<SEC-DOCUMENT>0001712543-23-000024.txt : 20230424
<SEC-HEADER>0001712543-23-000024.hdr.sgml : 20230424
<ACCEPTANCE-DATETIME>20230424162319
ACCESSION NUMBER:		0001712543-23-000024
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240424
FILED AS OF DATE:		20230424
DATE AS OF CHANGE:		20230424

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		23840381

	BUSINESS ADDRESS:	
		STREET 1:		700 LOUISIANA STREET
		STREET 2:		48TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		7135290900

	MAIL ADDRESS:	
		STREET 1:		700 LOUISIANA STREET
		STREET 2:		48TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUUS II INC
		DATE OF NAME CHANGE:	19970422
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>def14a_equus04242024.htm
<DESCRIPTION>DEFINITIVE INFORMATION STATEMENT
<TEXT>
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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 14A INFORMATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>Statement Pursuant to Section&nbsp;14(a) of
the </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed by the
Registrant </FONT><FONT STYLE="font-family: MS Mincho">&#9746;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed
by Party other than the Registrant </FONT><FONT STYLE="font-family: MS Mincho">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

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    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 33px; padding-top: 9pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-top: 9pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary proxy statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 4.5pt"><FONT STYLE="font-family: MS Mincho; font-size: 10pt"><B>&#9744;</B></FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidential, for use of the Commission only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 4.5pt"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive proxy statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 4.5pt"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive additional materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 4.5pt"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting materials pursuant to Rule 14a-11(c) or Rule 14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>EQUUS TOTAL RETURN, INC. </B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name of Registrant as Specified in Its Charter)
</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name of Person(s) Filing Proxy Statement, if Other
Than the Registrant) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">Payment of Filing Fee (Check the appropriate box):</P>

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    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 33px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 4.5pt"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 33px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">________________________________________________________________________________________________________</P>

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    <TD STYLE="width: 33px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">_________________________________________________________________________________________________________</P>

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    <TD STYLE="width: 33px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">_________________________________________________________________________________________________________</P>

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    <TD STYLE="width: 33px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">_________________________________________________________________________________________________________</P>

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    <TD STYLE="width: 33px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total fee paid:</FONT></TD></TR>
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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">________________________________________________________________________________________________________</P>

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    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 33px; padding-top: 9pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-top: 9pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 4.5pt"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing fee for which the offsetting fee was paid previously. Identify the previous filing by registration number, or the form or schedule and the date of its filing.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 33px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount Previously Paid:</FONT></TD></TR>
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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">__________________________________________________________________________________________________________</P>

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    <TD STYLE="width: 33px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form, Schedule, or Registration Statement No.:</FONT></TD></TR>
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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">_________________________________________________________________________________________________________</P>

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    <TD STYLE="width: 33px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Party:</FONT></TD></TR>
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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">_________________________________________________________________________________________________________</P>

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    <TD STYLE="width: 33px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date Filed:</FONT></TD></TR>
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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">_________________________________________________________________________________________________________</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 6pt"><FONT STYLE="font-size: 7pt"><B> EQUUS TOTAL RETURN,
INC</B></FONT>.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 36px; width: 120px"></P>

<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0"><B>Notice of the 2023 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Annual Meeting of Stockholders </B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="vertical-align: top; width: 12%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Meeting&nbsp;Date:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 88%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 25, 2023</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Meeting&nbsp;Time:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11:00 a.m.,&nbsp;MDT</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Location:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">11650 South State Street, Suite 240</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Draper, UT 84020</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><B>Purpose of the Meeting </B></P>

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    <TD STYLE="width: 24px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To elect 5 directors, each for a term of one year;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
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    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To ratify the appointment of BDO USA, LLP as the Company&rsquo;s independent registered public accountant for the fiscal year ending December&nbsp;31, 2023 and authorizing the directors to fix the remuneration thereof;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
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    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To approve, on a non-binding advisory basis, the compensation paid to the Company&rsquo;s named executive officers in 2022; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To transact such other business as may properly come before the annual meeting.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Voting </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">All holders of record of shares of the Company&rsquo;s common stock (NYSE:
EQS) at the close of business on April 12, 2023 (the &ldquo;Record Date&rdquo;), or their legal proxy holders, are entitled to vote at
the meeting and any postponements or adjournments of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Please submit a proxy as soon as possible so that your shares can be voted
at the meeting in accordance with your instructions. You may submit your proxy online, by phone, or by mail. For specific instructions,
please refer to the Questions and Answers in this proxy statement and the instructions on the proxy card.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We are distributing this proxy statement and proxy form to stockholders
on or about April 24, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 330.45pt; text-indent: -12.25pt">By order of the Board of Directors,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 330.45pt; text-indent: -12.25pt">JOHN A. HARDY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 330.45pt; text-indent: -12.25pt"><B><I>Chief Executive Officer</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 24, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Houston, Texas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Important Notice Regarding the Availability of Proxy
Materials</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>for the Company&rsquo;s Annual Meeting of Stockholders
to be held on May 25, 2023 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This proxy statement, proxy card and the Company&rsquo;s Annual Report
to Stockholders for the fiscal year ended December&nbsp;31, 2022 are available free of charge at the following website: https://equuscap.com/investor-relations/sec-filings/
or by calling our proxy solicitor Georgeson LLC, toll free, at 1-800-903-2897.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>700 LOUISIANA STREET </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>48<SUP>TH</SUP> FLOOR </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>HOUSTON, TX 77002 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN, INC. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>700 Louisiana Street </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>48<SUP>th</SUP> Floor </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Houston, Texas 77002 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><B>PROXY STATEMENT </B></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">This proxy statement contains information relating
to the annual meeting of Equus Total Return, Inc. (&ldquo;Equus&rdquo; or the &ldquo;Company&rdquo;). The annual meeting of stockholders
(the &ldquo;Meeting&rdquo;) or any postponement or adjournment thereof will be held on May 25, 2023, beginning at 11:00 a.m., Mountain
Daylight Time, at 11650 South State Street, Suite 240, Draper, UT 84020. The Board of Directors (sometimes referred to hereinafter as
the &ldquo;Board&rdquo;) is sending stockholders this proxy statement to solicit proxies to be voted at the annual meeting. It is being
mailed to stockholders on or about April 24, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ABOUT THE MEETING </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>What is the purpose of the Meeting? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">At the Meeting, stockholders will be asked to elect
Company directors (see Proposal&nbsp;1), ratify the selection of the Company&rsquo;s independent registered public accountant (see Proposal
2), and approve, on a non-binding advisory basis, compensation paid to the Company&rsquo;s named executive officers in 2022 (see Proposal
3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Who is entitled to vote at the Meeting? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">If you owned shares of the Company on the Record Date,
you are entitled to receive notice of and to participate in the Meeting. A list of stockholders on the Record Date will be available for
inspection during normal business hours at 11650 South State Street, Suite 240, Draper, Utah 84020 for ten days before the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>What are the voting rights of holders of the Company&rsquo;s common
stock? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">You may cast one vote per share of the Company&rsquo;s
common stock that you held on the Record Date on each proposal considered at the Meeting. These shares are: (a)&nbsp;held directly in
your name as the stockholder of record or (b)&nbsp;held for you as the beneficial owner through a stockbroker, bank, or other nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>What is the difference between holding shares as a stockholder of
record and as a beneficial owner? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Many stockholders of the Company hold their shares
in &ldquo;street name&rdquo; through a stockbroker, bank or other nominee rather than directly in their own name. There are some important
distinctions in how Company shares are held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Stockholder of Record</I>. If your shares are registered
directly in your name with the Company&rsquo;s transfer agent, Equiniti Group, you are considered, with respect to those shares, the stockholder
of record; therefore, these proxy materials are being sent directly to you by the Company. As the stockholder of record, you have the
right to vote in person at the Meeting, or to grant your voting proxy directly to the Company. You may vote online, by phone, or by mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Beneficial Owner</I>. If your shares are held in
a stock brokerage account or by a bank or other nominee, you are considered the beneficial owner of shares held in &ldquo;street name.&rdquo;
Your broker or nominee, who is considered the stockholder of record with respect to those shares, has forwarded these proxy materials
to you. As the beneficial owner, you have the right to provide your broker with instructions on how to vote and are also invited to attend
the Meeting. However, since you are not the stockholder of record, you may not vote these shares in person at the Meeting (unless you
have a signed &ldquo;legal&rdquo; proxy from the record holder, as described below). Your broker or nominee has enclosed a voting instruction
form for you to use in directing the broker or nominee regarding how to vote your shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Broker Discretionary Voting</I>. New York Stock
Exchange (&ldquo;NYSE&rdquo;) rules permit a broker member to vote on certain &ldquo;routine&rdquo; matters, including the ratification
of independent registered public accountant, without instructions from the beneficial owner of the shares. The election of directors and
the non-binding vote concerning compensation of the Company&rsquo;s named executive officers in 2022 are considered non-routine; therefore,
brokers are not permitted to vote in respect of these matters without instructions from the beneficial owners. If you hold your stock
in street name and you do not instruct your broker how to vote in the election of directors and the non-binding vote concerning compensation
of the Company&rsquo;s named executive officers in 2022 described in more detail herein, no votes will be cast on your behalf regarding
these proposals. Therefore, it is important that you cast your vote if you want it to count in respect of these matters. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>What constitutes a quorum? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">A quorum must be present at the Meeting for any business
to be conducted. The presence at the Meeting, in person or by proxy, of a majority of the shares of common stock outstanding on the Record
Date, or 6,759,074 shares, will constitute a quorum. As of the Record Date, 13,518,146 shares of the Company&rsquo;s common stock, representing
the same number of votes, were outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">If there are not enough votes for a quorum or to approve
a proposal at the Meeting, the stockholders who are represented in person or by proxy may adjourn the Meeting to permit the further solicitation
of proxies. The persons named as proxies will vote proxies held by them for such adjournment, unless marked to be voted against any proposal
for which an adjournment is sought, to permit the further solicitation of proxies.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>What are the Board&rsquo;s recommendations? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Board recommends a vote &ldquo;<B>For</B>&rdquo;
the election of the nominated slate of directors (see Proposal&nbsp;1), &ldquo;<B>For</B>&rdquo; the ratification of the appointment of
BDO USA, LLP (&ldquo;BDO&rdquo;) as the Company&rsquo;s independent registered public accountant (see Proposal&nbsp;2), and &ldquo;<B>For</B>&rdquo;
the approval, on a non-binding advisory basis, of compensation paid to the Company&rsquo;s named executive officers in 2022 (see Proposal
3). Unless you give other instructions in your proxy, the persons named as proxy holders on the proxy card will vote in accordance with
the recommendations of the Board. With respect to any other matter that properly comes before the Meeting, the proxy holders will vote
as recommended by the Board or, if no recommendation is given, in their own discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>What vote is required to approve the proposals? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Election of Directors</I>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Ratification of Independent Registered Public Accountant</I>.
The affirmative vote of a majority of all of the votes cast at the Meeting at which a quorum is present is required to ratify the selection
of the independent registered public accountant. Abstentions will not be counted as votes cast and will have no effect on this proposal.
Brokers may vote uninstructed shares held in street name for this proposal, and their votes will count as present for quorum purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Non-Binding Advisory Vote Approving Executive Compensation
in 2022</I>. The affirmative vote of a majority of all of the votes cast at the Meeting at which a quorum is present is required to approve,
on a non-binding advisory basis, compensation paid to the Company&rsquo;s named executive officers in 2022. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>How are votes counted? </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">In the election of directors, you may vote &ldquo;<B>For</B>&rdquo;
all of the nominees or your vote may be &ldquo;<B>Withheld</B>&rdquo; with respect to one or more of the nominees. If you execute your
proxy or provide broker voting instructions without specifying further your preference as to the nominees, your shares will be voted in
accordance with the recommendations of the Board. To ratify the selection of the independent registered public accountant, you may vote
&ldquo;<B>For</B>&rdquo; the ratification, &ldquo;<B>Against</B>,&rdquo; or you may &ldquo;<B>Abstain</B>.&rdquo; To cast your vote concerning
the non-binding approval of compensation paid to the Company&rsquo;s executive officers in 2022, you may also vote &ldquo;<B>For</B>&rdquo;
or &ldquo;<B>Against</B>&rdquo; this proposal, or you may &ldquo;<B>Abstain</B>&rdquo; from voting in respect of this proposal. Please
refer to the preceding section in considering the effect of abstentions and &ldquo;broker non-votes&rdquo; for Proposal 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;Who can attend the Meeting? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">All stockholders as of the Record Date, or their duly
appointed proxies, may attend the Meeting. Each stockholder may be asked to present valid identification. Cameras, recording devices,
and other electronic devices will not be permitted at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Please note that if you hold your shares in &ldquo;street
name&rdquo; (that is, through a broker, bank, or other nominee), you will need to bring a &ldquo;legal proxy&rdquo; or a copy of a brokerage
statement reflecting your stock ownership as of the Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>How can I vote my shares in person at the Meeting? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Shares held directly in your name as the stockholder
of record may be voted in person at the Meeting. If you choose to do so, please bring proof of identification. Even if you plan to attend
the Meeting, we recommend that you vote your shares in advance as described below so that your vote will be counted if you later decide
not to attend the Meeting. Shares held in street name may be voted in person by you only if you obtain a signed proxy from the record
holder giving you the right to vote the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>How can I vote my shares without attending the Meeting? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Whether you hold shares directly as the stockholder
of record or beneficially in street name, you may direct your vote without attending the Meeting by granting your voting proxy to the
Company (if you are the stockholder of record) or by providing voting instructions to your broker or nominee (if you hold shares beneficially
in street name). You may vote online, by phone, or by mail. Please refer to the enclosed voting instruction card for details.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Can I change my vote after I execute my proxy? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Yes. You may change your proxy instructions at any
time prior to the vote at the Meeting. You may accomplish this by granting a new proxy or new broker voting instructions at a later date
(which automatically revokes the earlier proxy instructions) or by attending the Meeting and voting in person. Attendance at the Meeting
will not cause your previously granted proxy to be revoked unless you specifically so request.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>What does it mean if I receive more than one notice of the Meeting?
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">It means your shares are registered differently or
are in more than one account. Please grant a voting proxy and/or provide voting instructions for all accounts that you hold.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Where can I find the voting results of the Meeting? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">We will publish final results of the Meeting in a
Company Form 8-K within four business days after the day on which the Meeting ended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Who can I call if I have a question? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">If you have any questions about this proxy statement,
please call our proxy solicitor Georgeson LLC, toll free, at 1-800-903-2897.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STOCK OWNERSHIP AND PERFORMANCE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Who are the largest owners of the Company&rsquo;s stock? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Based on a review of filings with the SEC and other
records of the Company, the Company is aware of four beneficial owners of more than 5% of the outstanding shares of the Company&rsquo;s
common stock: (i)&nbsp;John A. Hardy; (ii) Howard Todd Horberg; (iii) Bradley L. Radoff; and (iv) Michael Tokarz.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>How much stock do the Company&rsquo;s directors and executive officers
own? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The following table shows the amount of the Company&rsquo;s
common stock beneficially owned (unless otherwise indicated) as of April 1, 2023, by (1)&nbsp;any person known to the Company to be the
beneficial owner of more than 5% of the outstanding shares of the Company&rsquo;s common stock, (2)&nbsp;each director/director nominee
of the Company, (3)&nbsp;each named executive officer, and (4)&nbsp;all directors/director nominees and executive officers as a group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The number of shares beneficially owned by each entity,
person, director/director nominee, or executive officer is determined under SEC rules and the information is not necessarily indicative
of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares as to which the entity or individual
has sole or shared voting power or investment power and also any shares that the entity or individual had the right to acquire as of April
1, 2023, or within 60 days after April 1, 2023, through the exercise of any stock option or other right. Unless otherwise indicated, to
our knowledge each individual has sole investment and voting power, or shares such powers with his spouse, with respect to the shares
set forth in the table.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7.5pt; border-bottom: Black 1pt solid"><P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P><P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Name</B></P></TD><TD STYLE="font-size: 7.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7.5pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Sole</B></P> <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Voting and Investment Power</B></P></TD><TD STYLE="font-size: 7.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7.5pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Other</B></P> <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Beneficial</B></P> <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Ownership</B></P></TD><TD STYLE="font-size: 7.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 7.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7.5pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Percent of</B></P> <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Class</B></P> <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Outstanding</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left">Fraser Atkinson&#9;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">45,591</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">45,591</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">&#9;*&#9;</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Kenneth I. Denos&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">265,754</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">265,754</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.97</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Henry W. Hankinson&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#9;*&#9;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">John A. Hardy &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,228,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,728,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.58</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">L&rsquo;Sheryl D. Hudson</FONT><FONT STYLE="font-size: 7.5pt"><SUP>(1)</SUP></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#9;*&#9;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Robert L. Knauss&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,670</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,670</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#9;*&#9;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Howard Todd Horberg&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">682,628</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">682,628</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.05</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Bradley L. Radoff&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,349,021</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,349,021</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.98</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Michael Tokarz&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,172,237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,172,237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.47</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">All directors and executive officers as a group (6 persons)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">923,515</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,228,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,151,539</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30.71</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt">*</TD><TD>Indicates less than one percent.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: -24.5pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 33px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Ms. Hudson serves as the Company&rsquo;s Senior Vice President and Chief Financial Officer. Ms. Hudson is not a director of the Company.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Section&nbsp;16(a) beneficial ownership compliance </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Under the federal securities laws, our directors,
executive officers, and any persons beneficially owning more than ten percent of our common stock are required to report their ownership
of our common stock and any changes in that ownership to the Company and the SEC. Specific due dates for these reports have been established
by regulation. Based solely upon a review of reports furnished to the Company and written representations of certain persons that no other
reports were required, we believe that all of our directors and executive officers complied during 2022 with the reporting requirements
of Section 16(a) of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Stock Performance Graph </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following graph compares the cumulative total return
on our common stock with the cumulative total return of the NYSE Composite Index and the S&amp;P 500 Index for the five years ended December
31, 2022. This comparison assumes $100.00 was invested in our common stock at the closing price of our common stock on December 31, 2017
and in the comparison groups and assumes the reinvestment of all cash dividends on the ex-dividend date prior to any tax effect. The stock
price performance shown on the graph below is not necessarily indicative of future price performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 337px; width: 671px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AUDIT COMMITTEE REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.75pt">The Audit Committee is appointed by the Board of
Directors to review financial matters concerning the Company. Each member of the Audit Committee meets the independence requirements established
by the Investment Company Act of 1940 (hereafter, the &ldquo;1940 Act&rdquo;) and under the applicable listing standards of the New York
Stock Exchange. The Audit Committee is responsible for the selection, engagement, compensation, retention and oversight of the Company&rsquo;s
independent registered public accountant. We are also responsible for recommending to the Board of Directors that the Company&rsquo;s
audited financial statements be included in its Annual Report on Form 10-K for the fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.75pt">In making our recommendation that the Company&rsquo;s
financial statements be included in its Annual Report on Form 10-K for the year ended December 31, 2022, we have taken the following steps:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47px; padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 7px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We discussed with BDO USA, LLP, the Company&rsquo;s independent registered public accountant for the year ended December 31, 2022, those matters required to be discussed by Public Company Accounting Oversight Board (&ldquo;PCAOB&rdquo;) Auditing Standard 1301, <I>Communications with Audit Committees</I>, including information regarding the scope and results of the audit. These communications and discussions are intended to assist us in overseeing the financial reporting and disclosure process.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47px; padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 7px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We conducted periodic executive sessions with BDO with no members of Equus management present during those discussions. BDO did not identify any material audit issues, questions or discrepancies, other than those previously discussed with management, which were resolved to the satisfaction of all parties.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47px; padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 7px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We received and reviewed the written disclosures and the letter from BDO required by the applicable requirements of PCAOB Rule 3526 regarding BDO&rsquo;s communications with us concerning independence, and we discussed with BDO its independence regarding Equus.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47px; padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 7px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We determined that there were no former BDO employees who previously participated in the Company&rsquo;s audit, engaged in a financial reporting oversight role at Equus.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47px; padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 7px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We reviewed, and discussed with Equus management and BDO, the Company&rsquo;s audited balance sheet at December 31, 2022, and statements of operations, changes in net assets and cash flows for the year ended December 31, 2022.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.75pt">Based on the reviews and actions described above,
we recommended to the Board of Directors that the Company&rsquo;s audited financial statements be included in its Annual Report on Form
10-K for the year ended December 31, 2022 for filing with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Fraser Atkinson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Robert L. Knauss</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Henry W. Hankinson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: center"><B>COMPENSATION OF NAMED EXECUTIVE OFFICERS
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Compensation Discussion and Analysis </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">This Compensation Discussion and Analysis provides
information about the fiscal year 2022 compensation policy for our named executive officers (&ldquo;NEOs&rdquo;). Our Compensation Committee
determines the compensation terms for our Chief Executive Officer and, to the extent charged to the Fund on an hourly basis, the Board
determines the fees that may be charged by members of the Board for their services not in connection with their duties as directors. Our
Chief Executive Officer also determines compensation for all other NEOs. This section explains how compensation decisions were made for
our NEOs during the year. The discussion below also addresses the principal elements of our approach to compensation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Our NEOs are compensated with a view to satisfying
two objectives: (i)&nbsp;compensating the Company&rsquo;s NEOs appropriately for their contributions to the Company&rsquo;s growth, profitability
and other goals and objectives; and (ii)&nbsp;linking the interests of the Company&rsquo;s NEOs to the long-term interests of the Company&rsquo;s
equity owners. The compensation terms for our NEOs generally recognize both short-term and long-term success but these compensation arrangements
also emphasize rewarding the intermediate and long-term performance of our NEOs, as measured by the Company&rsquo;s performance and relative
shareholder return.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Historically, most of our compensation arrangements
with our NEOs consisted primarily of two elements: base salary and possible annual cash bonus. We have also added equity incentives for
certain of our NEOs as more particularly described below. In addition, while our Chief Financial Officer participates in a defined contribution
retirement plan, we have offered similar plans to our other NEOs pursuant to our agreements with them, although they have yet to avail
themselves of any such benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">On April 28, 2016, the Board adopted the Company&rsquo;s
2016 Equity Incentive Plan (&ldquo;Incentive Plan&rdquo;), which is described in more detail herein. On March 17, 2017, the Company granted
awards of restricted stock under the Incentive Plan to certain of the NEOs in the aggregate amount of 750,000 shares as particularly set
forth under <I>Grants of Plan-Based Awards</I> below. The awards were subject to a vesting requirement over a 3-year period and, as such,
are now fully-vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">In addition to the awards of restricted stock to our
NEOs described above, we also pay base cash compensation to our NEOs, which constitutes the bulk of their total cash remuneration. While
the NEOs&rsquo; initial base compensation is determined by an assessment of competitive market levels, the factors used in determining
changes to base compensation include individual performance, changes in role and/or responsibility and changes in the competitive market
environment. The Company may pay an annual cash bonus which results in cash payments to our NEOs. The amount of the cash bonus is determined
by the individual agreements with our NEOs or by our Chief Executive Officer on a discretionary basis. In the case members of our Board
who provide services to the Company not in connection with their duties as directors, the Board has determined an hourly rate of $300
for such services. We have agreements with our Chief Executive Officer, Chief Financial Officer, and Secretary and Chief Compliance Officer,
the terms of which are summarized beginning on page 19 of this proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">In determining the structure of our executive compensation
policies and the appropriate levels of incentive opportunities, the Compensation Committee or our Chief Executive Officer, as appropriate,
considers whether the policies reward reasonable risk-taking and whether the incentive opportunities achieve the proper balance between
the need to reward employees and the need to protect shareholder returns. We believe that the focus on total compensation provides incentives
to create long-term value for shareholders while taking thoughtful and prudent risks to grow the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">In addition, at the Company&rsquo;s Annual Meeting
of Stockholders held on June 2, 2022, the Company held a non-binding stockholder vote to approve the compensation paid to its named executive
officers in 2021, commonly referred to as a &ldquo;say-on-pay&rdquo; vote. The Company&rsquo;s shareholders approved such compensation
by a non-binding, advisory vote with approximately 87.0% of the votes submitted on the proposal voting in favor of the resolution. The
Compensation Committee considered the results of this vote and views this vote as confirmation that the Company&rsquo;s shareholders support
the Company&rsquo;s executive compensation policies and decisions.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I></I></B></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Summary Compensation Table </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The following table summarizes the total compensation
that the Company paid during the fiscal years ended December&nbsp;31, 2022, 2021, and 2020 to the NEOs, who are the Chief Executive Officer,
the Chief Financial Officer, and our other most highly compensated executive officers who received more than $100,000 in annual compensation
from the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Name and Principal Position</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Year</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Salary</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Cash Bonus</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Stock Awards<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>All Other Compensation</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">John A. Hardy&mdash;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Chief Executive Officer</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2022</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2021</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2020</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 481,478</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">457,500</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">383,333</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 472,500</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">450,000</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">450,000</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ &horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">141,250</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ &horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">130,000</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 953,978</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">907,500</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">1,104,583</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">L&rsquo;Sheryl D. Hudson&mdash;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2022</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2021</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2020</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 242,308</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">209,615</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">209,615</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 65,000</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">18,750</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">19,012</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ &horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 18,438<SUP>(2)</SUP></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">13,702<SUP>(2)</SUP></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">13,718<SUP>(2)</SUP></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 325,746</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">242,067</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">242,345</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Kenneth I. Denos&mdash;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Secretary and CCO</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2022</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2021</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2020</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 387,227</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">363,720</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">349,725</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ &horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">38,418</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">236,787</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ &horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ &horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 387,227</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">402,138</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">586,512</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)</FONT></TD>
    <TD STYLE="width: 93%; padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">These amounts reflect the vested portion of stock awards made during 2017 and are based upon the trading price of our common stock on the New York Stock Exchange as of the relevant vesting date in 2020.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2)</FONT></TD>
    <TD STYLE="width: 93%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Reflects the Company&rsquo;s contributions to vested and unvested defined contribution plans of the NEOs.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Company&rsquo;s 2016 Equity Incentive Plan </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On April 28, 2016, the Board adopted the Incentive
Plan, which was also approved by our stockholders on June 13, 2016. On January 10, 2017, the SEC issued an exemptive order approving the
Incentive Plan and certain awards intended to be made thereunder. The Incentive Plan is intended to promote the interests of the Company
by encouraging officers, employees, and directors of the Company and its affiliates to acquire or increase their equity interest in the
Company and to provide a means whereby they may develop a proprietary interest in the development and financial success of the Company
and to encourage them to remain with and devote their best efforts to the business of the Company, thereby advancing the interests of
the Company and its stockholders. The Incentive Plan is also intended to enhance the ability of the Company and its affiliates to attract
and retain the services of individuals who are essential for the growth and profitability of the Company. The Incentive Plan permits the
award of restricted stock as well as common stock purchase options. The maximum number of shares of common stock that are subject to awards
granted under the Incentive Plan is 2,434,728 shares. The term of the Incentive Plan will expire on June 13, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Since the adoption of the Incentive Plan, we have chosen
to utilize shares of our restricted stock, rather than stock options or other equity-based incentive compensation, as long-term incentive
compensation. We use restricted stock awards to (i) attract and retain key officers and employees, (ii) enable our officers and employees
to participate in our long-term growth and (iii) link these persons&rsquo; compensation to the long-term interests of our stockholders.
Each restricted stock award is for a fixed number of shares as set forth in an award agreement between the grantee and us. Award agreements
set forth time and/or performance vesting schedules and other appropriate terms and/or restrictions with respect to awards, including
rights to dividends and voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Compensation Committee has been delegated responsibility
by the Board to administer the Incentive Plan in accordance with an exemptive order granted by the SEC and applicable rules of the NYSE.
The Compensation Committee has also been delegated the authority to approve stock-based awards or other equity incentives permitted under
the Incentive Plan to our officers and employees. The Compensation Committee is comprised of three independent directors who are independent
pursuant to the requirements of the NYSE. The Board may revest its authority to administer or approve awards under the Incentive Plan
at any time. At the time of each award granted to each NEO, the Compensation Committee determines the terms of the award, including the
performance period (or periods) and the performance objectives, if any, relating to the award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Grants of Plan-Based Awards </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Compensation Committee meets from time to time
throughout the year to consider, among other matters, compensation to our Chief Executive Officer and other compensation matters, including
the administration of the Incentive Plan. On March 17, 2017, the Compensation Committee approved the grant of an aggregate of 750,000
shares of restricted stock to our NEOs under the Incentive Plan. Specific performance factors that the Compensation Committee considered
in determining the granting of restricted included the achievement of financial and operational goals in previous years and individual
employee performance during these years in such areas as work ethic, proficiency and overall contribution to the Company. In the case
of Mr. Hardy, such considerations also included his waiver of approximately $2.2 million in bonus payments related to portfolio dispositions
in prior years as described under <I>Executive Compensation Agreements</I> below. No award of restricted stock or other equity incentives
was made to our NEOs prior to the awards granted in March 2017, and no further grants or awards of restricted stock or other equity incentives
were made to our NEOs during the years 2018 through 2022. Restricted stock awards allow the Company to account for our Incentive Plan
based on the price of our common stock, fixed at the grant date of such award, resulting in a known maximum cost of such award under our
Incentive Plan at the time of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Outstanding Equity Awards at Fiscal Year-End </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Because all of the awards granted under the Incentive
Plan have fully vested, there are no awards outstanding to our NEOs for which forfeiture provision have not lapsed or remain unvested
and outstanding at December 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Equity Awards Vested in 2022 </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Inasmuch as all previous awards made under the Incentive
Plan had fully vested before January 1, 2022, there were no equity awards that vested during 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Potential Payments upon Termination or Change of Control </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This section describes and quantifies the estimated
compensation payments and other benefits to which our NEOs would be entitled upon the occurrence of a change of control or certain termination
conditions described in each such NEO&rsquo;s individual agreement with the Company, or Incentive Plan award agreement, as the case may
be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>John A. Hardy &ndash; Chief Executive Officer</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that Mr. Hardy&rsquo;s agreement with the Company
is terminated without cause or the Company experiences a change of control, each as defined therein, he will be entitled to receive two
year&rsquo;s base compensation, together with an amount equal to all bonuses earned during the two-year period up to the date of termination.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>L&rsquo;Sheryl D. Hudson &ndash; Chief Financial
Officer</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that Ms. Hudson&rsquo;s employment agreement
with the Company is terminated without cause as defined therein, she will be entitled to a severance payment equal to one year&rsquo;s
base salary then in effect.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Kenneth I. Denos &ndash; Secretary and Chief Compliance
Officer</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that Mr. Denos&rsquo;s agreement with the Company
is terminated without cause or the Company experiences a change of control, each as defined therein, he will be entitled to receive </FONT><FONT STYLE="font-family: TimesNewRoman; font-size: 10pt">two
year&rsquo;s base compensation, together with an amount equal to all bonuses earned during the two-year period up to the date of termination.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The following table summarizes these potential payments
to our NEOs upon termination<SUP>(1)</SUP>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Severance/Termination Payment</B></FONT></TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Vesting of Stock Awards</B></FONT></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">John A. Hardy&mdash;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Chief Executive Officer<SUP>(2)</SUP></P></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,920,865</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&horbar;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$ &nbsp;&nbsp;1,921,365</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">L&rsquo;Sheryl D. Hudson&mdash;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer<SUP>(2)</SUP></P></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275,000</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&horbar;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Kenneth I. Denos&mdash;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Secretary and CCO<SUP>(2)</SUP></P></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789,365</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&horbar;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789,365</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)</FONT></TD>
    <TD STYLE="width: 93%; padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Assumes, for purposes of this table, that termination occurred on December 31, 2022.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2)</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Excludes accrued vacation pay, sick days, or holidays, or any health insurance contributions pursuant to the Consolidated Omnibus Budget Reconciliation Act (COBRA).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Report of the Compensation Committee </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">As part of our responsibilities, we have reviewed
and discussed with management the Compensation Discussion and Analysis required by Item&nbsp;402(b) of Regulation S-K, which begins on
page 8 of this proxy statement. Based on such review and discussions, we have recommended to the Board of Directors the inclusion of the
Compensation Discussion and Analysis in this proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Henry W. Hankinson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Fraser Atkinson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Robert L. Knauss</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: center"><B>GOVERNANCE OF THE COMPANY </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>How is the Company&rsquo;s management structured? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Board of Directors changed the Company&rsquo;s
operations to an internalized management structure on July&nbsp;1, 2009. This means that, unlike many closed-end funds and business development
companies, the Company directly employs its management team and incurs the costs and expenses associated with Company operations. There
is no outside investment advisory organization providing services to the Company under a fee-based advisory agreement, or an administrative
organization charging the Company for services rendered.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>What are the duties of the Board of Directors? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Leadership Structure</I>. The Board provides overall
guidance and supervision with respect to the operations of the Company and performs the various duties specified for directors of business
development companies under the 1940 Act. Among other things, the Board supervises Company management, the custodial arrangements for
portfolio securities, the selection of accountants, fidelity bonding, and transactions with affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Board meets in regularly scheduled meetings each
year. All Board actions are taken by majority vote unless a higher percentage is required by law or the Company&rsquo;s certificate of
incorporation or by-laws require that the actions be approved by a majority of the directors who are not &ldquo;interested persons&rdquo;
(as defined in the 1940 Act) of the Company&mdash;referred to as &ldquo;independent directors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The 1940 Act requires that a majority of the Company&rsquo;s
directors be independent directors. The Board is currently composed of 5 directors, including 3 independent directors. As discussed below,
the Board has established 4 Committees to assist the Board in performing its oversight responsibilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Board has appointed John A. Hardy to serve as
the Company&rsquo;s Chief Executive Officer. In addition to being the principal executive officer of the Company, one of the Chief Executive
Officer&rsquo;s roles is to set the agenda of the Board and determine what information is provided to the Board with respect to matters
to be acted upon by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Board has also appointed Robert L. Knauss as its
Chairman. The Chairman presides at all meetings of the Board and leads the Board through its various tasks. The Chairman also acts as
a liaison with the Company&rsquo;s principal executive officer in carrying out his functions, as well as with the Company&rsquo;s Chief
Compliance Officer. The Chairman may perform such other functions as may be requested by the Board. The designation of Chairman does not
impose on such independent director any duties, obligations or liability that is greater than the duties, obligations or liability imposed
on such person as a member of the Board, generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Company has determined that the Board&rsquo;s
leadership structure is appropriate given the characteristics and circumstances of the Company, including such items as the business development
company requirements, net assets of the Company, and the committee structure of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Risk Oversight</I>. Through the Board&rsquo;s direct
oversight role, and indirectly through its Committees, the Board performs a risk oversight function for the Company consisting, among
other things, of the following activities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>General Oversight</I>. The Board meets with representatives of management and key service providers, including the custodian and the independent audit firm of the Company, to review and discuss the operational activities of the Company and to provide direction with respect thereto.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-indent: -18.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Compliance Oversight</I>. The Board reviews and approves, as applicable, the compliance procedures of the Company. The Board is informed how the compliance procedures adhere to the operational requirements through its meeting with, and reports received from, the Chief Compliance Officer. The Board also discusses the adequacy of internal controls and compliance procedures with the Company&rsquo;s Chief Compliance Officer and independent registered public accountant.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-indent: -18.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Investment Oversight</I>. The Board monitors Company performance during the year through regular performance reports from management with references to appropriate performance measurement indices and the performance of similar funds. The Board receives updates on industry developments and portfolio company matters on a regular basis. The Board also monitors the Company&rsquo;s investment practices and reviews the Company&rsquo;s investment strategies with management.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-indent: -18.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Valuation Oversight</I>. The Board has approved the valuation methodologies used in establishing the fair value of the Company&rsquo;s assets and monitors the accuracy with which the valuations are carried out. The Board receives regular reports on the use of fair value prices and monitors the effectiveness of the valuation procedures.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>What Committees has the Board established? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Board has four standing committees: an Audit Committee,
a Governance and Nominating Committee, a Compensation Committee, and a Committee of Independent Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Who are the current Board members and what are their Committee memberships?
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The members of the Board of Directors on the date
of this proxy statement and the Board Committees on which they serve are identified in the following table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 36%; padding-bottom: 1pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B>Director</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-bottom: 1pt; padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Audit<BR>
    Committee</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-bottom: 1pt; padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Compensation<BR>
    Committee</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-bottom: 1pt; padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Committee<BR>
    of<BR>
    Independent<BR>
    Directors</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-bottom: 1pt; padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Governance<BR>
    and<BR>
    Nominating<BR>
    Committee</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert L. Knauss, Chairman </FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chair</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chair</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fraser Atkinson </FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chair</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kenneth I. Denos </FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.1in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Henry W. Hankinson </FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chair</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John A. Hardy </FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.1in">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Audit Committee </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The charter of the Audit Committee specifies that
the purpose of the Audit Committee is to assist the Board in its oversight of the integrity of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company&rsquo;s financial statements,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-indent: -18.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company&rsquo;s compliance with legal and regulatory requirements,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-indent: -18.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The independence and qualifications of the Company&rsquo;s independent registered public accountant, and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-indent: -18.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The performance of the Company&rsquo;s internal audit function and independent registered public accountant.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt; text-indent: -18.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">In furtherance of the foregoing purpose, the Audit
Committee&rsquo;s authority and responsibilities include to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 33px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Review and oversee the Company&rsquo;s annual and quarterly financial statements;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 33px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discuss with management and the Company&rsquo;s independent registered public accountant, as appropriate, earnings press releases and financial information, as well as financial information and earnings guidance provided to analysts and ratings agencies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 33px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recommend, for shareholder approval, the appointment of the Company&rsquo;s independent registered public accountant, and oversee the compensation, retention, oversight, and other matters relating to the engagement or discharge of the independent registered public accounting firm;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 33px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Review with management and the independent registered public accountant, as appropriate, any audit problems or difficulties the independent registered public accountant encountered in the course of the audit work and management&rsquo;s responses thereto;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt; text-indent: -24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 33px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discuss with management the Company&rsquo;s risk assessment and risk management guidelines and policies, including the Company&rsquo;s major financial risk exposures and steps taken by management to monitor and control such exposures;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 33px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oversee the Company&rsquo;s financial controls and reporting processes;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 33px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Review the Company&rsquo;s financial reporting and accounting standards and principles;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 33px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Review the performance of the Company&rsquo;s internal audit function and the performance of the independent registered public accountant;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 33px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Review and investigate any matters pertaining to the integrity of management, including conflicts of interest or adherence to standards of business conduct; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 33px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Establish procedures for handling complaints involving accounting, internal accounting controls, and auditing matters.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The charter of the Audit Committee is available on
the Company&rsquo;s website (<I>www.equuscap.com</I>). The Committee schedules its meetings with a view to ensuring that it devotes appropriate
attention to all of its duties. The Committee&rsquo;s meetings include, whenever appropriate, executive sessions with the Company&rsquo;s
independent registered public accountant without the presence of management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Each member of the Audit Committee is an independent
director within the meaning of SEC regulations and the listing standards of the New York Stock Exchange (&ldquo;NYSE&rdquo;). Fraser Atkinson,
the chair of the Audit Committee, is qualified as an audit committee financial expert within the meaning of SEC regulations and the Board
has determined that he has accounting and related financial management expertise within the meaning of the listing standards of the NYSE.
The Audit Committee met four times during 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Committee of the Independent Directors </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The functions of the Committee of the Independent
Directors are to: recommend to the full Board approval of any management, advisory, or administration agreements; recommend to the full
Board any underwriting or distribution agreements; review the fidelity bond and premium allocation; review any joint insurance policies
and premium allocation; review and monitor the Company&rsquo;s compliance with procedures adopted pursuant to certain rules promulgated
under the 1940 Act, meet regularly with the Company&rsquo;s Chief Compliance Officer; and carry out such other duties as the independent
directors shall, from time to time, conclude are necessary in the performance of their duties under the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Committee of Independent Directors met at regularly
scheduled Board Meetings in executive sessions without any members of management present. During 2022, each member of this Committee was
considered an independent director within the meaning of SEC regulations and the listing standards of the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Compensation Committee </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Compensation Committee is responsible for reviewing
and evaluating the compensation of the Company&rsquo;s Chief Executive Officer. In addition, the Compensation Committee periodically reviews
independent and interested director compensation and recommends any appropriate changes to the Board. Lastly, the Compensation Committee
produces a report on the Company&rsquo;s executive compensation practices and policies for inclusion in the Company&rsquo;s proxy statement
if required by applicable proxy rules and regulations and makes recommendations to the Board on the Company&rsquo;s executive compensation
practices and policies. The charter of the Compensation Committee is available on the Company&rsquo;s website (<I>www.equuscap.com</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Each member of the Compensation Committee is an independent
director within the meaning of SEC regulations and the listing standards of the NYSE. This Committee met twice during 2022.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in"></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;Governance and Nominating Committee </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Governance and Nominating Committee is responsible
for developing and implementing policies and practices relating to corporate governance. The Committee selects individuals for nomination
to the Company&rsquo;s Board. In addition, the Governance and Nominating Committee develops and reviews background information on candidates
for the Board and makes recommendations to the Board regarding such candidates. The Committee also prepares and supervises the Board&rsquo;s
annual review of director independence and the Board&rsquo;s performance self-evaluation. The charter of the Governance and Nominating
Committee is available on the Company&rsquo;s website (<I>www.equuscap.com</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">All of the members of the Governance and Nominating
Committee are independent directors within the meaning of SEC regulations and the listing standards of the NYSE. This Committee met two
times during 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>How does the Board select nominees for the Board? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Governance and Nominating Committee considers
candidates for Board membership suggested by its members and other Board members, as well as management and stockholders. A stockholder
who wishes to recommend a prospective nominee for the Board should notify the Company&rsquo;s Secretary or any member of the Governance
and Nominating Committee in writing in care of Equus Total Return, Inc., 700 Louisiana Street, 48<SUP>th</SUP> Floor, Houston, TX 77002.
To be considered by the Governance and Nominating Committee, stockholder nominations must be submitted before our fiscal year-end and
must be accompanied by a description of the qualifications of the proposed candidate and a written statement from the proposed candidate
that he or she is willing to be nominated and desires to serve if elected. The Governance and Nominating Committee will also consider
whether to nominate any person nominated by a stockholder pursuant to the provisions of the Company&rsquo;s by-laws relating to stockholder
nominations as described in &ldquo;<I>Additional Information&mdash;Stockholder Proposals for the 2024 Annual Meeting</I>,&rdquo; below.
Nominees for director who are recommended by stockholders will be evaluated in the same manner as any other nominee for director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Once the Governance and Nominating Committee has identified
a prospective nominee, the Committee makes an initial determination as to whether to conduct a full evaluation of the candidate. This
initial determination is based on whatever information is provided to the Committee with the recommendation of the prospective candidate,
as well as the Committee&rsquo;s own knowledge of the prospective candidate, which may be supplemented by inquiries to the person making
the recommendation or others. The preliminary determination is based primarily on the need for additional Board members to fill vacancies
or expand the size of the Board and the likelihood that the prospective nominee can satisfy the evaluation factors considered by the Committee.
If the Committee determines, in consultation with the other Board members as appropriate, that additional consideration is warranted,
it may gather additional information about the prospective nominee&rsquo;s background and experience. A Committee member will interview
a qualified candidate, and a qualified candidate may meet other directors. The Committee then determines, based on the background information
and information obtained in interviews, whether to recommend to the Board that a candidate be nominated to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Governance and Nominating Committee believes a
prospective nominee for director should, at a minimum, satisfy the following standards and qualifications and evaluates prospective nominees
accordingly:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 33px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ability of the prospective nominee to represent the interests of the stockholders of the Company;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 33px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The prospective nominee&rsquo;s standards of integrity, commitment, and independence of thought and judgment;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 33px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The prospective nominee&rsquo;s ability to dedicate sufficient time, energy, and attention to the diligent performance of his or her duties, including the prospective nominee&rsquo;s service on other public company boards; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 33px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The extent to which the prospective nominee contributes to the range of talent, skill, and expertise appropriate for the Board.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Committee also considers such other relevant factors
as it deems appropriate, including the current composition of the Board, the balance of management and independent directors, diversity,
and the need for Audit Committee expertise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
considering diversity, the Committee considers diversity of background and experience as well as ethnic and other forms of diversity.
The Committee does not, however, have any formal policy regarding diversity in identifying nominees for a directorship, but rather, considers
it among the various factors relevant to any particular nominee. After completing the evaluation and interview, the Committee makes a
recommendation to the full Board as to the persons who should be nominated by the Board, and the Board determines the nominees after
considering the recommendation and report of the Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>How does the Board determine which directors are considered independent?
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">When the Board undertook its annual review of director
independence, the Board considered transactions and relationships between each director or any member of his immediate family and the
Company. The Board also examined transactions and relationships between directors or their affiliates and members of the Company&rsquo;s
senior management or their affiliates. The purpose of this review was to determine whether any such relationships or transactions were
inconsistent with a determination that the director is independent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">As a result of this review, the Board affirmatively
determined that all of the directors nominated for election at the Meeting are independent of the Company and its management with the
exception of John A. Hardy and Kenneth I. Denos. Mr. Hardy is an interested director because he serves as the Company&rsquo;s Chief Executive
Officer, and Mr. Denos is an interested director because he serves as the Company&rsquo;s Secretary and Chief Compliance Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>How often did the Board meet during 2022? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">During 2022, the Board met six times. Each director
attended all meetings held by the Board or the committees of the Board on which he served, and all directors attended, either in person
or via telephone, the Company&rsquo;s annual meeting of stockholders held on June 9, 2022. The Company does not have a policy about directors&rsquo;
attendance at the annual meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>How are directors compensated? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">As compensation for services to the Fund, each Independent
Director receives an annual fee of $40,000 paid quarterly in arrears, a fee of $2,000 for each meeting of the Board or committee thereof
attended in person, a fee of $1,000 for participation in each telephonic meeting of the Board or committee thereof, and reimbursement
of all out-of-pocket expenses relating to attendance at such meetings. The chair of each of our standing committees (audit, compensation,
and nominating and governance) also receives an annual fee of $50,000, payable quarterly in arrears. We may also pay other one-time or
recurring fees to members of our Board in special circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Interested directors who are not executive officers
of the Company do not receive annual fees for their service on the Board but may receive director fees for each director meeting attended.
Interested directors may serve as directors of portfolio companies and in such capacities may receive and retain directors&rsquo; fees
and other compensation directly from the portfolio companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">In respect of services provided to the Company by
members of the Board not in connection with their roles and duties as directors, the Company pays a rate of $300 per hour for services
rendered.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Independent/non-officer directors were paid an aggregate
of $312,000 and $312,000 as cash compensation for their services for the years ended December&nbsp;31, 2022 and 2021. The following table
set forth the cash and other forms of compensation that the Company paid to each person who served as a director during 2022:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2022 Director Compensation Table</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fees Earned or Paid in Cash</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Stock Awards</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)*</B></P></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Option Awards</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>All Other Compensation</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Total</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD></TR>
  <TR STYLE="background-color: #CCECFF">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Independent Directors</B></FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fraser Atkinson</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104,000</FONT></TD></TR>
  <TR STYLE="background-color: #CCECFF">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Henry W. Hankinson</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104,000</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert L. Knauss</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interested Directors</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCECFF">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kenneth I. Denos</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John A. Hardy</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Who are the executive officers of the Company? </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The name, address and age of each executive officer,
their position, term of office and length of time served with the Company, along with certain business information, are set forth in the
table below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Name,&nbsp;Address&nbsp; and Age</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="padding-left: 0.1in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Position(s)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Held&nbsp;with</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Company</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="padding-left: 0.1in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Term&nbsp;of&nbsp;Office&nbsp;and<BR>
    Length of Time<BR>
    Served</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="padding-left: 0.1in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Principal Occupation(s)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>During Past 5 Years</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">John A. Hardy</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">700 Louisiana Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">48<SUP>th</SUP> Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Houston, Texas 77002</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 71</P></TD>
    <TD STYLE="padding-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive&nbsp;&nbsp;Officer</FONT></TD>
    <TD STYLE="padding-left: 3.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite term; Chief Executive Officer since 2011.</FONT></TD>
    <TD STYLE="padding-left: 12.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer of the Company since June 2011; Executive Chairman of the Company from June 2010 to June 2011; Director of the Company since May 2010; &nbsp;Mr. Hardy has had extensive experience in the insurance, finance and banking sectors, as well as mergers and acquisitions and litigation and resolution of multi-jurisdictional disputes practicing as a Barrister from 1978-2002. Mr. Hardy was also an adjunct Professor lecturing in insurance law at the University of British Columbia from 1984-2000.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">L&rsquo;Sheryl&nbsp;D.&nbsp;Hudson</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">700 Louisiana Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">48<SUP>th</SUP> Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Houston, Texas 77002</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Age: 58</P></TD>
    <TD STYLE="padding-left: 8.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sr. Vice President, CFO, and Treasurer</FONT></TD>
    <TD STYLE="padding-left: 7.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite term; Vice&nbsp;President, CFO, and Treasurer since 2006.</FONT></TD>
    <TD STYLE="padding-left: 13.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President, Chief Financial Officer, and Treasurer since November 2006; Chief Compliance Officer of the Company from November 2006 to July 2011. &nbsp;Ms.&nbsp;Hudson served as Associate Director of WestLB Asset Management (US), LLC from 2002 to 2006.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8.2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 7.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Kenneth I. Denos</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">700 Louisiana Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">48<SUP>th</SUP> Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Houston, Texas 77002</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Age: 55</P></TD>
    <TD STYLE="padding-left: 8.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary and CCO</FONT></TD>
    <TD STYLE="padding-left: 7.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite term; &nbsp;Secretary since 2010; CCO since 2011.</FONT></TD>
    <TD STYLE="padding-left: 13.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary of the Company since 2010.&nbsp;&nbsp;Chief Compliance Officer of the Company since July 2011. President of Kenneth I. Denos, P.C. since January 2000; General Counsel, director, and head of M&amp;A for Tersus Energy plc (LSE: TER) in 2005-06; General Counsel, director, and head of M&amp;A for Healthcare Enterprise Group (LSE: HEG) from 2003-2005; Principal of Outsize Capital Ltd. (investment and advisory) since July 2019.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">There are no arrangements or understandings between
any of the executive officers and any other person pursuant to which any of such officers was or is to be selected as an officer.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Executive Compensation Agreements </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>John A. Hardy</I>. Effective September 1, 2020,
Equus entered into an agreement with John Hardy, the Company&rsquo;s Chief Executive Officer. The agreement provides for base compensation
of $450,000 per annum which is increased each year by the greater of (i) 5.0%, or (ii) the Canadian Consumer Price Index for the twelve-month
period ending on each anniversary date of the agreement. The agreement also provides for various annual and periodic bonuses based upon
achievement of certain criteria, such as acquisitions made by the Company and a percentage of the amount received in connection with the
disposition of the Company&rsquo;s existing portfolio investments, as well as a percentage of the net amount received in connection with
the disposition of future portfolio investments. The agreement also entitles Mr. Hardy to receive restricted stock awards equal to 5%
of the Company&rsquo;s issued and outstanding shares as of the date of the agreement. The annual bonuses are subject to an annual cap
equal to Mr. Hardy&rsquo;s base compensation, and any of the annual bonuses earned that exceed the cap will be carried over into subsequent
fiscal years. If the agreement is terminated without cause or the Company experiences a change of control, as defined therein, Mr. Hardy
will be entitled to receive two year&rsquo;s base compensation, together with all bonuses earned during the two-year period up to the
date of termination. Since 2010, Mr. Hardy has voluntarily waived his right to approximately $2.2 million of earned, but unpaid, bonus
since his appointment as the principal executive officer of Equus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>L&rsquo;Sheryl D. Hudson</I>. Effective April 1,
2017, Equus entered into an employment agreement (&ldquo;Employment Agreement&rdquo;) with L&rsquo;Sheryl D. Hudson, the Company&rsquo;s
Senior Vice President and Chief Financial Officer. The Employment Agreement is for a two-month term and thereafter on a month-to-month
basis, and provides for base salary equal to $275,000 on an annualized basis and an annual longevity bonus equal to $5,000 plus $250 for
each year employed by or on behalf of the Company. If the Employment Agreement is terminated by the Company without &ldquo;cause&rdquo;
or by Ms. Hudson for &ldquo;good reason&rdquo;, as defined therein, Ms. Hudson will be entitled to a severance benefit equal to one year&rsquo;s
base salary as then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Kenneth I. Denos</I>. Effective November 1, 2020,
Equus entered into an agreement with Kenneth Denos, the Company&rsquo;s Secretary and Chief Compliance Officer. The agreement provides
for base compensation of $360,000 per annum, which is increased each year by the greater of (i) 5.0%, or (ii) the U.S. Consumer Price
Index for the twelve-month period ending on each anniversary date of the agreement. The agreement also provides for various annual and
periodic bonuses based upon achievement of certain criteria, such as acquisitions made by the Company, and a percentage of the amount
received in connection with the disposition of the Company&rsquo;s existing portfolio investments, as well as a percentage of the net
amount received in connection with the disposition of future portfolio investments. The agreement also entitles Mr. Denos to receive restricted
stock awards equal to 2.5% of the Company&rsquo;s issued and outstanding shares as of the date of the agreement. The annual bonuses are
subject to an annual cap equal to Mr. Denos&rsquo;s base annual compensation, and any of the annual bonuses earned that exceed the cap
will be carried over into subsequent fiscal years. If the agreement is terminated without cause or the Company experiences a change of
control, as defined therein, Mr. Denos will be entitled to receive two year&rsquo;s base compensation, together with all bonuses earned
during the two-year period up to the date of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Grants of Plan-Based Awards </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">On March 17, 2017, the Company granted awards of restricted
stock under the Incentive Plan to certain of its directors and executive officers in the aggregate amount of 844,500 shares. The awards
were each subject to a vesting requirement over a 3-year period and have now fully vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Outstanding Equity Awards </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Other than the awards of restricted stock under the
Incentive Plan made in 2017 as described under <I>Grants of Plan-Based Awards</I> above, the Company had no other equity awards outstanding
in the years 2018 through 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Options Exercised and Stock Vested </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">There were no stock options, SARs or similar instruments
exercised by any executive officer of the Company and there was no vesting of stock, including restricted stock, restricted stock units
or similar instruments by any executive officer of the Company during 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Pension Benefits </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Company does not have any plan that provides for
payments or other benefits at, following, or in connection with the retirement of its executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Nonqualified Defined Contribution and Other Nonqualified Deferred Compensation
Plans </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">During 2022, other than pursuant to a separate written
agreement or a 401(k) plan for certain employees wherein the Company provides a match of 3% of employee compensation, the Company did
not have any defined contribution or other plan that provided for the deferral of compensation by any executive officer of the Company
on a basis that was not tax-qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Chief Executive Officer Pay Ratio</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Mr. Hardy's total compensation for 2022 was $953,978
which was paid in cash as reflected in the <I>Summary Compensation Table</I> above. The total compensation of our median employee, excluding
Mr. Hardy, for 2022 was $325,746. As a result, Mr. Hardy's total compensation was approximately 2.93 times that of our median employee
for 2022. We selected December 31, 2022 as the date used to identify our &ldquo;median employee&rdquo; whose annual total compensation
was the median of the total annual compensation of all of our officers and employees (other than our Chief Executive Officer) for 2022.
As of December 31, 2022, our officer and employee population consisted of 3 individuals (excluding Mr. Hardy), all of whom were continuously
employed or engaged by the Company during the year. To identify our median employee, we compared the annual total compensation for each
officer and employee of the Company, as determined in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K, which included
salary, bonus, restricted stock awards, employer contributions to employee accounts in our 401(k) plan, employer contributions to employee
accounts in our deferred compensation plan and earnings thereon, and company-paid life insurance premiums.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Benefits and Perquisites.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">We provide the opportunity for certain of our NEOs
and other full-time employees to receive certain perquisites and general health and welfare benefits, which consist of life and health
insurance benefits, and reimbursement for certain medical expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>PROPOSAL&nbsp;1&mdash;ELECTION OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The by-laws of the Company provide for a minimum of
three and a maximum of fifteen directors (a majority of whom must be independent directors). There are five director nominees (which include
three independent director nominees). The Board is not recommending any other director nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The current term of office of all of the Company&rsquo;s
directors expires at the 2023 annual meeting and upon the election and qualification of their successors in office. The Board proposes
that the following nominees be elected for a new term of one year and until their respective successors have been duly elected and qualified
or until they resign, die, or are removed from office. Each of the nominees has consented to serve if elected. The Board knows of no reason
why any nominee for director would be unable to serve as a director. If at the time of the Meeting any nominee is unable or unwilling
to serve as a director of the Company, the persons named as proxies will vote for a substitute nominee designated by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Based on a review of the experience, qualifications,
attributes and skills of each nominee, including those enumerated in the table below, the Board has determined that each nominee is qualified
to serve as a director of the Company. We invite you to read the summary backgrounds of each of the nominees included in this Proposal
section. These qualifications, as well as other qualifications preceding the five-year reporting period in the table below, support the
conclusion that each individual should serve as a director in light of the Company&rsquo;s business and structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nominees for Director </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Independent Directors </B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 18%">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B>Name, Address and Age</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Position(s)</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Held&nbsp; with</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Company</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="width: 17%; padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Term&nbsp;of&nbsp;Office</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>and&nbsp; Length&nbsp;of</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Time&nbsp;Served</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="width: 38%; padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Principal&nbsp;Occupation(s)</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>During Past 5 Years</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Other</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Directorships+</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Held&nbsp;by&nbsp;Director</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>or Nominee</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fraser Atkinson</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">700 Louisiana Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">48<SUP>th</SUP> Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Houston, Texas 77002</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Age: 65</P></TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.85pt">Term&nbsp;expires</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.85pt">2023;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt 13.85pt">Director<BR>
    since 2010.</P></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of GreenPower Motor Company Inc. (Nasdaq: GP) since February 2011 and CEO since June 2019. Mr.&nbsp;Atkinson was involved in both the technology and corporate finance sectors as a partner at KPMG, LLP for over 14&nbsp;years, having left the firm in September 2002.&nbsp;&nbsp;Mr. Atkinson has served as Chairman, President and Director for public and private companies.</FONT></TD>
    <TD STYLE="padding-right: -9pt; padding-left: 10.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GreenPower Motor Company Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Henry&nbsp;W.&nbsp;Hankinson</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4355 Cobb Parkway</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Suite 501 J</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Atlanta,&nbsp;Georgia&nbsp;30339</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Age: 81</P></TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; padding-left: 0.1in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Term&nbsp;expires<BR>
    2023;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Director<BR>
    since 2005.</P></TD>
    <TD STYLE="width: 47%; padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Partner and co-founder of Global Business Associates, LLC, a boutique M&amp;A consulting firm in Atlanta, GA. Mr. Hankinson is a former military officer with engineering and MBA degrees. He has held domestic and international senior executive management positions for over 30 years. In 1993 he moved to Moscow as the senior regional executive for Halliburton&nbsp;/&nbsp;Brown &amp; Root (&ldquo;HBR&rdquo;) to establish the oil &amp; gas construction market in the Former Soviet Union. In 1997 he moved to Riyadh, as the senior HBR regional Managing Director of Saudi Arabia. In 1999 he was recruited to become the COO and senior American for a large multi-national conglomerate for the Saudi Royal Family. Based in Riyadh, he was responsible for investment acquisitions and portfolio management. During his career, Mr. Hankinson has served as Chairman, CEO, COO, and Director for both small and multi-national private and public companies.</FONT></TD>
    <TD STYLE="width: 9%; padding-left: 10.7pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P>


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<P STYLE="font: 1pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 16px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other directorships are limited to: (i)&nbsp;publicly traded companies in the United States; (ii)&nbsp;companies that are otherwise subject to SEC reporting requirements and (iii)&nbsp;investment companies registered under the 1940 Act.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 16%">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;<B>Name, Address and Age</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Position(s)</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Held&nbsp; with</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Company</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="width: 23%; padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Term&nbsp;of&nbsp;Office</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>and&nbsp; Length&nbsp;of</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Time&nbsp;Served</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="width: 35%; padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Principal&nbsp;Occupation(s)</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>During Past 5 Years</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Other</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Directorships+</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Held&nbsp;by&nbsp;Director</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>or Nominee</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Robert L. Knauss</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">700 Louisiana Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">48<SUP>th</SUP> Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Houston, Texas 77002</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Age: 92</P></TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt 0.2in">Term&nbsp;expires 2023;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt 0.2in">Chairman since 2014;<BR>
    Director since 1991.</P></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board of Philip Services Corp. (industrial services) from 1998 to 2003, and Chairman of the Board and CEO of Baltic International USA, Inc. from 1995 to 2003. During the past twenty years, Mr. Knauss has served on the&nbsp;Boards&nbsp;of Directors of eight public companies. Mr. Knauss was the former Dean and Distinguished University Professor&nbsp;of University of Houston Law&nbsp;School and was also Dean of&nbsp;Vanderbilt Law School.</FONT></TD>
    <TD STYLE="padding-left: 17.45pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in">&nbsp;</P>

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


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Interested Directors</B></FONT> <FONT STYLE="font-size: 7.5pt"><SUP>(1)
</SUP></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Name,&nbsp;Address&nbsp;and&nbsp;Age</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Position(s)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Held&nbsp; with</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Company</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Term of Office</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>and Length&nbsp;of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Time Served</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Principal&nbsp;Occupation(s)</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>During Past 5 Years</B></P></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Other</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Directorships++</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Held&nbsp;by&nbsp; Director</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>or Nominee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">John A. Hardy</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">700 Louisiana Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">48th Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Houston, Texas 77002</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 71</P></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Term expires<BR>
    2023;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Director<BR>
    since 2010.</P></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer of the Company since June 2011; Executive Chairman of the Company from June 2010 to June 2011; Director of the Company since May 2010; Mr. Hardy has had extensive experience in the insurance, finance and banking sectors, as well as mergers and acquisitions and litigation and resolution of multi-jurisdictional disputes practicing as a Barrister from 1978-2002. Mr. Hardy was also an adjunct Professor lecturing in insurance law at the University of British Columbia from 1984-2000.</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Kenneth I. Denos</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">700 Louisiana Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">48th Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Houston, Texas 77002</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 55</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Secretary, Chief Compliance Officer, and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Director</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Term expires</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2023;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Director</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">since 2008.</P></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary of the Company since 2010.&nbsp;&nbsp;Chief Compliance Officer of the Company since July 2011. President of Kenneth I. Denos, P.C. since January 2000; General Counsel, director, and head of M&amp;A for Tersus Energy plc (LSE: TER) in 2005-06; General Counsel, director, and head of M&amp;A for Healthcare Enterprise Group (LSE: HEG) from 2003-2005; Principal of Outsize Capital Ltd. (investment and advisory) since July 2019.</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tingo Group, Inc.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 33px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interested directors are &ldquo;interested persons&rdquo; (as defined in the 1940 Act) due to their positions as officers of the Company. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 24.7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 33px; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">++</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other directorships are limited to: (i)&nbsp;publicly traded companies in the United States; (ii)&nbsp;companies that are otherwise subject to SEC reporting requirements and (iii)&nbsp;investment companies registered under the 1940 Act.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Qualifications of Director Nominees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">When considering whether our director nominees have
the experience, qualifications, attributes and skills, taken as a whole, to enable our Board to satisfy its oversight responsibilities
effectively in light of our operational and organizational structure, the Nominating and Corporate Governance Committee and the Board
focused primarily on the information discussed in each of the director nominees&rsquo; individual biographies set forth above and on the
following particular attributes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Mr. Atkinson</I>: The Nominating and Corporate Governance
Committee and the Board considered Mr. Atkinson&rsquo;s prior service to the Company as the Chairman of its Audit Committee and as an
independent director, as well as his extensive experience in accounting and finance, in addition to Mr. Atkinson&rsquo;s experience as
a director of public companies in the U.S. and internationally, and determined that his strong leadership skills are critical to the Board
and the oversight of our financial reporting process.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Mr. Hankinson</I>: The Nominating and Corporate Governance
Committee and the Board considered Mr. Hankinson&rsquo;s prior service to the Company as the Chairman of its Compensation Committee and
as an independent director, as well Mr. Hankinson&rsquo;s substantial international business background and experience in the oil and
gas sector, and determined that his background and independence are critical to the Board.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Mr. Knauss</I>: The Nominating and Corporate Governance
Committee and the Board considered Mr. Knauss&rsquo; prior service to the Company as its Chairman and as an independent director, as well
as his extensive legal experience and his experience as a director of public companies, and determined that his strong leadership skills
are critical to the Board and the oversight of our management.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Mr. Hardy</I>: The Nominating and Corporate Governance
Committee and the Board considered Mr. Hardy&rsquo;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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Mr. Denos</I>: The Nominating and Corporate Governance
Committee and the Board considered Mr. Denos&rsquo; 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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">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.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>The Board
of Directors recommends that each stockholder vote</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&ldquo;For&rdquo;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>each of
the Board nominated persons</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: center"><B>Dollar Range of Equity Securities Beneficially
Owned by Current Directors/Director Nominees </B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 30%">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B>Name</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 28%">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dollar&nbsp;Range&nbsp;of&nbsp;Equity</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities&nbsp;in&nbsp;the&nbsp; Company<SUP>(1)</SUP></B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 28%; padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of&nbsp;Equity</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities&nbsp;in&nbsp;All&nbsp;funds&nbsp;Overseen</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>or to be Overseen by Director</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>or&nbsp;Nominee in Family of</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Investment Companies</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Independent Directors</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fraser Atkinson </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$50,001-$100,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$50,001-$100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Henry W. Hankinson </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,001-$50,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert L. Knauss </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interested Directors</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kenneth I. Denos </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John A. Hardy </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 33px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on beneficial ownership as of April 1, 2023.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROPOSAL&nbsp; 2&mdash;RATIFICATION OF </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANT
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Company&rsquo;s Audit Committee approved and the
Board members unanimously approved and ratified the selection of BDO USA LLP as the Company&rsquo;s independent registered public accountant
for the fiscal year ending December&nbsp;31, 2023. BDO has served as the Company&rsquo;s independent registered public accountant since
December 4, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Audit Fees and All Other Fees </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Aggregate fees that BDO billed to the Company for
professional services for the years ended December&nbsp;31, 2022 and 2021 were as follows:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B>Services Provided</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2022</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in"><B>2021</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 55%; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit fees<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;247,824</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 9.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;209,992</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit-related fees<SUP>(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,070</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: -14.3pt; padding-left: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63,224</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All other </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 18.2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318,894</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273,216</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">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.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Consists of fees and billed expenses relating to the audit of Equus Energy, LLC and its subsidiary.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Audit Committee Pre-Approval Policies and Procedures </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">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 services may not be provided by the independent registered public accountant to the Company without jeopardizing the
independent registered public accountant&rsquo;s independence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Audit Committee&rsquo;s procedures require approval
of the engagement of the independent registered public accountant for each fiscal year and approval of the engagement by a majority of
the Company&rsquo;s independent directors. The procedures permit the Audit Committee to pre-approve the provisions of types or categories
of non-audit services for the Company on an annual basis at the time of the firm&rsquo;s engagement and on a project-by-project basis.
At the time of the annual engagement of the Company&rsquo;s independent registered public accountant, the Audit Committee is to receive
a list of the categories of expected services with a description and an estimated budget of fees. In its pre-approving all audit services
and permitted non-audit services, the Audit Committee or a delegated member determines that the provision of the service is consistent
with, and will not impair, the ongoing independence of the independent registered public accountant and sets any limits on fees or other
conditions it finds appropriate. Non-audit services may also be approved on a project-by-project basis by the Audit Committee consistent
with the same standards for determination and information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Audit Committee may also designate a member of
the Committee to pre-approve non-audit services that have not been pre-approved or changes in non-audit services previously pre-approved.
Any actions by the designated member must be ratified by the Audit Committee by the time of its next regularly scheduled meeting. The
Company&rsquo;s pre-approval procedures are reviewed annually by the Audit Committee and the Company maintains a record of the decisions
made by the Committee pursuant to the procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">A representative of BDO will not be attending the
Meeting. The affirmative vote of a majority of all of the votes cast at the Meeting at which a quorum is present is required to ratify
the selection of BDO. Abstentions will not be counted as votes cast and will have no effect on this proposal. Brokers may vote uninstructed
shares held in street name for this proposal, and their votes will count as present for quorum purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE BOARD RECOMMENDS A VOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&ldquo;FOR&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BDO USA, LLP AS THE COMPANY&rsquo;S INDEPENDENT
REGISTERED PUBLIC ACCOUNTANT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FOR FISCAL YEAR 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROPOSAL 3&mdash;ADVISORY VOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ON EXECUTIVE COMPENSATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Compensation Discussion and Analysis beginning
on page 8 of this proxy statement describes the Company&rsquo;s executive compensation policies and the compensation decisions that the
Compensation Committee, Board, and our Chief Executive Officer made in 2022 with respect to the compensation of the Company&rsquo;s named
executive officers. The Board is asking shareholders to cast a non-binding, advisory vote FOR the following resolution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-indent: 0.5in">RESOLVED, that the compensation paid to
the Company&rsquo;s named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion
and Analysis, compensation tables and narrative discussion included in this proxy statement, is hereby APPROVED.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">This proposal, which is sometimes referred to as a
&ldquo;say-on-pay vote,&rdquo; is provided as required pursuant to Section 14A of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">As described in the Compensation Discussion and Analysis,
the Company&rsquo;s executive compensation policies embodies a pay-for-performance philosophy that supports the Company&rsquo;s business
strategy and aligns the interests of its executives with those of its shareholders, with the objective of attracting, retaining and motivating
the best possible executive talent and avoiding risks that would be reasonably likely to have a material adverse effect on the Company.
For these reasons, the Board is asking shareholders to support this proposal. Although the vote the Board is asking you to cast is non-binding,
the Compensation Committee and the Board value the views of shareholders and will consider the outcome of the vote when determining future
compensation arrangements for the Company&rsquo;s named executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The affirmative vote of a majority of all of the votes
cast at the Meeting at which a quorum is present is required to approve this proposal. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 24.5pt"><B>THE BOARD RECOMMENDS A VOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 24.5pt"><B>&ldquo;FOR&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 24.5pt"><B>THE ADVISORY PROPOSAL TO APPROVE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 24.5pt"><B>THE COMPENSATION PAID TO THE
COMPANY&rsquo;S NAMED EXECUTIVE OFFICERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B></B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: center"><B>OTHER MATTERS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Board knows of no other matter that is likely
to come before the Meeting. However, if any other matter properly comes before the Meeting, the individuals named as proxy holders will
vote in accordance with their discretion on such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">In the event that sufficient votes in favor of the
proposals set forth in the Notice of the Meeting are not received by the time scheduled for the annual meeting, the holders of a majority
of the shares of the Company, present in person or represented by proxy, although not constituting a quorum, may adjourn the Meeting.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ANNUAL AND QUARTERLY REPORTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">A copy of the Company&rsquo;s Annual Report on Form
10-K for the year ended December 31, 2022 (without exhibits, unless otherwise requested) is provided concurrently with this proxy statement.
A copy of the Company&rsquo;s 2022 Annual Report on Form 10-K and copies of the Company&rsquo;s quarterly reports on Form 10-Q are also
available without charge upon request. Please direct your request to Equus Total Return, Inc., Attention: Secretary, 700 Louisiana Street,
48<SUP>th</SUP> Floor, Houston, TX 77002, or call our proxy solicitor Georgeson LLC toll-free at (800) 903-2897. Copies also may be requested
through the Company&rsquo;s website at <I>www.equuscap.com</I>. (Information contained on the Company&rsquo;s website is not incorporated
into this proxy statement.) Copies are also posted via EDGAR on the SEC&rsquo;s website at <I>www.sec.gov</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ADDITIONAL INFORMATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><B>Stockholder Proposals for the 2024 Annual Meeting</B>.
Stockholders interested in submitting a proposal for inclusion in the proxy materials for the annual meeting of stockholders in 2024 may
do so by following the procedures prescribed in SEC Rule 14a-8. To be eligible for inclusion, the Company&rsquo;s Secretary must receive
stockholder proposals no later than December&nbsp;31, 2023. Proposals should be sent to the Company, at 700 Louisiana Street, 48<SUP>th</SUP>
Floor, Houston, TX 77002, Attention: Secretary. Submission of a stockholder proposal does not guarantee inclusion in the Company&rsquo;s
proxy statement or form of proxy because certain SEC rules must be met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">In addition, under our by-laws no business may be
brought before a stockholder meeting unless it is specified in the notice of the meeting or is otherwise properly brought before the meeting
by or at the direction of the Board or by a stockholder entitled to vote who has delivered an appropriate notice to the Company&rsquo;s
Secretary. To be properly brought before such a meeting a stockholder must deliver a written notice to the Company at the address set
forth in the following paragraph of the stockholder&rsquo;s intention to present a proposal (containing certain information specified
in the by-laws about the stockholder and the proposed action) not less than 60 nor more than 90 days&rsquo; prior to the meeting. However,
in the event less than 70 days&rsquo; notice or prior public disclosure of the date of the meeting is given to stockholders, such notice
to be timely must be received not later than the close of business on the fifth day following the day on which such notice is mailed or
such public disclosure was made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Stockholder proposals with respect to Director nominations
require written notice of your intent to make such a nomination either by personal delivery or by U.S. mail, postage prepaid, to Kenneth
I. Denos, Secretary, Equus Total Return, Inc., 700 Louisiana Street, 48<SUP>th</SUP> Floor, Houston, TX 77002, within the time limits
described above for delivering a stockholder proposal notice and comply with the information requirements in our by-laws relating to Director
nominations by stockholders. These requirements are separate from and in addition to the SEC&rsquo;s requirements that a stockholder must
meet in order to have a stockholder proposal included in the Company&rsquo;s proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The proxy solicited by the Board of Directors for
the 2023 annual meeting will confer discretionary authority to vote on any stockholder proposal presented at that meeting, unless the
Company is provided with notice of such proposal no later than December 31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">A copy of the full text of the by-law provisions discussed
above may be obtained by writing to the Corporate Secretary, 700 Louisiana Street, 48<SUP>th</SUP> Floor, Houston, TX 77002 and is included
as an exhibit to the Company&rsquo;s annual report on Form 10-K for the year ended December&nbsp;31, 2022 as filed with the SEC via EDGAR
on March 28, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><B>Communications with the Board</B>. Interested parties
who wish to communicate directly with the Board, or specified individual directors may do so by writing to the Board or individual directors
in care of the Chairman, Equus Total Return, Inc., 700 Louisiana Street, 48<SUP>th</SUP> Floor, Houston, TX 77002. At the direction of
the Board, all mail received will be opened and screened for security purposes. The mail will then be logged in. All mail, other than
trivial or obscene items, will be forwarded. Trivial items will be delivered to the directors at the next scheduled Board meeting. Mail
addressed to a particular director will be forwarded or delivered to that director. Mail addressed to &ldquo;Independent Directors,&rdquo;
&ldquo;Outside Directors&rdquo; or &ldquo;Non-Management Directors&rdquo; will be forwarded or delivered to the Chairman of the Committee
of Independent Directors. Mail addressed to the &ldquo;Board of Directors&rdquo; will be forwarded or delivered to the Chairman of the
Board. Concerns relating to accounting, internal controls, or auditing matters are handled in accordance with procedures established by
the Audit Committee with respect to such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><B>Corporate Governance</B>. The Company is a Delaware
corporation subject to the provisions of the Delaware General Corporation Law (&ldquo;DGCL&rdquo;). The Company&rsquo;s day-to-day operations
and requirements as to the place and time, conduct, and voting, at a meeting of stockholders are governed by the Company&rsquo;s certificate
of incorporation and by-laws, the provisions of the DGCL, the provisions of the 1940 Act and NYSE rules. The Company has adopted a code
of business conduct and ethics applicable to our Directors, officers (including our principal executive officer, principal financial officer
and controller) and employees. Our code of business conduct and ethics meets NYSE listing standard requirements and the requirements of
Section&nbsp;406 of the Sarbanes-Oxley Act of 2002. A copy of our certificate of incorporation and by-laws, corporate governance guidelines,
and the charters of the Audit, Compensation, and Nominating and Corporate Governance Committees may be obtained by writing to the Secretary,
Equus Total Return Inc., 700 Louisiana Street, 48<SUP>th</SUP> Floor, Houston, TX 77002. Our code of business conduct and ethics, corporate
governance guidelines and committee charters are also available by accessing the Company&rsquo;s website at <I>www.equuscap.com</I>. (Information
contained on the Company&rsquo;s website is not incorporated into this proxy statement.) In the event that the Company amends or waives
any provisions of our code of business conduct and ethics applicable to our principal executive officer, principal financial officer or
controller, we intend to disclose the same on the Company&rsquo;s website at <I>www.equuscap.com. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><B>Proxy Solicitation Costs</B>. The proxies being
solicited hereby are being solicited by Georgeson LLC on behalf of the Board of Directors of the Company. The cost of soliciting proxies
in the enclosed form will be paid by the Company and is estimated to cost $25,000. Officers and regular employees of the Company may,
but without compensation other than their regular compensation, solicit proxies by further mailing or personal conversations, or by telephone,
telex, facsimile, or electronic means. Copies of solicitation material will be furnished to brokerage houses, fiduciaries and custodians
to forward to beneficial owners of stock held in the name of such nominees. We will, upon request, reimburse brokerage firms and others
for their responsible expenses in forwarding solicitation material to the beneficial owners of stock.</P>


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<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 20%">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B><I>EQUUS TOTAL RETURN, INC.</I></B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B><I>700 LOUISIANA STREET</I></B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B><I>48<SUP>TH</SUP> FLOOR</I></B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt"><B><I>HOUSTON, TX 77002</I></B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 80%">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt"><B>VOTE BY INTERNET &ndash; go to www.proxyvote.com for more
    information</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt">Use the Internet to transmit your voting instructions and for
    electronic delivery of information up until 11:59 P.M. Eastern Time the day before the meeting date. Have your proxy card in hand when
    you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form.</P>
    <P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt; text-indent: 0.5in">&nbsp;</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt"><B>ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt">If you would like to reduce the costs incurred by our company
    in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronically via
    e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and, when
    prompted, indicate that you agree to receive or access proxy materials electronically in future years.</P>
    <P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt; text-indent: 0.5in">&nbsp;</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt"><B>VOTE BY PHONE &ndash; 1-800-690-6903</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt">Use any touch-tone telephone to transmit your voting instructions
    up until 11:59 P.M. Eastern Time the day before the meeting date. Have your proxy card in hand when you call and then follow the instructions.</P>
    <P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt; text-indent: 0.5in">&nbsp;</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt"><B>VOTE BY MAIL</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt 5.15pt">Mark, sign and date your proxy card and return it in the
    postage-paid envelope we have provided.</P></TD></TR>
  </TABLE>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-bottom: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-left: 0.1in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.1in; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 0.1in; line-height: 115%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">DETACH&nbsp;AND&nbsp;RETURN&nbsp;THIS&nbsp;PORTION&nbsp;ONLY</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="12" STYLE="border-top: black 1.5pt solid; border-left: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">EQUUS TOTAL RETURN, INC.</FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>For</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Withhold</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>For All</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-top: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">To withhold authority to vote for any individual</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>All</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>All</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Except</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="18"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">nominee(s), mark &ldquo;For All Except&rdquo; and write the</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="11"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>THE BOARD OF DIRECTORS RECOMMENDS YOU VOTE</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="18"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">number(s) of the nominee(s) on the line below</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="11"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>&ldquo;FOR&rdquo; THE ELECTION OF DIRECTORS</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="11"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Vote On Directors</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="12" STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">1.</FONT></TD>
    <TD COLSPAN="10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Election of the five nominees listed below to the Board of Directors:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="10">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&nbsp;<B>Nominees:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="10">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">01) Fraser Atkinson</FONT></TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">02) Kenneth I. Denos</FONT></TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">03) Henry W. Hankinson</FONT></TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">04) John A. Hardy</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">05) Robert L. Knauss</P></TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
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    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="11"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Proposals</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>For</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Against</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Abstain</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-left: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">2.</FONT></TD>
    <TD COLSPAN="26" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">To ratify the selection of BDO USA, LLP as the Company&rsquo;s independent registered public accountant for the fiscal year ending December 31, 2023.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="10">&nbsp;</TD>
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    <TD COLSPAN="2">&nbsp;</TD>
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    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-left: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">3.</FONT></TD>
    <TD COLSPAN="26" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">To approve, in a non-binding vote, the compensation paid to the Company&rsquo;s executive officers in 2022, as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables, and narrative discussion.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1.5pt solid">&nbsp;</TD></TR>
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    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
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    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
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    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="10">&nbsp;</TD>
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    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
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    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="10">&nbsp;</TD>
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    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="38"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>THE BOARD OF DIRECTORS KNOWS OF NO OTHER MATTER TO COME BEFORE THE MEETING. IF ANY OTHER MATTER IS PROPERLY BROUGHT BEFORE THE MEETING WITH RESPECT TO WHICH THE COMPANY WAS NOT PROVIDED NOTICE ON OR BEFORE MAY 1, 2023, THE PROXIES WILL HAVE DISCRETION TO VOTE THE PROXY ON SUCH MATTER IN ACCORDANCE WITH THEIR BEST JUDGMENT.</B></FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
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    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="34">&nbsp;</TD>
    <TD STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="38"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN. IF NO DIRECTION IS MADE, THE PROXY WILL BE VOTED FOR ELECTION OF DIRECTORS.</B></FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="34">&nbsp;</TD>
    <TD STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="38"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(<B>NOTE: </B>Please sign exactly as your name(s) appear(s) hereon. All holders must sign. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. If a corporation, please sign in full corporate name by authorized officer. If a partnership, please sign in partnership name by authorized person.)</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="40" STYLE="border-left: black 1.5pt solid; border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" ROWSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD STYLE="border-right: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="15" ROWSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="5" ROWSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="4" ROWSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
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    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
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  <TR>
    <TD STYLE="border-left: black 1.5pt solid; border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Signature [PLEASE SIGN WITHIN BOX]</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Date</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Signature (Joint Owners)</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Date</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1.5pt solid; border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR>
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  </TABLE>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 120pt"><FONT STYLE="font-size: 7pt">&nbsp;<B>Important Notice
Regarding the Availability of Proxy Materials for the Annual Meeting:</B></FONT></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 7pt">The Notice and Proxy
Statement and Annual Report are available at http://www.equuscap.com/investor_reports.htm.</FONT></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in"></P>


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

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 98%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid">
    <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN, INC.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>700 Louisiana Street, 48<SUP>th</SUP> Floor, Houston,
    TX 77002</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>This Proxy is Solicited by the Board of Directors
    of Equus Total Return, Inc. (the &ldquo;Company&rdquo;)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>for the Annual Meeting of Stockholders on May 25,
    2023</B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.75pt">The undersigned hereby constitutes and appoints John
    A. Hardy and Kenneth I. Denos, and each or any of them, as proxies, with full power of substitution and revocation, the true and lawful
    attorneys and proxies of the undersigned at the Annual Meeting of Stockholders of the Company to be held on May 25, 2023, at 11:00 a.m.
    MDT, at 11650 South State Street, Suite 240, Draper, UT 84020 and any adjournment or postponement thereof (the &ldquo;Annual Meeting&rdquo;)
    and to vote the shares of Common Stock, $.001 par value per share, of the Company (&ldquo;Shares&rdquo;), standing in the name of the
    undersigned on the books of the Company on April 12, 2023, the record date for the Annual Meeting, with all powers the undersigned would
    possess if personally present at the Annual Meeting.</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">The undersigned hereby acknowledges previous receipt
    of the Notice of Internet Availability of Proxy Materials, setting forth information on how to access the Notice of Annual Meeting of
    Stockholders and the Proxy Statement on the Internet, and hereby revokes any proxy or proxies heretofore given by the undersigned.</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>If you have not voted via the Internet or by telephone,</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>please sign, date and return promptly in the enclosed
    envelope.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Continued and to be signed on the reverse side</B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-right: 6pt">&nbsp;</TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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end
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</DOCUMENT>
</SEC-DOCUMENT>
