Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 46

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 46
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 The prospectus or other offering document pursuant to which any discounted
offering is made will include a chart based on the actual number of shares of common stock in such offering and the actual discount to
the most recently determined NAV. It is not possible to predict the level of market price decline that may occur.

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| DILUTION TABLE FOR 2025 PROXY STATEMENT                                                                 |                         |     |                       |              |          |     |                |                                     |     |          |              |     |                |                                     |     |          |                  |     |                |                                     |     |          |     |                |                                     |     |          |
|                                                                                                         |                         |     |             Example 1 |              |          |     |                |                           Example 2 |     |          |              |     |                |                           Example 3 |     |          |                  |     |                |                           Example 4 |     |          |     |                |                           Example 5 |     |          |
|                                                                                                         |                         |     |       10% Offering at |              |          |     |                |                     20% Offering at |     |          |              |     |                |                     30% Offering at |     |          |                  |     |                |                     40% Offering at |     |          |     |                |                         Offering at |     |          |
| 10% Discount                                                                                            |                         |     |                       | 20% Discount |          |     | 30% Discount   |                                     |     |          | 40% Discount |     |                |                                     |     |          | Maximum Discount |     |                |                                     |     |          |     |                |                                     |     |          |
|                                                                                                         | Prior to Sale Below NAV |     |        Following Sale |              | % Change |     | Following Sale |                                     |     | % Change |              |     | Following Sale |                                     |     | % Change |                  |     | Following Sale |                                     |     | % Change |     | Following Sale |                                     |     | % Change |
| Offering Price                                                                                          |                         |     |                       |              |          |     |                |                                     |     |          |              |     |                |                                     |     |          |                  |     |                |                                     |     |          |     |                |                                     |     |          |
| Price per Share to Public                                                                               |                         |     |                 $2.17 |