Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 32

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 32
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 world, as well as his public company experience, and determined that his leadership skills are critical to the Board and the oversight 
 of our management.                                                                                                                     |

| · | Mr. Hardy: The Nominating and Corporate Governance                                                                                    
 Committee and the Board considered Mr. Hardy’s prior service to the Company as its CEO and Executive Chairman, in addition to his     
 extensive legal experience and his experience as a director of public companies, and determined that his strong leadership skills are 
 critical to the Company, its growth prospects, and its strategic direction.                                                           |

| · | Mr. Denos: The Nominating and Corporate Governance                                                                                             
 Committee and the Board considered Mr. Denos’ prior service to the Company in a variety of leadership positions, his extensive financial,      
 legal, international, and mergers and acquisitions experience, as well as his experience as a director of public companies, and determined     
 that his intimate knowledge of the Company and extensive public company operating experience are crucial to the achievement of our operational 
 and financial goals.                                                                                                                           |

There are no arrangements or understandings between
any of the directors and any other person pursuant to which any of such directors was or is to be selected as a director.

A plurality of votes cast at the Meeting at which
a quorum is present is required to elect a director. Abstentions will not be counted as votes cast and will have no effect on this proposal.
Brokers may not vote uninstructed shares held in street name for this proposal.

<div align='center'>The Board of Directors recommends that each stockholder vote

“For”

each of the Board nominated persons</div>

| 28 |

<div align='center'>Dollar Range of Equity Securities Beneficially Owned by Current Directors/Director Nominees</div>

| Name                  |     | Dollar Range of Equity        
 Securities in the  Company(1) |     | Aggregate Dollar Range of Equity 
 Securities in All funds Overseen 
 or to be Overseen by Director    
 or Nominee in Family of          
 Investment Companies             |
| Independent Directors |     |                               |     |                                  |
| Fraser Atkinson       |     | $50,001-$100,000              |     | $50,001-$100,000                 |
| Henry W. Hankinson    |     | $10,001-$50,000               |     | $10,001-$50,000                  |
| John J. May           |     | None                          |     | None                             |
| Interested Directors  |