Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 11

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 11
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00 was invested in our common stock at the closing price of our common stock on December 31, 2018
and in the comparison groups and assumes the reinvestment of all cash dividends on the ex-dividend date prior to any tax effect. The stock
price performance shown on the graph below is not necessarily indicative of future price performance.

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<div align='center'>AUDIT COMMITTEE REPORT</div>

The Audit Committee is appointed by the Board of
Directors to review financial matters concerning the Company. Each member of the Audit Committee meets the independence requirements established
by the Investment Company Act of 1940 (hereafter, the “1940 Act”) and under the applicable listing standards
of the New York Stock Exchange. The Audit Committee is responsible for the selection, engagement, compensation, retention and oversight
of the Company’s independent registered public accountant. We are also responsible for recommending to the Board of Directors that
the Company’s audited financial statements be included in its Annual Report on Form 10-K for the fiscal year.

In making our recommendation that the Company’s
financial statements be included in its Annual Report on Form 10-K for the year ended December 31, 2024, we have taken the following steps:

| • |     | We conducted periodic executive sessions with BDO with no members of Equus management present during those discussions. BDO did not identify any material audit issues, questions or discrepancies, other than those previously discussed with management, which were resolved to the satisfaction of all parties. |

| • |     | We received and reviewed the written disclosures and the letter from BDO required by the applicable requirements of PCAOB Rule 3526 regarding BDO’s communications with us concerning independence, and we discussed with BDO its independence regarding Equus. |

| • |     | We determined that there were no former BDO employees who previously participated in the Company’s audit, engaged in a financial reporting oversight role at Equus. |

Based on the reviews and actions described above,
we recommended to the Board of Directors that the Company’s audited financial statements be included in its Annual Report on Form
10-K for the year ended December 31, 2024 for filing with the Securities and Exchange Commission.

Fraser Atkinson

Henry W. Hankinson

John J. May

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<div align='center'>COMPENSATION OF NAMED EXECUTIVE OFFICERS</div>

Compensation Discussion and Analysis

This Compensation Discussion and Analysis provides
information about the