedule 13G (including amendments thereto) filed herewith shall be jointly filed on behalf of each of the undersigned. This Joint
Filing Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0in">[Remainder of this page has been left
intentionally blank.]</P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0"><B>Signature Page</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned hereby execute
this Joint Filing Agreement as of January <FONT STYLE="text-transform: uppercase">2</FONT>, 2019.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">ZEFF CAPITAL, L.P.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">By: Zeff Holding Company, LLC, as<BR>
general partner</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">By:&nbsp;<U>/s/ Daniel Zeff</U><BR>
Name: Daniel Zeff<BR>
Title: Manager</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">ZEFF HOLDING COMPANY, LLC</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">By:&nbsp;<U>/s/ Daniel Zeff</U><BR>
Name: Daniel Zeff<BR>
Title: Manager</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0"><U>/s/ Daniel Zeff</U><BR>
Daniel Zeff</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman,serif; margin: 0"></P>

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