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<SEC-DOCUMENT>0000950123-10-046246.txt : 20100507
<SEC-HEADER>0000950123-10-046246.hdr.sgml : 20100507
<ACCEPTANCE-DATETIME>20100507142909
ACCESSION NUMBER:		0000950123-10-046246
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20100507
DATE AS OF CHANGE:		20100507
EFFECTIVENESS DATE:		20100507

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:		10811776

	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>h72904dfan14a.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: 6pt"><B>UNITED STATES<BR>
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;)</b></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT face="wingdings" size="2">&#111;</FONT><BR>
Filed by a Party other than the Registrant <FONT face="wingdings" size="2">&#254;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Preliminary Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-</B><B>6(e)(2)</B><B>)</B></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Additional Materials</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting Material Under Rule 14a-12</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 6pt">
<b>Equus Total Return, Inc.</b></DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Registrant as Specified In Its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt">
<b>J. Philip Ferguson<br> Lance T. Funston<br> John D. White<br> Charles R. Ofner <br>
Dr. Francis D. Tuggle<br> John P. Wade<br> Dr. 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" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>No fee required.</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" valign="top">
<FONT face="wingdings" size="2">&#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>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></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">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></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>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></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">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></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>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></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">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></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>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></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">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></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>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></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">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></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" valign="top">
<FONT face="wingdings" size="2">&#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" valign="top">
<FONT face="wingdings" size="2">&#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 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>Amount Previously Paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></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">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></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>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></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">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></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>Filing Party:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></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">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></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>Date Filed:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></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">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">
</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: 12pt"><B>FOR IMMEDIATE RELEASE</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LARGEST EQUUS STOCKHOLDER GROUP ISSUES OPEN LETTER</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Committee to Enhance Equus Urges Vote<BR>
For Core Change On GOLD Card</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>HOUSTON, May&nbsp;7, 2010 &#151; </B>The Committee to Enhance Equus, which is collectively the largest
stockholder of Equus Total Return, Inc. (NYSE: EQS), owning 11.4% of the outstanding shares of the
Company, today announced that it has issued an open letter to stockholders in connection with the
Equus annual meeting of stockholders to be held May&nbsp;12, 2010. The Committee urges all Equus
stockholders to vote for core change on the <U><B>GOLD</B></U> proxy card today.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following is the text of the letter from the Committee to Enhance Equus:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>
The Committee To Enhance Equus
</B></FONT>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">May&nbsp;7, 2010
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Equus Stockholder,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee to Enhance Equus is collectively the largest stockholder of Equus. Our stake is
aligned with that of all Equus stockholders. With the May&nbsp;12, 2010 annual meeting of stockholders
only days away, the Company continues to avoid the real issue at hand:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE COMMITTEE BELIEVES </B><U><B>CORE CHANGE</B></U> <B>IS NEEDED ON THE EQUUS BOARD<BR>
AND HERE&#146;S WHY:</B>
</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>DISMAL PERFORMANCE: </B>While MCCA was the investment adviser to Equus and until we announced
our intention to launch this proxy contest, <B>the stock price of Equus declined 65%*</B>. Kenneth
Denos, a current Board member and white card nominee, was President and CEO of MCCA. Denos
also nominated the four representatives of Versatile Systems to the Board. Stockholders do
not need more of the same failed strategies.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SEC INVESTIGATION: </B>The SEC is investigating trades in Equus stock by Versatile Systems,
which is represented by four white card nominees. We urge stockholders to ask themselves why
the Company did not disclose this important information to them?</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>FLAWED PROCESS: </B>A director and former Chairman of the Audit Committee resigned over the
&#147;process&#148; by which Versatile Systems&#146; representatives were nominated.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>NEGLIGIBLE OWNERSHIP STAKE: </B>The white card slate personally owns <B>only one half of one
percent of Equus common stock</B>, and Richard Bergner, the current Chairman of the Board, has
<B>never owned a single share of Equus stock.</B></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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SELECTIVE DISCLOSURES: </B>The Company continues to make selective disclosures, this time
regarding the track record of <U><B>GOLD</B></U> card nominee, Lance T. Funston. Mr.&nbsp;Funston is a
very successful entrepreneur who brought Equus the Mid-Continent deal, realizing over $20
million in profits for Equus. Along with being a large stockholder of Equus, RiskMetrics has
recommended that stockholders vote FOR Mr.&nbsp;Funston on the <U><B>GOLD</B></U> proxy card.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>RISKMETRICS RECOMMENDS NO VOTE FOR WHITE CARD: </B>In its May 4<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> report,
RiskMetrics Group noted that <U>four</U> white card nominees are affiliated with a single
stockholder, and recommended that Equus stockholders vote on the <U><B>GOLD</B></U> proxy card and
<U><B>NOT</B></U> vote the white card. Equus stockholders are entitled to a diversified board with
fresh perspectives. Four nominees representing one stockholder is not CORE change**.</TD>
</TR>



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



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ELECTING THE WHITE CARD NOMINEES, WHICH INCLUDE A MAJORITY OF THE CURRENT DIRECTORS, IS </B><U><BR><B>NOT
CORE CHANGE</B></U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE COMMITTEE HAS NOMINATED HIGHLY QUALIFIED AND EXPERIENCED<BR>DIRECTOR CANDIDATES WHOSE INTERESTS
ARE CLOSELY ALIGNED WITH THOSE<BR>OF ALL EQUUS STOCKHOLDERS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Vote The Committee&#146;s </B><U><B>GOLD</B></U><B> Proxy Card Today</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The Committee believes that a board that has elected six Chairmen and three CEO&#146;s over a five year
period needs to be replaced by those who will bring stability and a plan to reverse the course of
Equus and put our company back on track to delivering value for all Equus stockholders. </B>The
Committee&#146;s nominees, if elected, plan to:
</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Immediately initiate a formal search for and install a CEO &#151; currently a vacant
position &#151; with FUND MANAGEMENT EXPERIENCE;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Return Equus to a principled investment approach by targeting investments in profitable
companies with a history of earnings;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursue secured mezzanine opportunities for both current income and dividend yields;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reduce expenses;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Establish a committee to critically assess past investments; and</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restore sound corporate governance practices to the boardroom.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee and its nominees collectively own 11.4% of Equus stock, making us the Company&#146;s
largest stockholder. Our interests are closely aligned with those of <U><B>ALL</B></U> Equus
stockholders. <B>The Committee believes stockholders deserve a Board with integrity and has put forth
nine highly qualified, principled nominees.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>VOTE NOW FOR DESPERATELY NEEDED CORE CHANGE AT EQUUS<BR>
VOTE FOR THE COMMITTEE&#146;S NOMINEES ON THE </B><U><B>GOLD</B></U><B> PROXY CARD TODAY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We urge you to discard any white proxy cards you receive from the Company and to vote the
<U><B>GOLD</B></U> proxy card today. You can vote by telephone or internet by following the instructions
on the <U><B>GOLD</B></U> proxy materials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have any questions, or need assistance voting your <U><B>GOLD</B></U> proxy card, please contact
MacKenzie Partners, Inc., which is assisting us 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" style="font-size: 10pt; margin-top: 6pt">We encourage you to read our proxy statement and related materials, which are available at no cost
at www.ourmaterials.com/enhanceequus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sincerely,<BR>
THE COMMITTEE TO ENHANCE EQUUS

</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>June&nbsp;1, 2005 through March&nbsp;26, 2010. Moore, Clayton Capital Advisors, Inc. (MCCA)&nbsp;was
investment adviser to Equus from June&nbsp;2005 until June&nbsp;2009. The last trading day before members of
the Committee announced their intention to launch a proxy contest was March&nbsp;26, 2010.</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>Permission to refer to the report was neither sought nor obtained.</I></TD>
</TR>

</TABLE>


<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="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="h72904h7290401.gif" alt="(MACKENZIE PARTERS, 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 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 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 -->
</DIV>



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