Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 34

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 34
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Audit Committee Pre-Approval Policies and Procedures

The Audit Committee pre-approves all audit and permitted
non-audit services (including the fees and terms thereof) to be performed by any independent registered public accountant engaged by the
Company. Certain services may not be provided by the independent registered public accountant to the Company without jeopardizing the
independent registered public accountant’s independence.

The Audit Committee’s procedures require approval
of the engagement of the independent registered public accountant for each fiscal year and approval of the engagement by a majority of
the Company’s independent directors. The procedures permit the Audit Committee to pre-approve the provisions of types or categories
of non-audit services for the Company on an annual basis at the time of the firm’s engagement and on a project-by-project basis.
At the time of the annual engagement of the Company’s independent registered public accountant, the Audit Committee is to receive
a list of the categories of expected services with a description and an estimated budget of fees. In its pre-approving all audit services
and permitted non-audit services, the Audit Committee or a delegated member determines that the provision of the service is consistent
with, and will not impair, the ongoing independence of the independent registered public accountant and sets any limits on fees or other
conditions it finds appropriate. Non-audit services may also be approved on a project-by-project basis by the Audit Committee consistent
with the same standards for determination and information.

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The Audit Committee may also designate a member of
the Committee to pre-approve non-audit services that have not been pre-approved or changes in non-audit services previously pre-approved.
Any actions by the designated member must be ratified by the Audit Committee by the time of its next regularly scheduled meeting. The
Company’s pre-approval procedures are reviewed annually by the Audit Committee and the Company maintains a record of the decisions
made by the Committee pursuant to the procedures.

A representative of BDO will not be attending the
Meeting. The affirmative vote of a majority of all of the votes cast at the Meeting at which a quorum is present is required to ratify
the selection of BDO. Abstentions will not be counted as votes cast and will have no effect on this proposal. Brokers may vote uninstructed
shares held in street name for this proposal, and their votes will count as present for quorum purposes.

<div align='center'>THE BOARD RECOMMENDS A VOTE

“FOR”

BDO USA, P.C.