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<SEC-DOCUMENT>0000950123-10-044387.txt : 20100505
<SEC-HEADER>0000950123-10-044387.hdr.sgml : 20100505
<ACCEPTANCE-DATETIME>20100505143432
ACCESSION NUMBER:		0000950123-10-044387
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20100505
DATE AS OF CHANGE:		20100505
EFFECTIVENESS DATE:		20100505

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DOUGLASS SAM P
		CENTRAL INDEX KEY:			0001181754

	FILING VALUES:
		FORM TYPE:		DFAN14A

	MAIL ADDRESS:	
		STREET 1:		2929 ALLEN PARKWAY
		STREET 2:		STE 2500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77019

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUUS TOTAL RETURN, INC.
		CENTRAL INDEX KEY:			0000878932
		IRS NUMBER:				760345915
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		10801171

	BUSINESS ADDRESS:	
		STREET 1:		EIGHT GREENWAY PLAZA
		STREET 2:		SUITE 930
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
		BUSINESS PHONE:		7135290900

	MAIL ADDRESS:	
		STREET 1:		EIGHT GREENWAY PLAZA
		STREET 2:		SUITE 930
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUUS II INC
		DATE OF NAME CHANGE:	19970422
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>h72766dfan14a.htm
<DESCRIPTION>DFAN14A
<TEXT>
<HTML>
<HEAD>
<TITLE>dfan14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT style="font-family: Wingdings">&#111;</FONT><BR>
Filed by a Party other than the Registrant <FONT style="font-family: Wingdings">&#254;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:<BR>
<FONT style="font-family: Wingdings">&#111;</FONT> Preliminary Proxy Statement<BR>
<FONT style="font-family: Wingdings">&#111;</FONT> <B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B><BR>
<FONT style="font-family: Wingdings">&#111;</FONT> Definitive Proxy Statement<BR>
<FONT style="font-family: Wingdings">&#254;</FONT> Definitive Additional Materials<BR>
<FONT style="font-family: Wingdings">&#111;</FONT> Soliciting Material Under Rule&nbsp;14a-12

</DIV>
<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>Equus Total Return, Inc.</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Name of Registrant as Specified in its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>J. Philip Ferguson<BR>
Lance T. Funston<BR>
John D. White<BR>
Charles R. Ofner<BR>
Dr.&nbsp;Francis D. Tuggle<BR>
John P. Wade<BR>
Dr.&nbsp;Charles M. Boyd<BR>
Jonathan H. Godshall<BR>
Paula T. Douglass<BR>
Sam P. Douglass<BR>
Douglass Trust IV &#151; FBO S. Preston Douglass, Jr.<BR>
Douglass Trust IV &#151; FBO Brooke Douglass<BR>
Tiel Trust FBO Sam P. Douglass<BR>
Tiel Trust FBO Paula T. Douglass</B></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Payment of Filing Fee (Check the appropriate box):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No fee required.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Per unit price or other underlying value of transaction computed pursuant to
Exchange Act Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and
state how it was determined):</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total fee paid:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check box if any part of the fee is offset as provided by Exchange
Act Rule&nbsp;0-11(a)(2) and identify the filing for which the
offsetting fee was paid previously. Identify the previous filing
by registration statement number, or the Form or Schedule and the
date of its filing.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;(1)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">Amount previously paid:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;(2)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">Form, Schedule or Registration Statement No.:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;(3)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">Filing Party:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;(4)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">Date Filed:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FOR IMMEDIATE RELEASE</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISKMETRICS RECOMMENDS THAT EQUUS STOCKHOLDERS<BR>
VOTE ON THE GOLD PROXY CARD</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RiskMetrics Recommends Equus Stockholders NOT Vote the White Card</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>The Committee to Enhance Equus Reminds Stockholders<BR>
They Have Every Right to Change Their Vote Using the GOLD Proxy Card</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>HOUSTON, May&nbsp;5, 2010 &#150; </B>The Committee to Enhance Equus, owning 11.4% of the outstanding shares of
Equus Total Return, Inc. (NYSE: EQS), today announced that RiskMetrics Group (formerly
Institutional Shareholder Services), a leading independent proxy voting advisory firm, recommends
that Equus stockholders vote on the <B>GOLD </B>proxy card in connection with Equus&#146; annual meeting of
stockholders to be held on May&nbsp;12, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee stated, &#147;We welcome the support of RiskMetrics Group and its recommendation that
Equus stockholders <B>vote on the GOLD proxy card FOR Committee nominees J. Philip Ferguson, Lance T.
Funston and Charles R. Ofner and that they NOT vote for any nominees on the white card</B>. The
Committee also believes that electing ALL of its highly qualified, talented nominees will bring
valuable insights to the Board and effect the change that Equus stockholders deserve.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee continued, &#147;The Committee&#146;s director nominees are widely respected, well-connected
community and industry leaders, and, if elected, they would bring a desperately needed fresh
perspective to Equus and oversee the implementation of disciplined strategies designed to enhance
and sustain value for all Equus stockholders. We urge all stockholders to read the RiskMetrics
recommendation and vote the GOLD proxy card today.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In its May&nbsp;4, 2010, report, RiskMetrics stated*:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;In terms of management&#146;s slate, we note that all four of the new director nominees have an
affiliation with Versatile Systems, a 9.8% Equus shareholder. Messrs.&nbsp;Hardy and Atkinson are
employees of the firm, while Messrs. des Pallieres and Benedetti are Versatile board
members...&#091;W&#093;e have historically encouraged proxy fight participants to select a slate of
candidates that are independent of each other.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On April&nbsp;26, 2010, the Securities and Exchange Commission issued a subpoena and notice that it was
conducting an investigation into possible violations of federal securities laws in connection with
trading in Equus stock by certain companies, including Versatile Systems, Inc. This is particularly
troubling since four new director nominees &#151;Benedetti, des Pallieres, Hardy and Atkinson (the
&#147;Versatile 4&#148;) &#151; who have been proposed by the current five-member majority of the Board (the
&#147;Holdover 5 Majority&#148;) are either directors or officers of Versatile Systems.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Responding to recent assertions by the Holdover 5 Majority, the Committee noted, &#147;We were surprised
at the Holdover 5 Majority&#146;s misinformed views about the SEC investigation. The fact that the SEC
did not make this investigation public is not the issue. They routinely do not. The issue is: the
stockholders are the true owners of Equus and are entitled to cast an informed vote at the annual
meeting, which is only days away. It is our firm belief that stockholders have a right to know
about this concerning development before casting such a critical vote. In addition, we expect
other stockholders to take as little comfort as we do in the Company&#146;s internal inquiry, which the
Holdover 5 Majority conducted without independent counsel and instead with their own attorneys. We
urge stockholders to ask themselves why the Holdover 5 Majority is not disclosing important
information to them.&#148;
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Regarding the recently announced resignation of Alan Feinsilver, former Chairman of the Board&#146;s
Audit Committee, the Committee stated, &#147;From the outset of this proxy contest we have shared our
concerns with stockholders about the hasty, substandard nomination &#145;process&#146; of the Holdover 5
Majority. The fact that Mr.&nbsp;Feinsilver, who is not part of our slate of nominees, resigned over
that process affirms how deeply flawed it was.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee believes that the interests of the Holdover 5 Majority and the Versatile 4 are not
aligned with those of all Equus stockholders. The Holdover 5 Majority and the Versatile 4
collectively own only one half of one percent of Equus common stock personally.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further, from June&nbsp;2005 until June&nbsp;2009, during the time that Moore, Clayton Capital Advisors, Inc.
(MCCA)&nbsp;was Equus&#146; investment adviser, EQUUS&#146; STOCK PRICE DECLINED 61%. THIS DECLINE CONTINUED TO A
TOTAL OF 65% AS OF MARCH 26, 2010**. Kenneth Denos, a member of the Holdover Majority 5, was the
President and CEO of MCCA, and is CEO of MCC Global N.V. MCC Global introduced the Versatile 4 to
Equus, and Mr.&nbsp;Denos nominated them to the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee to Enhance Equus encourages stockholders to read its proxy statement and related
materials, which are available at no cost at www.ourmaterials.com/enhanceequus. If stockholders
have any questions, or need assistance voting the <B>GOLD </B>proxy card, please contact MacKenzie
Partners, Inc., which is assisting the Committee in this solicitation, at (800)&nbsp;322-2885
(toll-free) or (212)&nbsp;929-5500 (call collect) or by email at enhanceequus@mackenziepartners.com.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><I>*</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Permission to use quotations was neither sought nor obtained.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>**</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>The last trading day before members of the Committee announced their intention to
launch a proxy contest</I></TD>
</TR>

</TABLE>


<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>If you have any questions, require assistance in voting your shares, or need<BR>
additional copies of The Committee To Enhance Equus&#146; proxy materials, please call<BR>
MacKenzie Partners at the phone numbers listed below.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="h72766h7276601.gif" alt="(MACKENZIE PARTNERS, INC LOGO)">
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">105 Madison Avenue<BR>
New York, NY 10016<BR>
enhanceequus@mackenziepartners.com<BR>
(212)&nbsp;929-5500 (call collect)<BR>
Or<BR>
<B>TOLL-FREE (800)&nbsp;322-2885</B>
</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THE COMMITTEE TO ENHANCE EQUUS HAS FILED A DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS WITH
THE SECURITIES AND EXCHANGE COMMISSION. SECURITY HOLDERS ARE URGED TO READ CAREFULLY THE
DEFINITIVE PROXY STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION REGARDING THE SOLICITATION OF
PROXIES FOR USE AT EQUUS TOTAL RETURN, INC.&#146;S ANNUAL MEETING, INCLUDING INFORMATION RELATING TO THE
COMMITTEE, OUR NOMINEES AND THE PARTICIPANTS IN THIS SOLICITATION. THE DEFINITIVE PROXY STATEMENT
AND A FORM OF PROXY ARE AVAILABLE TO EQUUS STOCKHOLDERS FROM THE PARTICIPANTS AT NO CHARGE AT
WWW.OURMATERIALS.COM/ENHANCEEQUUS AND ARE ALSO AVAILABLE AT NO CHARGE AT THE SECURITIES AND
EXCHANGE COMMISSION&#146;S WEBSITE
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">AT WWW.SEC.GOV. THE DEFINITIVE PROXY STATEMENT AND A FORM OF PROXY
WERE DISSEMINATED TO SECURITY HOLDERS ON OR ABOUT APRIL 15, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This press release includes forward-looking statements. Except for the historical information
contained herein, the matters discussed in this press release are forward-looking statements that
involve certain risks and uncertainties such as the Committee&#146;s plans and expectations regarding
Board initiatives. These risks and uncertainties include, among other things, market and economic
conditions. If any of these risks or uncertainties materializes, or should underlying assumptions
prove incorrect, actual results or outcomes may vary materially from those expected. The Committee
disclaims any intention or obligation to update publicly or reverse such statements, whether as a
result of new information, future events or otherwise.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Contact:<BR>
MacKenzie Partners, Inc.<BR>
Mark Harnett or Bob Marese, 212-929-5500

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Joele Frank, Wilkinson Brimmer Katcher<BR>
James Golden or Meaghan Repko, 212-355-4449

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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