Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 45

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 45
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pronounced as the size of the offering and level of discounts increase. There is no maximum level of discount from NAV at which the Company
may sell shares pursuant to this authority.

The table illustrates the level of NAV dilution that
would be experienced by a nonparticipating stockholder in four different hypothetical offerings of different sizes and levels of discount
from NAV. It is not possible to predict the level of market price decline that may occur. These examples are provided for illustrative
purposes only.

The example assumes that the issuer has 13.6 million
shares outstanding and net assets of $29.5 million, which means that the NAV per share is $2.17. The chart illustrates the dilutive effect
on Stockholder A of (a) an offering of 1.36 million shares of common stock (10% of the outstanding shares) at $1.95 per share after offering
expenses and commissions (a 10% discount from NAV per share), (b) an offering of 2.72 million shares of common stock (20% of the outstanding
shares) at $1.74 per share after offering expenses and commissions (a 20% discount from NAV per share), (c) an offering of 4.08 million
shares of common stock (30% of the outstanding shares) at $1.52 per share after offering expenses and commissions (a 30% discount from
NAV per share), and (d) an offering of 5.43 million shares of common stock (40% of the outstanding shares) at $1.28 per share after offering
expenses and commissions (a 40% discount from NAV per share). 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.

| 38 |

|                                                                                                         |                         |     |       Example 1 |     |          |     |                |       Example 2 |     |          |     |                |       Example 3 |     |          |     |                |       Example 4 |     |          |
|                                                                                                         |                         |     | 10% Offering at 
    10% Discount |     |          |     |                | 20% Offering at 
    20% Discount |     |          |     |