TTG Advisers is headed by Michael Tokarz, who has over 30 years of lending and investment experience. We have a dedicated originations and transaction development advisory team that has significant experience in private equity, leveraged finance, investment banking and distressed debt transactions. The members of our advisory team have invested in and operated businesses during recessionary and expansionary periods and through full interest rate cycles and financial market conditions. In addition to the team listed below, we also use the services of other investment professionals, with whom we have developed long-term relationships, on an as-needed basis.

Michael Tokarz, Managing Principal & Co-Head of Portfolio
Mr. Tokarz is a senior investment professional with over 30 years of lending and investment experience. Prior to assuming his position as Chairman and Portfolio Manager of the Fund, and prior to founding The Tokarz Group (in 2002), a private merchant bank of which he is Chairman, Mr. Tokarz was a General Partner with Kohlberg Kravis Roberts & Co. (“KKR”), one of the world’s most experienced private equity firms. During his 17-year tenure at KKR, he participated in diverse leveraged buyouts, financings, restructurings and dispositions. Mr. Tokarz currently serves on numerous corporate boards including Walter Industries, Inc., Stonewater Control Systems, Lomonsov, Athleta, Inc. and Apertio Ltd. In addition, Mr. Tokarz is on the Board of Managers of Illinois Ventures, a University of Illinois focused venture capital seed fund and high technology incubator, and is Chairman of a related private equity follow on investment fund. Mr. Tokarz also serves on the Board of the University of Illinois Foundation and its Investment and Executive Committees, as well as Chairman of the Budget and Finance Committees. Prior to his tenure at KKR, Mr. Tokarz was a commercial banker at Continental Illinois where he was renowned for innovation and buyout financings. Mr. Tokarz rose to run the East Coast operation of Continental Illinois from New York. He is also active on the Endowment Committee and Board of Directors of the National Wildlife Federation. He received his undergraduate degree with High Distinction in Economics and MBA in Finance from the University of Illinois and is a Certified Public Accountant.

Warren Holtsberg, Managing Principal & Co-Head of Portfolio
Mr. Holtsberg is a member of the Board of Directors of the Fund and is also Co-Head of Portfolio Management. Mr. Holtsberg, who joined the firm in 2007, sources and executes new investments and helps manage the Fund’s global portfolio of private equity, venture, and small and mid cap debt and equity investments across a broad range of industries including technology, consumer/retail, energy and finance. He also heads the Chicago Office. Previously, Mr. Holtsberg founded Motorola Ventures, the venture capital investment arm for Motorola, Inc. (NYSE:MOT) where he led the worldwide fund for eight years. Before Motorola, Mr. Holtsberg spent two decades with the U.S. Government where he held a number of senior executive positions in the Aviation, Defense and Intelligence communities. Mr. Holtsberg is also a member of the Board of Directors of the Illinois Venture Capital Association, the Chicagoland Entrepreneurship Center, and Illinois Ventures, the venture investment arm for the University of Illinois. Mr. Holtsberg is a graduate of the University of Illinois and the Kellogg Management Institute at Northwestern University J.L. Kellogg Graduate School of Management.

Bruce Shewmaker, Senior Managing Director
Mr. Shewmaker, is the Managing Director of The Tokarz Group Advisers, LLC (“TTGA”). He is a senior investment professional with over 30 years of private equity and investment banking experience. Prior to becoming a Managing Director of TTGA and MVC Capital, Inc. (“the Fund”) in November 2003, Mr. Shewmaker served as a member of the board of the Fund from March 2003 and served out his one year term. Mr. Shewmaker was a co-founder of Merrill Lynch Venture Capital Inc. where he initiated several private equity investment partnerships, including three business development companies. During his ten year career at Merrill Lynch, he participated in sourcing, negotiating and monitoring over 40 private equity transactions including leveraged buyouts and venture capital investments, of which seven companies completed initial public offerings. More recently, Mr. Shewmaker served as President and CEO of The US Russia Investment Fund, with committed capital of $440 million, where he managed a staff of 60 people, including eight private equity professionals, in seven offices across the Russian Federation. As a Managing Director of E*OFFERING Corp., he helped this investment banking firm participate in underwriting more than 50 initial public offerings of domestic companies and was responsible for organizing a global investment banking network. While Mr. Shewmaker has spent the majority of his career with registered investment companies or investment management divisions of NYSE listed firms (divisions of The Chase Manhattan Bank and Time Inc.), in the late 1990’s Mr. Shewmaker co-founded Crossbow Ventures, a regionally focused private equity partnership located in Florida. He earned his undergraduate degree in Finance from The Ohio State University and has passed the Series 7 and 63 NASD qualifying examinations.

Shivani Khurana, Managing Director
Ms. Khurana is a senior investment professional with over 11 years experience in private equity, leveraged finance, investment banking and investment management. Ms. Khurana joined MVC in March 2004 and has played a key role in MVC’s growth and sourcing, execution and monitoring of several of MVC’s equity and debt investments across a variety of industries. She also serves as a Managing Director of MVC Financial Services, Inc. Before joining MVC, Ms. Khurana worked at Cadigan Investment Partners, a middle-market leveraged buyout firm where she was involved in originating, structuring, financing and negotiating leveraged and management buyout, and recapitalization transactions. Previously, Ms. Khurana worked in the leveraged finance group of Wachovia Securities where she specialized in restructuring advisory, distressed debt investing and turnaround financing; and the investment banking group of Merrill Lynch. Ms. Khurana’s prior experience includes independently managing $20 million in diversified U.S. and European equities at Al-Ahlia Investment Company. Ms. Khurana received a Bachelor of Commerce with accounting honors from Panjab University, India; an MBA in Finance from University of Sheffield, UK; and an M.S. in Finance from University of Rochester, New York.

James J. O'Connor, Managing Director, Chicago
Mr. O'Connor is a senior investment professional with over a decade of private equity and venture capital experience. Prior to joining TTG Advisers, Mr. O'Connor held senior management positions within Motorola, Inc. (NYSE:MOT). Mr. O’Connor was Co-Founder and Managing Director of Motorola Ventures, the venture capital investment arm for Motorola, where he led numerous global transactions. In his most recent role, Mr. O’Connor also led Motorola’s Innovation Program where he built several high growth businesses for the corporation. In 2006, Mr. O’Connor was named to the American Ventures Magazine (AVM) "40 UNDER 40" list. Before Motorola, he worked for A.T. Kearney as a management consultant and the U.S. Treasury Department in the areas of Domestic and International Finance as a White House Fellow. Additionally, he held roles at Ariel Capital Management, Sidley & Austin, the U.S. House Ways & Means Committee and the City of Chicago Finance Committee. Mr. O’Connor is Co-Chair of the Chicago Entrepreneurial Center (CEC) and a Board member of the Chicagoland Chamber of Commerce, the Chicago Urban League, the Big Shoulders Fund for the Archdiocese of Chicago's inner-city school fund and serves as a Trustee on the Board of the Field Museum of National History. He is a Henry Crown Leadership Fellow of the Aspen Institute. He holds a BA (Government) and JD from Georgetown University and an MBA from the Northwestern University J.L. Kellogg Graduate School of Management.

Puneet Sanan, Managing Director
Mr. Sanan is a senior investment professional with over 13 years experience in private equity, leveraged/corporate finance and investment banking. Mr. Sanan joined MVC in March 2004 and has played a key role in MVC’s growth, debt and equity capital raise, and sourcing, execution and monitoring of investments. He also serves as a Managing Director of MVC Financial Services, Inc. Before joining MVC, Mr. Sanan worked at Cadigan Investment Partners, a leveraged buyout firm and was involved in originating, developing, analyzing, structuring, financing and negotiating leveraged and management buyouts, recapitalizations and growth capital financing for middle-market companies. Previously, Mr. Sanan was a Vice President and managed the Investment Banking Division of Fano Securities where he received international recognition for financial advisory work in alternative energy technology. Prior to joining Fano, Mr. Sanan was an Associate Director at UBS Warburg’s Leveraged Finance/Financial Sponsors group where he advised leading private equity firms on leveraged buyouts, mergers and acquisitions and private equity investments. Mr. Sanan has held various corporate finance and industry positions at PaineWebber, Legg Mason, Royal Dutch/Shell Group and Gist Brocades (now DSM N.V.). In 2003 and 2004, Mr. Sanan was named to the International Who’s Who of Professionals. Mr. Sanan received a Bachelor of Engineering (Honors) in Chemical Engineering from Panjab University, India; and an MBA in Finance from The University of Texas at Austin; and has passed the Series 7 and 63 NASD qualifying examinations.

Peter Seidenberg, Chief Financial Officer
Mr. Seidenberg originally joined MVC Capital in April of 2005 as the Chief Financial Officer. He is also the Chief Financial Officer of TTGA. He previously served as a Principal of Nebraska Heavy Industries, where he worked on engagements including serving as CFO of Commerce One, Inc. (NASDAQ:CMRC). Mr. Seidenberg has over 10 years of experience in corporate finance, operations and general management. Prior to his tenure at NHI, Mr. Seidenberg served as the Director of Finance and Business Development and as Corporate Controller for Plumtree Software, Inc. (NASDAQ:PLUM) where he was responsible for driving strategic initiatives and managing the finance and accounting staff. Mr. Seidenberg has also worked at AlliedSignal and several small manufacturing companies, where he held roles in finance and operations. Mr. Seidenberg received his bachelor degree and MBA from Cornell University.

Christopher Sullivan, Managing Director, Boston
At TTGA, Mr. Sullivan is responsible for the sourcing, executing and monitoring of investments for the Fund. Prior to joining TTGA, Mr. Sullivan worked as an Associate for Credit Suisse First Boston, in Equity Capital Markets, where he worked with numerous issuers and financial sponsors to execute initial public offerings and follow-on stock offerings. Before working at Credit Suisse First Boston, Mr. Sullivan worked as an Analyst in Equity Capital Markets for CIBC World Markets. Mr. Sullivan holds an MBA, with a concentration in Finance, from the Carroll School of Management at Boston College. Mr. Sullivan also holds a BA in History from Dartmouth College.

Jaclyn Shapiro-Rothchild, Vice President and Secretary
Ms. Shapiro-Rothchild serves as Vice President and Secretary of both MVC Capital and TTGA. Ms. Shapiro-Rothchild is responsible for managing MVC Capital’s Board of Directors and all sub-committees of the Board. In addition, Ms. Shapiro-Rothchild oversees the investor relations function of MVC Capital and all shareholder matters. She is also responsible for portfolio development and fund administration, monitoring the Fund’s legacy portfolio, and directing the Fund and TTGA’s operations. Prior to joining MVC Capital and TTGA, Ms. Shapiro-Rothchild was an Associate and Business Manager with Draper Fisher Jurvetson meVC Management Co. LLC, the former sub-adviser of the Fund. Before joining the Fund’s former sub-adviser, Ms. Shapiro-Rothchild was an Associate at The Bank Companies (acquired by Newmark & Co. Real Estate), where she was responsible for analyzing the various real estate trends in the Washington, DC greater metropolitan area. Previously, Ms. Shapiro-Rothchild worked as a Research Analyst to a Senior Portfolio Manager at Gruntal & Co. and began her business career as a Marketing Consultant at Archstone-Smith, formerly known as Charles E. Smith & Co. Ms. Shapiro-Rothchild received her Bachelors of Business Administration degree in Entrepreneurship and Small Business Management from George Washington University in Washington, DC.

Scott Schuenke, CPA, Corporate Controller and Chief Compliance Officer
Mr. Schuenke originally joined MVC Capital in June 2004 as its Corporate Controller and later in the year became the Fund’s Chief Compliance Officer. Currently, Mr. Schuenke is employed by TTGA where he is the Corporate Controller and Chief Compliance Officer. Mr, Schuenke retains his Chief Compliance Officer position with the Fund. Mr. Schuenke is responsible for overseeing the financial operations of TTGA, the Fund and its wholly-owned subsidiaries. Mr. Schuenke also provides financial expertise and monitoring to various portfolio companies and assists investment professionals in deal sourcing, due-diligence, modeling and closing activities. As Chief Compliance Officer, Mr. Schuenke is responsible for overseeing the Fund and TTGA’s compliance programs. Before Mr. Schuenke joined MVC Capital, he was a compliance officer with US Bancorp Fund Services, LLC, where he was responsible for financial reporting and compliance oversight of more than fifteen open and closed-end registered investment companies. Previously, Mr. Schuenke worked in the audit and assurance services area with PricewaterhouseCoopers, LLP (“PWC”). While with PWC, he performed audit and review services for financial services clients including several large mutual fund complexes. Mr. Schuenke received his Bachelors of Business Administration from the University of Wisconsin-Milwaukee. Mr. Schuenke also holds his Masters of Professional Accountancy from the University of Wisconsin-Whitewater. Mr. Schuenke is a Certified Public Accountant licensed in the State of Wisconsin.

James D. Lynch, Managing Director Portfolio Consulting Services
Mr. Lynch joined the Chicago office of TTG Advisers in 2007 where he sources, executes, and manages investments. Prior to joining TTG Advisers, Mr. Lynch was a Managing Director at FTI Consulting (NYSE:FCN) and Leader of the Intellectual Property Transactions practice. Previously, Mr. Lynch worked at Deloitte & Touche Financial Advisory Services as a Practice Leader of Deloitte's Intellectual Asset Management service line and the Venture Strategy Group. At both Deloitte and FTI, he managed global teams that performed innovation and intellectual property engagements for Fortune 500 corporations, financial institutions, entrepreneurial ventures and public sector institutions. The engagements were executed across many industry sectors including biotechnology, consumer goods and services, electronics, engineering, environmental resources, life sciences, medical and technology. Client engagements included corporate finance and intellectual property transactions, strategic innovation and operational consulting, technology commercialization and due diligence, regional economic development and the creation of new business enterprises. Before Deloitte, Mr. Lynch worked in business competitive intelligence and internal audit for Owens Corning Corporation (NYSE:OC). Mr. Lynch is a member of the Board of Advisors of Illinois Business Consulting. He holds a Bachelor of Science (Accounting) from Purdue University and an MBA from the University of Illinois.

Mark Kaltenbacher, Investment Professional
Mr. Kaltenbacher has ten years of experience working with SME’s around the world both as an Investor and Operations Manager. Prior to joining TTGA Mr. Kaltenbacher was a Managing Partner at HKK Private Equity Partners in Vienna where he sourced, conducted due diligence, negotiated terms and closed various private equity deals in the Automotive, Specialty Chemicals, Building Materials, Transportation, Food and Beverage, Media and Manufacturing industries. He served as interim CEO of turn-around Slovakian automotive component manufacturer ultimately selling the business to a strategic investor for three times the invested capital. Mr. Kaltenbacher held previous positions at Merrill Lynch as an Equity Analyst and at Seton Company. He received his MBA from Columbia Business School after receiving his Bachelors of Arts Economics from the University of California, Santa Cruz. Mr. Kaltenbacher has also taken course work in Managerial Accounting & Finance from The London School of Economics. Mr. Kaltenbacher is responsible for sourcing and evaluating potential investments in Europe for new deals and for bolt-on acquisition opportunities to existing portfolio companies for the Fund.

John P. Kelly, Associate
Mr. Kelly joined MVC Capital in July 2008 and is responsible for sourcing, executing and monitoring of investments. Prior to joining MVC Capital, Mr. Kelly worked at Bear, Stearns & Co. in the General Industrials Group, where he executed leverage buyouts, mergers and acquisitions and equity and debt offerings. Mr. Kelly holds a Bachelors of Business Administration in Finance from the University of Notre Dame.

Patrick Mullins, Assistant Controller
Mr. Mullins is the Assistant Controller of TTGA. His responsibilities include assisting the Controller in overseeing the financial operations of the Fund and its wholly owned subsidiary MVC Financial Services, Inc. Mr. Mullins has over nine years of experience in public and private accounting. Previously, Mr. Mullins worked at the Designtex Group a textile distribution company where he was the Accounting Manager and was involved with audits and reviews of small and mid-size companies at Huth Thompson LLP. He received his Bachelors of Arts in Accounting from Moravian College in Bethlehem PA.

Steve Kaplan, Analyst
Mr. Kaplan joined MVC Capital full time in July of 2009 and is responsible for sourcing, executing and monitoring investments. Prior to joining MVC Capital on a full time basis Mr. Kaplan had been a full time student while working with MVC during the summers and on a limited basis during the school year. Mr. Kaplan earned a Bachelors of Science in Finance from the University of Illinois at Urbana-Champaign, where he graduated with honors.

Kathleen A. Buenik, Office Administrator - Chicago / LP Investor Relations
Ms. Buenik joined The Tokarz Group Advisers in August of 2007 as Office Administrator for the Chicago office, as well as Manager Investor Relations. In her role, Ms. Buenik supports the Co-Head of Portfolio Management, manages the office's daily operations and administration of the Limited Partner database. Prior to joining TTGA, Ms. Buenik was employed for 15 years as the Office Administrator for Goldstick & Associates, Ltd., a law firm and securities broker/dealer in Chicago. Ms. Buenik was previously employed by Oppenheimer & Co. and Bear Stearns as a Series 7 Registered Sales Assistant. Ms. Buenik holds a Bachelor of Science degree in Business Administration from Elmhurst College.

Martha Kausch, Office Administrator - NY / Special Projects Coordinator
Ms. Kausch joined MVC Capital in September 2005 and is responsible for all information technology, supporting portfolio company initiatives, including opening and managing several high-profile and high-trafficked airport locations for Harmony Pharmacy & Health Centers, Inc., as well as working on the development of new locations, vendor relations and product/service offerings. In addition, Ms. Kausch is responsible for managing the Quarterly Valuation Process of the Board of Directors. Prior to joining MVC Capital, Ms. Kausch worked at Xerox Corporation for fifteen years. During her tenure, she held various positions including managing a digital manufacturing line with 50 direct reports, in addition to roles in distribution, supply chain, quality control and within the headquarters administrative organization.

Maura E. O'Brien, Executive Assistant - Chicago
Ms. O'Brien joined The Tokarz Group Advisers in September of 2008 as Executive Assistant in Chicago. Ms. O'Brien's was previously an Assistant Vice President at Diners Club International, an Office Manager at a boutique executive search firm in Chicago, and a Personal Assistant for the Clara Williams Company. She is on the Chicago Sister Cities International - Galway Board, a Ronald McDonald House Volunteer, a St. Patrick's Day Parade Judge, and was a Member of the Young Irish Fellowship Executive Board and a Mentor with Big Shoulders. Ms. O'Brien attended Spring Hill College in Mobile, AL, where she received her Bachelor of Science Degree in Marketing.

Renata Quin, Executive Assistant - New York
Ms. Quin joined MVC Capital in August 2005 and is responsible for all aspects of administrative and operational support including managing the quarterly board book process. Prior to joining MVC Capital, Ms. Quin worked at the office of the Westchester District Attorney directly supporting the District Attorney for two years. Prior to that Ms. Quin worked for the Space and Naval Warfare Systems Command for the military in San Diego, CA. Prior to her tenure with the military, Ms. Quin worked directly for the Chief Operating Officer of Island Destinations, a large luxury travel agency based in New York. Ms. Quin received her Bachelor degree in Business Administration from Berkeley College where she majored in International Business.