<SEC-DOCUMENT>0001391609-16-000430.txt : 20160401
<SEC-HEADER>0001391609-16-000430.hdr.sgml : 20160401
<ACCEPTANCE-DATETIME>20160401122314
ACCESSION NUMBER:		0001391609-16-000430
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160331
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160401
DATE AS OF CHANGE:		20160401

FILER:

	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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		161545835

	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>8-K
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<FILENAME>f8k_equus33116.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>___________________________________________</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
March 31, 2016</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN, INC.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its
Charter)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>814-00098</B></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>76-0345915</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(State or Other Jurisdiction</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(Commission File</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(IRS Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Of Incorporation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>700 Louisiana Street, 48<SUP>th</SUP> Floor</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Houston, Texas</B></P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>77002</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registrant&rsquo;s telephone number, including
area code: (713) 529-0900</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>N/A</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">(Former Name or Former Address,
if Changed Since Last Report)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))</P>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 8.01&#9;Other Events.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On March 31, 2016, Equus Total Return, Inc.
issued a press release announcing its net asset value for the quarter and year ended December 31, 2015. The text of the press release
is included as Exhibit 99.1 to this Current Report and is incorporated herein by reference.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01 &#9;Financial Statements and Exhibits.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>(d) Exhibits.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">99.1 &nbsp;<A HREF="ex99_1pressrelease.htm">Press release issued on March 31, 2016</A>.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 33%; padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 23%; padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 44%; padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Equus Total Return, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Date:&nbsp;&nbsp;April 1, 2016</FONT></TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">By:&nbsp;&nbsp;<U>/s/ Kenneth I. Denos</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Name:&nbsp;&nbsp;Kenneth I. Denos</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;&nbsp;Secretary</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1pressrelease.htm
<DESCRIPTION>PRESS RELEASE
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<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><A HREF="f8k_equus33116.htm">Exhibit 99.1</A>&nbsp;</B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><B><IMG SRC="image_001.jpg" ALT="">&nbsp;</B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Contact:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Patricia Baronowski</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Pristine Advisers, LLC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(631) 756-2486</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS ANNOUNCES 2015 YEAR-END NET ASSET VALUE</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: navy">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>HOUSTON, TX &ndash; March 31, 2016 &ndash;
Equus Total Return, Inc. (NYSE: EQS) </B>(the &ldquo;Fund&rdquo; or &ldquo;Equus&rdquo;)<B> </B>reports net assets as of December
31, 2015, of $37.3 million, a decrease of approximately $0.3 million since September 30, 2015. Net assets per share decreased to
$2.94 as of December 31, 2015 from $2.97 as of September 30, 2015. Comparative data is summarized below (in thousands, except per
share amounts):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 27%; padding-right: -0.25in; padding-bottom: 5pt; text-align: justify"><font style="font-size: 9pt">As of the Quarter Ended</font></td>
    <td style="width: 14%; padding-right: -0.25in; padding-bottom: 5pt; text-decoration: underline; text-align: center"><font style="font-size: 9pt"><u>12/31/2015</u></font></td>
    <td style="width: 17%; padding-right: -0.25in; padding-bottom: 5pt; text-decoration: underline; text-align: center"><font style="font-size: 9pt"><u>9/30/2015</u></font></td>
    <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: center"><u>6/30/2015</u></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: center">&nbsp;</P></td>
    <td style="width: 13%; padding-right: -0.25in; padding-bottom: 5pt; text-decoration: underline; text-align: center"><font style="font-size: 9pt"><u>3/31/2015</u></font></td>
    <td style="width: 15%; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>12/31/2014</u></font></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: justify"><font style="font-size: 9pt">Net assets</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$37,308</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$37,652</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$37,985</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$35,362</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$36,201</font></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: justify"><font style="font-size: 9pt">Shares outstanding</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">12,674</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">12,674</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">12,674</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">12,674</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">12,674</font></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: justify"><font style="font-size: 9pt">Net assets per share</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$2.94</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$2.97</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$3.00</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$2.79</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$2.86</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following were the portfolio companies
that had significant changes to their fair values during the fourth quarter of 2015:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Increase in Value
of PalletOne.</B> Equus holds an 18.7% fully-diluted share interest in PalletOne, Inc. (&ldquo;PalletOne&rdquo;), one of the largest
wooden pallet manufacturers in the United States. During the fourth quarter of 2015, PalletOne reported significant increases in
its trailing twelve months&rsquo; revenue and EBITDA as compared to prior periods. This led to an increase in the fair value of
the Fund&rsquo;s share interest in PalletOne from $7.5 million to $9.6 million. The Fund received advice and assistance from a
third-party valuation firm to support its determination of the fair value of this investment.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Decrease in Value
of Equus Energy.</B> The Fund established Equus Energy as a wholly-owned subsidiary to be used as a platform for energy-related
investments, with particular emphasis on oil and gas enterprises. Equus Energy owns various working interests, which are presently
derived from 130 producing and non-producing oil and gas wells, including associated development rights of approximately 21,220
acres, situated on 13 separate properties in Texas and Oklahoma.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
working interests range from a <I>de minimus</I> amount to 50% of the leasehold that includes these wells.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Also
included in the interests acquired by Equus Energy are working interests of 7.5% and 2.5% in the Burnell and North Pettus Units,
respectively, which collectively comprise approximately 13,000 acres located in the area known as the &ldquo;Eagle Ford Shale&rdquo;
play. The fair value of the Fund&rsquo;s holding in Equus Energy decreased from $7.5 million to $5.5 million, principally due to
lower forward prices for crude and natural gas used to estimate the value of Equus Energy&rsquo;s proven reserves. The Fund received
advice and assistance from a third-party valuation firm to support its determination of the fair value of this investment.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Decrease in Value
of MVC Shares.</B> The price of MVC Capital, Inc.&rsquo;s (&ldquo;MVC&rdquo;) common stock decreased from $8.21 on September 30,
2015 to $7.37 on December 31, 2015. In addition to the 421,827 MVC shares held by Equus at September 30, 2015, the Fund received
an additional 6,835 MVC shares as a dividend during the fourth quarter of 2015. The decrease in share price led to a corresponding
decrease in the fair value of this holding from $3.5 million to $3.2 million during the fourth quarter of 2015<FONT STYLE="color: #4F81BD"><B>.</B></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subsequent to year-end, the Fund made the following
portfolio investment:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Investment in Biogenic
Reagents.</B> On January 29, 2016, the Fund invested $2.0 million in Biogenic Reagents, LLC, a developer and producer of high value
carbon products from renewable biomass, in the form of a senior secured promissory note maturing April 28, 2016 and bearing cash
and PIK interest at the combined rate of 16% per annum.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>About Equus</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is a business development company
that trades as a closed-end fund on the New York Stock Exchange, under the symbol &quot;EQS&quot;. Additional information on the
Fund may be obtained from the Fund&rsquo;s website at <I>www.equuscap.com</I>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/11.25pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">This
press release may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are
based upon the Fund&rsquo;s current expectations and assumptions and are subject to various risks and uncertainties that could
cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular,</FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">the performance of the Fund, including our ability to
achieve our expected financial and business objectives, and the other risks and uncertainties described in the Fund&rsquo;s filings
with the SEC. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as to the date hereof. Except as required by law, the Fund undertakes no obligation to release publicly
any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission
by the Fund or any other person that the events or circumstances described in such statements are material.</FONT></P>



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