Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 33

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 33
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 |                               |     |                                  |
| Kenneth I. Denos      |     | Over $100,000                 |     | Over $100,000                    |
| John A. Hardy         |     | Over $100,000                 |     | Over $100,000                    |

| (1) | Based on beneficial ownership as of April 1, 2025. |

| 29 |

<div align='center'>PROPOSAL 2—RATIFICATION OF

SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANT</div>

The Company’s Audit Committee approved and the
Board members unanimously approved and ratified the selection of BDO USA, P.C. as the Company’s independent registered public accountant
for the fiscal year ending December 31, 2025. BDO has served as the Company’s independent registered public accountant since
December 4, 2014.

Audit Fees and All Other Fees

Aggregate fees that BDO billed to the Company for
professional services for the years ended December 31, 2024 and 2023 were as follows:

|                       | Services Provided |   |    2024 |     |   |    2023 |
|:----------------------|:------------------|:--|--------:|:----|:--|--------:|
| Audit fees(1)         |                   | $ | 300,060 |     | $ | 331,023 |
| Audit-related fees(2) |                   |   | 176,581 |     |   | 104,765 |
| Tax                   |                   |   |       — |     |   |       — |
| All other             |                   |   |       — |     |   |       — |
| Total                 |                   | $ | 476,641 |     | $ | 435,788 |

| (1) | Consists of fees for the audit of our annual financial statements, review                                                              
 of quarterly statements, review of the annual proxy statement, reviews of the quarterly earnings releases, security counts, and billed 
 expenses.                                                                                                                              |
| (2) | Consists of fees and billed expenses relating to the separate audits of Morgan E&P, LLC, and Equus Energy, LLC and its subsidiary.     |

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